Real estate appraiser didn’t finish job

We started loan process and have been waiting on appraisal. Appraiser came to property 30 days ago and said she would have report in 3-4 days. Well we still don’t have report. She will not return our calls or the banks. We have already paid. Since waiting our interest rate has went up and now our payment in $75 more a month. Bank advised us to get a new appraiser. Is there anything we can do about the appraiser?

Asked on July 1, 2009 under Real Estate Law, Ohio

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

First do what you bank said and get a new appraisal before your interest rate rises even more.  Ask the bank for a reference.

Your options are to sue the appraiser in small claims Court for the fee and report her to the the agency that licenses her in Ohio.  File a complaint.  Now, I am not admitted in Ohio so I do not know what the law is with regard to real estate appraiser liability and their requirements for insurance for professional liability, but I would find out if, because of her actions, you can sue her for the increase in your monthly payment.  Only a layer who handles professional liability in Ohio can tell you that. 


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