Bad appraisal cost me $5k

UPDATED: Jul 6, 2009

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Bad appraisal cost me $5k

We are selling our house and got a bad appraisal – the appraiser did not use the contract price on the appraisal. We ended up getting another appraisal on the condition that we lower our selling price by $5k in good faith. The 2nd appraisal came in $30k higher than the bad appraisal. In all we lost $5k on the deal – do we have any legal recourse?

Asked on July 6, 2009 under Real Estate Law, Georgia


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

I'm not an expert real estate appraiser, and so I can't say that not using the contract price was malpractice or anything like that.  In a real estate market like this one, trying to prove that an appraisal was completely out of line might be difficult.  You should have an attorney in your area review all of the unique facts of this situation, for advice you can rely on.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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