If I just purchased a foreclosure and the appraiser caught failed to find several problems with the property,what do I do?

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If I just purchased a foreclosure and the appraiser caught failed to find several problems with the property,what do I do?

FHA appraiser failed to find problems with the roof, plumbing and bad wiring.

Asked on November 16, 2011 under Real Estate Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you purchased a foreclosure property at auction, and the FHA apraiser did not reference any structural problems with the property before the successful bid, you unfortunately have no recourse.

Whenever someone buys property at a foreclosure sale, they take the risk that there are problems with the property that no one has to disclose before the auction. As to the appraiser, the appraiser solely appraises the property and has no training, experience, knowledge or duty to find any structural or other problems with the home you bought at auction.


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