Lenders appraiser listed several things wrong, which increased home value/mortgage payment

UPDATED: Oct 1, 2022

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Lenders appraiser listed several things wrong, which increased home value/mortgage payment

We recently purchased our first house about 9 months ago. We went through the first time home buyers program CA and the lender who sent the appraiser out before we closed, noted several things in his appraisal that increased the value signf. For example, on all the comps he ran, the homes had gutters, dual pane windows, garages, etc. He put that our house had gutters, dual pane vinyl windows, a garage, hardwood floors just to name a few. In fact our house does NOT have these things, it had no gutters, single pane glass windows in poor condition, a carport not up to code or permitted, laminate flooring etc. This of course made our monthly mortgage payment over 300 more then it should have been. It is currently 1650 so the add. 300 is signf. What legal recourse do we have? What steps should be taken in trying to remedy this? Thanks in advance.

Asked on February 13, 2018 under Real Estate Law, California


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

There is nothing you can do now: you took out the mortgage, signed the paperwork, and agreed to these payments. Having done so, even if in hindsight you should not have or may have had grounds to negotiate or seek a different lender, you are contractually obligated (a mortgage is a contract) to what you agreed to. You agreed to this payment: now you need to pay it. The time to have challenged and negotiated it was before taking out the mortgage.

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