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home appraisal has home in wrog location. off by 1.5 miles. now home is shown in flood zone, what to do?

Asked by Douglas, Las Vegas, NV Tue Nov 11, 2008

the loan is ready to close. a mistake has been made. the appraisal shows home wrong location. Now it is in a flood zone. which is not the correct location. what to do.

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Answers

7
CONTACT THE APPRAISER THAT MADE THE MISTAKE AND DEMAND THIS BE CORRECTED. THIS IS A VERY CRITICAL ERROR THAT CAN MEAN THOUSANDS OF DOLLARS IN VALUE OF THE HOME.
0 votes Thank Flag Link Fri Nov 14, 2008
CONTACT THAT APPRAISER TO GET IT CLEARED UP, WITH A NEW APPRIASAL THAT IS ACCURATE. THIS IS A VERY CRITICAL ERROR WHICH CAN MEAN THOUSANDS OF DOLLARS IN HOME VALUE.
0 votes Thank Flag Link Fri Nov 14, 2008
A simple call to the appraiser should resolve this situation. Keep on the appraisal company until they correct it. Do you have an agent helping you? I'm sure if you do they are on top of this.
0 votes Thank Flag Link Fri Nov 14, 2008
I think the appraiser might have just placed the dot in the wrong place on the map that was enclosed with the appraisal. The real question you are looking to answer is the property you have agreed to purchase located in a flood zone. I can attached a link to the clark county flood control website you can input the property address of this home and find out if it is in a flood zone.

The lender does not rely on the appraiser to determine if the property is in a flood zone they have to pull up a flood certification from a third party company.

Check out the link below to determine if the house is in a flood zone.

Ron Johnson
Elite Realty
0 votes Thank Flag Link Wed Nov 12, 2008
Your loan officer should have the appraiser correct it. The appraisal may be able to just ad an addendum showing the correct location or at worst have to just redo that page. It should be pretty simple. Dont wait, contact them now.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Nov 11, 2008
The loan officer who is handelig your loan should have this amended and it should be that easy.
0 votes Thank Flag Link Tue Nov 11, 2008
The first step is to contact the appraiser explain the error and ask them to amend the appraisal. If you have already tried that and have a Realtor ask them to work on the error. If you still have no luck contact your attorney provide them with documentation and they will take care of it. You want to do the leg work to gather the documentation as many attorneys charge by the hour. Over the years I have had this happen several times, not by miles, both in resale and new construction. I have always been able to correct the problem working with the bank and the appraiser. Good Luck. Bob Smith, Cicero, NY
0 votes Thank Flag Link Tue Nov 11, 2008
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