Home Buying in 32129>Question Details

Trippps Inve…, Home Buyer in Port Orange, FL

What recourse do you have if an appraisal is found to be significantly inaccurate after closing the purchase?

Asked by Trippps Investments, Port Orange, FL Sat Jan 10, 2009

I committed to purchase a pre construction condo in 2004. The building finished in June 2008. There are many complications with the building including the units being smaller then originally sold for. Consequently, many buyers in this market have filed suit to be let out from their commitment, the suits are pending. I received an offer for a percentage of sq ft reduction based on the original sale price. At the time I felt that was fair. An appraisal was conducted and it valued the property at close to $100,000 over sale price. As a public official I felt I could not sue and felt it best to honor my previous commitment. I closed on the unit, one of only four people. Within 30 days or less of closing the remaining units, 176, were priced reduced by $115,000 less than my closing price. What if any recourse do I have against the seller, their selling agent and the appraiser who missed the appraisal by only $215,000 dollars? The units are currently selling for $225,000.

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If you are a public official then you more than likely already know a number of great attorneys. The laws are interpreted differently by each lawyer. In many ways the lawyers are much like the Banks looking to charge the big bucks for little effort. With that said their are still great attorneys who can with little effort and little cost give you a great opinion "before" you decide to pursue a lengthy case. There are no sure things when letting your fate become decided by a panel of your peers. It could easily end up costing you more to fight it then what you could gain. In many contracts especially pre-builds there are clauses that state you pay for attorney fees if you choose to sue. I can recommended a few great attorneys in my opinion, and If you need to sell I can recommended my self. Feel free to contact me with any questions. Carl@exitmartin.com.
0 votes Thank Flag Link Wed Mar 23, 2011
I must agree, you need an attorney. Just because the builders are taking it in the shorts does not mean they should take advantage of those who committed to buy.
0 votes Thank Flag Link Thu Mar 19, 2009
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