yes that is what is in the report
That’s what I’d like to know. You say he “ran to the credit union and told them about it”, is that your way of saying it was in the actual appraisal documents? Or are you saying he literally went and spoke with the credit union who then contacted you about the repair? If it’s not part of the actual appraisal then no appraisal board is going to much care what he says to one of his customers. There’s no confidentiality clause in which appraisers are sworn to secrecy when they happen to overhear an assessment from a building inspector.
If it’s in the appraisal you could question it, but if I didn’t fully get into it already it should be noted appraisal isn’t a “hard science.” There are broad stroke rules, and procedures appraisers have to follow but two appraisers can come to significantly different valuations for the same property, and both be following all the rules and guidelines.
This is the USA. Dollars matter.
he put in the actual report , so I can use that against him.
BTW, I have no problem with the value he put. It’s just that he screwed up my deal based on hearsay.
You can’t use anything against him if he didnt do anything wrong.
You say hearsay, hearsay is important in a court of law. An appraisal is not a court proceeding. I have very serious doubts any issue you have with the appraisal is going to fall under the appraisal guidelines or rules in North Carolina.
Like I said, I work in real estate but am not an appraiser (I don’t think it’s a particularly difficult field to get into, but there is mandatory coursework that goes into a lot of detail, so you’d probably need to get an actual appraiser in this thread for any definitive information) but in general the appraiser is required for his client to produce a valuation and justification for that valuation. They generally have wide latitude in what goes in, I’ve seen a ton of appraisals in my time in the business and while “overheard conversation” isn’t something I’ve seen verbal conversations are definitely a commonly used thing. Since hearsay would have no special legal meaning in an appraisal that issue is almost certainly moot.
What’s important to understand is the appraiser’s responsibility is not to you, it’s to his client. His client is your lender. Your relationship is with your lender, not the appraiser. Looking at the NCAB it’s actually questionable if they’ll even seriously consider a complaint from you as someone who wasn’t the client when your issue is with how the valuation was determined. That’s really the kind of complaint the appraiser’s client would need to make, which you aren’t.
If you had a problem with how the appraisal was done you should have tried arguing the point with your lender. You either did not or you lost the argument, but at the end of the day the appraiser did not mess up your deal. Your lender set the terms of the deal and your relationship was with your lender, not the appraiser.
Finally, appraisers are very unpopular people because in many real estate transactions there are people who benefit one way or the other which means someone gets screwed one way or the other by an appraisal. Appraisers frequently have to get sheriffs help to do appraisals when they are appraising a house that is being sold in a divorce and someone doesn’t want it fairly valued or etc. These are people who probably have complaints lodged against them very often, the impact of your complaint will be minimal and it’s highly unlikely the appraiser did anything wrong.
Most rules regulating appraisers hold them accountable for not doing things, while I’ve not taken all the appraiser courses I don’t even know of any rules limiting the type of information appraisers are allowed to use. They can use really generic stuff like “unkempt neighborhood” and etc when evaluating the value of a property. Where they can get in trouble is if there is evidence they are intentionally undervaluing or overvaluing properties as this can be used in various schemes/scams to defraud lenders or run various kinds of cons.
I already complained to credit union and they told me “our way or the highway” which means after this deal is done, I am giving them no more business. So I fired them over this issue
I was planning on giving them a lot of business so they lost all of that .
No, but I don’t have sore feelings over this incident, so I feel my views are more objective than yours. Nothing your have posted even pings on my own ethics-o-meter.
I’ve been in commercial real estate sales for over 25 years. What Martin Hyde is telling you (over and over again) is 100% correct. If you go after the appraiser for the events happening as you detailed them he will probably use a copy of your complaint to burnish his resume to banks as evidence of how thorough he is.
An appraiser does not operate by the same agency relationship rules as a real estate agent nor does he typically owe you the same duties. While you may be (as a conduit) paying for the appraisal I would suspect the bank is actually his client in this relationship. Things the appraiser sees on hears regarding the property that may impact it’s value while on site is information that is expected to be commented on in the appraisal. If he hears a person commenting about a non-level floor and observes the floor to be in fact non-level it’s fair game to be commented on.
You seem to be very focused on the notion that this was somehow a “private conversation” that should have been ignored if overheard. I’m not sure that is a reasonable expectation in the context of an appraisers inspection or that it has any bearing whatsoever on the issue.
Re
Not familiar with the specifics of NC real estate law,but in the vast majority of cases given the facts as you outlined them the answer is “Yes”