Legal Question in Consumer Law in California

Home Purchase

We are buying a home from a Builder. The appraised value of the home was found to be less by $47,000 than the purchase price during the appraisal process by the lender. The builder ordered a re-appraisal from the lender and the value came in $20,000 lesser! Now, the builder is lying to us saying the re-appraisal came back with the same figure as the original appraisal. We have a document sent by the lender (somehow) that shows the re-appraisal value. Could we sue the builder since he was trying to hide the fact from us since it could cost them money? Isn't this plain cheating?


Asked on 4/11/08, 7:27 pm

1 Answer from Attorneys
Lowell Houghton Law Offices of Hagop Chopurian

Re: Home Purchase

If you have not closed escrow what are your damages? The lender will base a loan on the appraised value. The contract was probably subject to the financing going through. You may not be required to purchase the house if the lender does not loan enough money based on the appraisal. Repost this in real estate

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Answered on 4/11/08, 7:58 pm


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