Legal Question in Real Estate Law in Illinois

Hi, We issued a check on 6/2 to our mortgage lender for an appraisal of a property we wanted to purchase in MO. A week after making the payment, we received the report, which in our opinion was subpar, it was riddled with several omissions and errors that when taken in aggregate, we felt, affected the appraisal's opinion regarding the value of the property. The appraised amount was so low, we were left with no option but to cancel the loan application. When we received the appraisal, we pointed out to the mortgage lender that we felt there were several errors. They said put our concerns in writing and forward to them and they would look at it. Today, in a detailed email I pointed out the problems and they said they would forward it to the appropriate people...which I translate to mean it will go nowhere. My questions is that as of today, they have not deposited the check for the appraisal. Can I just stop payment on the check or how better should I handle this situation? We firmly believe this is an incomplete appraisal and should not have to pay the $400 for it.


Asked on 6/14/10, 4:27 pm

1 Answer from Attorneys
Walter Palmer Law Office of Walter Palmer

To play devil's advocate:

When you get an appraisal you don't always get the answer you want.

Back:

You must pay for the appraisal. If you cry foul, you must stay in the right yourself. They are probably not cashing the check because they are still investigating the matter. When I have a similar problem I send a copy of all the correspondence to the Attorney General's Consumer Complaint email address. Ours seems to be doing her job because the companies respond REAL WELL to this. Since this was in MO, you will have to contact their AG. If the land is in one state and the company is located in another, contact both AGs. Contact the AG of any state where there is a connection to the matter.

Even if the complaint turns out to be less than perfectly justified, they do not want to have a large number of complaints out there. A large number of complaints can show a pattern that might get them in trouble down the line. "Where there's smoke there's fire." At least you get an answer.

If the

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Answered on 6/15/10, 3:49 am


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