Legal Question in Real Estate Law in Michigan

Inaccurate Property Appraisal

We recently had our home appraised and came to find out that the appraisal company we have used has over-inflated the value of our home, which is now hurting us as we are over mortgaged and can not refinace our home. What, if anything can we do to get them to rectify this situation?


Asked on 3/31/05, 12:34 pm

1 Answer from Attorneys
Don Darnell Darnell & Lulgjuraj, P.C.

Re: Inaccurate Property Appraisal

If your intent is to refinance for a lower rate, you could pay down the mortgage to a point where you could refinance.

You have no complaint with appraiser, since (I assume) that you recieved the money from the mortgage in which it was over-valued. If you default, the mortgage company may well have a complaint with the appraiser.

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Answered on 3/31/05, 2:01 pm


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