Legal Question in Banking Law in Utah
Unfair Home Appraisal
We recently had a unfiar home appraisal from a major bank. They blatenly ignored comparabel homes to low ball our appriasal, and push us out of the locked rate agreed upon. Do we have any legal recourse in this situation?
Asked on 1/29/09, 5:36 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: Unfair Home Appraisal
Not really. The bank can appraise the home in any commercially reasonable manner. If the appraisal was done by an independent licensed appraiser, there is little you can do.
Your only recourse would be to get another appraisal and submit it to the bank and ask for a reconsideration. However, banks use lists of approved appraisers since there is a wide variance between appraisers.
Answered on 1/29/09, 6:19 pm
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