Agent

Buyer overpaid because of appraisal error

Does recourse exist for mistake discovered years later?
Published on Jul 8, 2008

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by CareyBot

DEAR BENNY: I own a home that I bought approximately three years ago. I was going through my paperwork and realized that my initial appraisal was done on the house and indicated that it contained five acres. However, I bought only 2.5 acres. It appraised at exactly what I bought it for, so what does this mean? I have a loan based on a house that would not have appraised at the selling price when I bought it. --Sherina

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