Agent

Buyer overpaid because of appraisal error

Does recourse exist for mistake discovered years later?

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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 DEAR SHERINA: I don't mean to be critical, but hopefully this will be a lesson for you. It is probably too late -- almost three years later -- to do anything about this. You should have reviewed the appraisal before you took title to the property. However, this may have created a problem with your local real estate taxing authority. They may list your property as having five acres, so I suggest that you obtain a new appraisal and then review your tax assessment with the government's assessor. DEAR BENNY: After making a loan using your property as collateral, ...