Q: Misrepresentation
The bank ordered an appraisal of the home we purchased a few months ago and it appraised higher than the asking price. We purchased in Janesville.
We have an emergency and we needed to borrow against our homes equity and we had our home appraised. The appraisal can in much lower than we purchased the home for.
We paid for another appraisal by a separate office and it also came in much lower than the appraisal a few months earlier.
We have been duped out of over $15,000.00.
This is clearly a misrepresentation or fraud. I feel we were robbed.
What can we do?
A: More information is needed to evaluate the facts in your inquiry. Appraisals are subjective. So it is unsurprising there are different opinions about the value of the home. This is not fraud (misrepresentation is a synonym). It may be negligence. More information is needed to see how negligent the opinion is.
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