while living out of the country on military orders we bought a home in the USA just before moving back to the USA. We used our bank to apply for a VA loan. Lender required VA appraiser and appraisal report required a licensed plumber to fix a water leak and verify no leak in wall. Appraiser wrote in report the plumber needed to be licensed and number written on invoice and appraiser was to return to verify work properly complete. Along with plumbing there was wood rot and negative drainage. Seller hires friend and work not competed. Lender called appraiser/appraiser couldn’t come out before loan closed. No one notified us the borrow this had happened. Lender allowed seller to submit invoice and photos (none of which adhered to appraisal report requirements) we moved into house well after closing and have recently discovered the issues were not complete. Lender never noticed realtor or us to the situation. We believe the lender is liable for not calling out appraiser or notifying us. We are talking 3-5,000 in woodrot and plumbing repairs as well as grading. Lender said realtor should have noticed work not complete. Realtor had no reason to think it wasn’t. Help.
As harsh as it may sound, the lender’s job and the purpose of any inspections performed, ordered or required by the lender, is to protect the lender itself, not the borrower/buyer. As the buyer you had the right to perform inspections, hire inspections to be performed and to follow up on any work done to remedy items disclosed by inspections. In general, if the lender failed to confirm that work was properly completed, it runs the risk that it may someday have to foreclose on property that is defective, but the lender is not liable to the buyer for the work that was done or that should have been done.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline