QUESTION
How much time do I have to file a claim in small claims court in Monmouth County, New Jersey?
Asked on Nov 29th, 2012 on Business Law - New Jersey
More details to this question:
I had a real estate appraisal performed in 2011, in connection with a mortgage refinance on my house. I would like to know whether I may, given the amount of elapsed time, sue the appraiser in small claims court to recover the fee that I paid him. I think the appraised value that he determined is innacurate. Another appraiser agrees that the appraised value was too low as it 1. was out of line with comparable sales 2. did not take into account criteria that were considered by another appraiser one year prior, at the time that I purchased the house. By the way, the report also contains factual errors which I feel reflect poor quality. Finally, I disputed the appraisal with the bank that ordered it, the same bank that required me to use the appraiser, to no avail. The bank relies solely on the opinion of the appraiser in regard to appraisal disputes. Would it be possible and worthwhile to bring this matter to small claims court? Thank you.
1 ANSWER
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Anyone can sue anyone for anything. Your claims against the appraiser are likely not so stale as to be time-barred. However, in order to prevail on your claim, you would need to prove that the appraiser breached a duty that he owed you, not merely that another appraiser disagrees with his conclusion. To do that, you will need an expert witness (or two), whom you will have to pay, and even then the court is likely to give the appraiser the benefit of the doubt. Even ifyou recover, you likely cannot recover more than the amount you paid the appraiser. Is it worth it?
Answered on Nov 29th, 2012 at 3:36 PM