02-21-2024, 08:48 PM
I recently purchased a home and negotiated a mortgage from a large bank. Did the bank just accept what the seller said the value of the home was? No of course not, the bank ordered their own appraisal and made me pay for it. If the appraisal came in significantly less than what the seller valued the home at, can I sue the seller for fraud??? No, I can't. This is done every day in the real estate business, and there are always different opinions on a property's value. Any bank that just accepts a stated value, failed to do their due diligence. Trump was negotiating loans from the largest banks in the world, these banks testified they simply accepted the stated values provided by Trump, they didn't order their own appraisals, that is their fault, not his. And apparently, they didn't even ask for copies of appraisals done by the Trump Org. They testified they were not harmed and simply gave high net worth individuals a 50% haircut before evaluating risk and loan terms. They didn't care about the "appraised value" of the properties.
Alternatively, if the appraisal came in at $150k, but the seller lists the property for sale at $200k, is that fraud?? NO!
I recently sold an old car as a trade in to a dealership, the dealer initially offered me $500, i thought that was too low so I declined. They came back and offered me $1000. I liked that better and was inclined to accepted but wanted to browse around different dealerships. Then they offered me $1500, which I thought was much higher than it was actually worth since I knew it had engine problems, so I accepted their offer. Since they paid me more than it was worth is that fraud??? NO!
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