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I used a broker to buy a rental property. He suggested it to me saying it was a good buy. A friend of his owned it with his wife, she owns and runs a realtors business. The appraiser who appraised the property is her son but with a different last name because of her remarring. I feel that something doesnt add up and the house isnt actually worth what i paid for it. I feel i was taken advantage of by 1 or all of the parties involved. My question i guess would be is there anything i can do or is there a law about using a family member in a deal like that?
As your agent he should have disclosed all the relationships with you. If you financed the property than the bank or mortgage company accepted his appraisal. If you paid cash then you should check his credentials, lic # and or get another appraisal from someone independent. The other question is why do you now think you overpaid. Get any real estate agent to go on Trend and get you comps for similar properties as close to yours as possable.
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