Way Cleared for Suit Against Appraiser
The Arizona Court of Appeals has ruled, for the first time in an Arizona published opinion, that an appraiser hired by a lender owes a duty to the buyer/borrower in that transaction.
In its Unanimous Decision issued April 30, 2009, the Court focused on the reality that the buyer would likely never hire a separate appraiser. For that and several other reasons, the appraiser owes a legal duty of care to the buyer/borrower. Daphne Reaume of Berk & Moskowitz, P.C. argued the appeal for the buyer/borrower.
The case opens the door for buyers to sue appraisers even when the appraiser was hired by the lender. Visit our separate website, AppraiserNegligence.com for more information.
Categories: Appeals, Cases Won, Real Estate Law