CLAIMS AGAINST APPRAISERS STAY AT RECORDS LEVELS
In 2009, the appraisal industry has experienced the same record volume of claims against appraisals as was seen in 2007 and 2008. Noticeable trends include more claims by borrowers, lenders, banks and the FDIC on behalf of failed banks. Most commonly, the claims involve an alleged overvaluation of the subject property by the appraiser. An overvaluation may occur when the appraiser makes an error in measuring the square footage of the property, or fails to make appropriate adjustments for view, condition, renovations, access, size and/or lot size, among many other types of mistakes. Berk Law Group, P.C. has handled and is handling claims against appraisers for overvaluing properties arising from almost all of those types of errors.