Even though the appraiser is generally hired by the lender, under Arizona law and given changes in the Uniform Residential Appraisal Report form, the buyer/borrower may still rely on the appraisal report. Essentially, that means that if the appraiser makes a mistake in the valuation or the report and the borrower/buyer is harmed as a result, the borrower/buyer may sue the appraiser for losses sustained.
The most common mistakes by appraisers include: overvaluation, errors in square footage and discrepancy in property types used for comparison. If you believe that there was an error in an appraisal, generally, it is best to first have another trustworthy appraiser review the original report to determine whether there was a mistake. You should also promptly consult with an attorney to determine what your rights are and what deadlines (statutes of limitation) may apply to your potential claims. We handle all types of claims against appraisers on behalf of homeowners and lenders.
Our law firm handles all types of appraisal malpractice claims against all types of appraisers, including residential, commercial and raw land. If you feel that an appraiser committed fraud or was negligent, contact us. Our attorneys will provide thorough aggressive representation.