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They get sued a lot, they just usually get out if they can support their opinion of value. Also, I do appraisals for divorces and in those cases you are usually one of two appraisers so you better be on your game if, or when, it goes to court.
I used to have superhuman powers....until my therapist took them away.
They get sued a lot, they just usually get out if they can support their opinion of value. Also, I do appraisals for divorces and in those cases you are usually one of two appraisers so you better be on your game if, or when, it goes to court.
I only deal with them with purchases and refis....no one really has an incentive to sue in those cases, or at least the ones I see (primarily residential).
I only deal with them with purchases and refis....no one really has an incentive to sue in those cases, or at least the ones I see (primarily residential).
They usually don't get sued until later down the road. The average law suit comes 3 years after the appraisal was done and it's usually due to the appraiser over valuing the home and then the people want to refi or sale down the road and they can't because they are upside down. That's usually when it takes place.
Now, if Fannie Mae own the loan and they find out it was over valued when it was appraised you find yourself going toe to toe with the feds.
I'm not worried about me ever facing an over valuing case, I just want to defend myself against less intelligent appraisers who think they know what they're doing because they've been doing it for longer. The problem with my industry is they teach you just enough to be dangerous.
I used to have superhuman powers....until my therapist took them away.
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