Legal Question in Real Estate Law in Maryland

appraised value and borrower defaults on loan

Is a real estate appraiser liable if a bank or lending company accepts appraised value,process and make loan and then the borrower defaults on said loan?

What is the appraiser's libility if any?


Asked on 4/04/02, 11:19 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: appraised value and borrower defaults on loan

If the appraiser acted negligently, or worse, fraudulently, in appraising the property, the appraiser could be liable to the bank for any loss resulting from the bad appraisal.

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Answered on 4/04/02, 11:46 am


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