Failure to Appraise at Purchase Price
A real estate appraiser was asked to conduct an appraisal with the caveat to not appraise the property unless they could guarantee the purchase price value. This was a property in eminent foreclosure where timing was an issue. The appraiser performed the appraisal, which did not appraise at the purchase price. The deal ultimately fell through and the buyer of the property and the seller why felt they had a way out of foreclosure ultimately sued the Appraiser. On the surface the suit appears to have no merit, however, because of the disclosures up front, the Plaintiff believes another appraiser might have appraised to the purchase price.