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Statute of Limitations for Appraisers 1

Statute of Limitations Against an Appraiser

The Statute of Limitations for a Claim Against an Appraiser Why You Should Keep Your Workfile for 7 to 8 Years In 2013, many lawsuits against both residential and commercial appraisers continue to relate to appraisals performed years ago at the peak of the real estate price bubble, 2005 to mid-2008. These lawsuits are filed by borrowers, lenders, investors or the FDIC and typically allege that an appraiser’s inflated value resulted in the plaintiff borrowing, paying or loaning too much money.  The plaintiff blames its loss on the appraiser and sues for damages. When reporting a claim like this to...

Seven Cases the Defendant Appraisers Won Based on Expiration of the Statute of Limitations 0

Seven Cases the Defendant Appraisers Won Based on Expiration of the Statute of Limitations

I am biased in favor of defendant appraisers. I always root for the defense, even if it’s one appraiser suing another appraiser (as in one case below). Defense is our business. Here, are seven cases where the defendant appraisers won based on a statute of limitations defense. That means even if there was something wrong with the appraisal at issue, the defense counsel still won the case. So, you have to give the credit to the defense counsel. That’s not to say there really was a problem with the appraisal in each case below — it just didn’t matter if...

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Virginia Enacts New AMC Law

Gov. Bob McDonnell signed legislation (H.B. 408) April 11 that made Virginia the 10th state to enact new regulations regarding the operation of appraisal management companies. The new law will become effective July 1. Under the law, AMCs operating in Virginia will be prohibited from influencing or attempting to influence the development, reporting, result or review of a real estate appraisal through coercion, extortion or collusion by withholding or threatening to withhold timely payment or future business from an appraiser. AMCs also will be prohibited from: removing an appraiser from an AMC’s panel without first giving written notice to the...

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