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Arizona appraisers had no liability for aborted home sales
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Wednesday, April 16, 2014
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Three appraisers whose appraisals of for-sale properties were appreciably lower than the properties’ contracted sale prices were not liable to the seller whose deals fell through when lenders refused to loan the buyers’ requested amount, an Arizona appellate court has ruled.
Each of the three appraisers cited the Restatement (Second) of Torts in denying liability for any negligence.
The three cases were consolidated on Southwest’s motion because of their similarities.
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