Real estate appraisers should be comfortable in a courtroom. They serve as expert witnesses in a variety of legal proceedings.
But sometimes, appraisers find themselves in the wrong seat. Instead of sitting on the stand as an expert witness, an appraiser can end up at counsel’s table as a defendant to a lawsuit.
Appraiser liability has been a hot-button issue since the economy crashed in 2008. After the housing bubble burst, the value of securities tied to real estate prices plummeted.