One issue that continues to be litigated around the country is the extent to which an appraiser is liable to a borrower for a negligent appraisal prepared for a lender. This issue was recently addressed by the Georgia Court of Appeals.
In Adams v. DeWitt, 2014 WL 2609974, a purchaser of a property allegedly relied upon an appraisal in deciding to purchase the property. However, the appraisal expressly stated that the appraisal was intended solely for the use of the lender. This is generally standard language in appraisals for lenders. The Court of Appeals held that the appraiser owed no duty of care to the borrower and that it was proper for the appraisal to contain limitations such as those contained in the appraisal.
The law on this subject varies by state and should be consulted if this is an issue.