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Florida appraiser not liable for alleged overstatement of value
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An appraiser and his appraisal company were not liable for allegedly overstating the value of a Florida residence, the 11th U.S. Circuit Court of Appeals found.
The case is Levinson v. Landsafe Appraisal Services Inc. (No. 13-11756).
The plaintiff, Fred and Louise Levinson, sought to purchase a new home in Delray Beach, Fla., from property developer TOUSA Homes Inc. back in 2008. The purchase was to be funded through a loan from Wells Fargo Bank, which was brokered by Preferred Home Mortgage Co. Preferred Home was then a wholly owned subsidiary of TOUSA Homes. Preferred Home required an appraisal on the property and hired Landsafe Appraisal Services Inc. to perform the valuation. Licensed appraiser Octavio Martinez was given the assignment, and he valued the Delray Beach property at $591,000. The Levinsons closed on the property for $590,565 soon thereafter.
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