We applied for a residential real estate mortgage and the bank sent a licensed appraiser. Both our insurance appraisal and the property tax assessment valued our home at over $1M and the bank’s appraiser valued our home at $830K. The state found the appraiser to have violated professional standards. The loan officer withdrew our application because the new loan-to-value was too low to pay off another mortgage. We are paying higher interest on the other mortgage.
The appraiser was contracted by your prospective bank and any duty they owed under the contract to observe professional standards was to the bank, not you.
To be liable in the tort of negligence, you would have to demonstrate that they owed you a duty of care. They didn’t. Their duty was to their client and the inherent conflict of interest prevents them owing a duty to you.