Posted by Cochise on June 24, 2009 at 17:01:58:
Five Problems and Solutions (W/mai appraisers/appraisal institute):
the need for a real estate trial consultant
Grant W. Austin, slams the ai, appraisal institute,, apprais
Problem #1
Appraisers and other real estate specialists seldom have the quantity and complexity of cases to have developed the needed litigation experience. Therefore, although their experience/expertise/opinion is undeniably important, their content and method of communication can be a detriment to a winning case.
Problem #2
Many real estate experts (including appraisers) regularly fall victim to “groupthink” in the pursuit of cohesiveness within the litigation team. This mode of thinking can result in the failure to critically test, analyze, and evaluate their valuation opinions.
Problem #3
Appraisers, like many technical specialists, have a narrow comfort zone of valuation theory, a zone that often needs to be expanded upon to appropriately develop strong and well-reasoned explanations that support the strengths of the case.
Problem #4
American appraisers are required to comply with the Uniform Standards of Professional Appraisal Practice (USPAP). Compliance with the many generic requirements of USPAP can easily result in different compliance/noncompliance interpretations. One of the most damaging attacks on your appraiser is an allegation, justified or not, of a failure to comply with USPAP.
Problem #5
Real estate appraisers can be blind to the weaknesses in their analysis and lack of support for their conclusions, that is until opposing counsel effectively dismantle the building blocks of their opinions.