Attorney Asking if I used a Property as a Comparable

[jackimoya]

I received an email today from an attorney that is involved in litigation regarding a property that was listed at the time of an appraisal I did back in 2017. I had emailed the listing agent at the time and asked her some questions regarding the property. Apparently the attorney is representing her and her broker. He asked if I used this property as a comparable (I did). I'm not sure if/how to respond. Would which comparables I used be considered confidential - disclosing would be a violation of USPAP? Why in the world would they care if the property was used as a comparable?

 

[Deleted member 152047]

You have no responsibility to this person. I would ignore the request, or you could tell them that you do not remember.

Either of these options will allow you to not get caught up in whatever mess they have going on.

 

[jackimoya]

You have no responsibility to this person. I would ignore the request, or you could tell them that you do not remember.

Either of these options will allow you to not get caught up in whatever mess they have going on.

Yes, I'm not going to respond to the email.

 

[TMG]

Attorneys know they can scare people into bogus requests, just by saying they're an "attorney". I don't really fault their needs, they're kinda like us, trying to get useful data anywhere they can.

I agree with NP_MAI, you have no obligation to respond or provide anything. I'm thinking they will go away if ignored.

I would ignore rather than get into any dialogue or saying you don't remember. If they were savvy enough, they might know we keep our files for 5 years, and that you should still have a copy of that appraisal.

 

[sputnam]

I wouldn't ignore them. I would politely respond and tell them that that is considered confidential information. Beyond that, I wouldn't say anything. If you get subpoened... then different story.

 

[Elliott]

I would respond very carefully. "Yes, like hundreds of other properties, I used the sale of your client's property as a comparable. Beyond that, information regarding appraisals are confidential documents under FIRREA."

 

[TMG]

I would respond very carefully.

Anything you used on that comp should be available on MLS and PUBLIC records. He can get it himself.

 

[glenn walker]

Th

Yes, I'm not going to respond to the email.

The most common reason is because the attorneys client is probably suing the broker and or appraiser or both over a valuation issue and he/she is on a fishing expedition and you are one of the fish he/she is trying to catch. In your case its best to ignore the E-mails BUT with that being said we have attorneys in the family but since you don't it may be prudent to contact your E & O providers with eh information and let their attorney advise on what to do. The reason is often the frustrated attorney will name you and you will receive a subpoena to appear in court. 80% of the time they are just bogus shake down methods to get you to give them a copy of your report or to ask you questions and that why you give your E & O a heads up, because if you do receive a summons , they will go into immediate action to get their attorney to remove the request to the court or will advise you on what steps to take. I must say that homeowner must keep good records because 9 out of 10 people can't find an-email-they received last month much less 4 years ago and someone is building a case. Finally I wonder why would you ask permission to use a sale as a comparable ? In over 35 years I have never had to ask anyone permission to use a sale as a comparable -WHY ?

 

[TC]

Depends on how many billable hours I would have to charge to reply.

 

[Russ Kitzberger]

I would absolutely respond. How do we expect parties to provide us with information if we are not accessible? This is an opportunity to introduce myself and send the engagement letter for expert witness services. If you don't provide that that is fine, you can at least be professional and responsive.

Comparable data, research data, etc are not USPAP classified assignment results. Otherwise, how would appraisers be able to reuse the data.

However; The fact that you did or did not utilize it in a particular project would likely be considered assignment results. The applicability of particular data or non-use could be considered an opinion (remember comp search requests). But, that doesn't mean you can't opine on the (new) attorney's subject transaction in a new valuation or appraisal assignment.

I would respond very carefully. "Yes, like hundreds of other properties, I used the sale of your client's property as a comparable. Beyond that, information regarding appraisals are confidential documents under FIRREA."

I think the more appropriate response would be that "it is property data that was utilized for real estate appraisal projects. The application of a particular transaction to a particular appraisal project includes an opinion of the similarity and that would be considered confidential information by USPAP and Lending regulations."

Then, "I would be happy to engage with you and your client for professional services regarding the subject transaction in relation to whatever legal problem you are trying to solve, lets discuss the issue in general without you providing any attorney-client privileged information and I can let you know what a range of fees would be, what the retainer is, and send you an engagement letter and rate sheet".

or "I do not have any experience in expert testimony or any desire to learn it at this time and therefore, (or I have a conflict of interest, etc); I appreciate you reaching out to me, however, I will not be able to assist you in your litigation related valuation problem"

You can turn that sale analysis into a $5k-10k project if you have the skillset.