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Attorney Wants Me To. . .

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John Taylor

Freshman Member
Joined
Feb 28, 2003
Professional Status
Certified General Appraiser
State
Mississippi
regarding an appraisal I did for a client three years ago. The attorney was vague about what I had to do.

The appraisal in question was for a lender (Greenpoint) and was a purchase loan for borrower A from seller B.

The estate of seller B is suing their financial advisor saying they sold the property in question too low at that time.

The appraisal value was, in my opinion, at market value at the time of the purchase.

I advised the attorney I could not talk about the appraisal w/o an OK from Greenpoint.

Is that correct ?

I actually did the appraisal for a loan broker, who funded the loan with Greenpoint. That loanbroker now tells me Greenpoint has since sold the note to a new bank. ..

Your opinions please. . . . .
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Refer the attorney to the Statement of Limiting Conditions of the appraisal report....particularly items 4, 8, & 10.

You are correct in that you need permission from your client to discuss details of the appraisal but you could fax a copy of the Statement of Limiting Conditoins and Appraiser's Certification to the attorney.

He (the attorney) should obtain the services of an appraiser (someone other than you) for a retrospective appraisal if he is needing a value of the subject as of the date of sale.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Sounds to me like the attorney either wants a "professional witness" for the "material witness" fee....... cheaper. Or he's just trying to save the client some money by using a previous report. :p

Nope, sorry..... due to client confidentiality, you will need get the judge to order me to provide a copy. With the court ordering it, you are off that hook. Now for the next thing...... Want my testimony? Pay me as a "professional witness". :mrgreen:
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
1: Have the court issue a subponea.
2. Bill the attorney and be sure that the fee includes the time to go back and review the documentation and sales data for the report. You'll need to be very prepared.

Good luck.

Roger
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I don't think you can claim "confidentiality" as a way out of appearing in court IF you are subpoenaed. Does the attorney already have a copy of the appraisal?

It is ok to send the attorney a copy of the Statement of Limiting Conditions that says you don't have to appear unless you agree to do so and will be paid accordingly. Your fee should include $zzz for review time since it has been several years and you "can't recall" the appraisal. Then you need to charge for your time to appear...many appraisers charge by the hour but I prefer a flat rate (maybe 2X my appraisal fee....PER DAY). Lastly, include all your expenses such as travel, phone calls, etc.

Usually when they see what is going to cost....I don't have to appear, and I like it that way! They always try send you an appearance warrant with a $15 check. Just call them and say...."no way, see the Limiting Conditions attached to the appraisal report".
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
The intended user is Greenpoint Mortgage, and the purpose of the appraisal was to secure mortgage financing for the borrower. The seller has no interest in or right to that report.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
The seller has no interest in or right to that report.

The borrowers do have a right to a copy of the appraisal report IF they paid for it and ask for a copy within a certain amount of time (can't remember the time). They don't have the right to rely on it or use it for any purpose unless they are listed as the client. Of course, the courts just might have something else to say about that.

(Did I get this USPAP correct this time???)
 

Pat Butler

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Your appraisal should be useless to them because it was for a different purpose, use, etc. I'm sure you complied with FNMA guidelines and perhaps other underwriting guidelines when you did that appraisal. Perhaps there were better comps but they didn't conform to FNMA guidelines. I would also assume that the extent (re: scope) of confirming comp data was not as exhaustive as it should be for litigation work. What about the type of report (complete vs. limited.)

I could go on and on but basically you should offer to do a new appraisal with the correct client, purpose, scope, etc. Why don't you suggest that the attorney go through his prior case files from other clients and find a case that was similar to his new clients. Just have him refile the same papers, use the same arguments, etc. so that his clients can save money.
 

Pat Butler

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
One more detail-- you should be billing for your time, starting with the initial phone call from the attorney. Draft a fee agreement and have him or her sign it prior to any more conversations.
 
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