Danny Featured On Phil Crawford's Show

[Meandering]

Wouldn't court and/or condemnation have second reports and appraisers reviewing each others work as part of the testimony process?

sketchy,

You can't advocate, so you don't review, you just refute the "facts" of the otherside's appraisal "if" they ask you about it.

.

 

[DWiley]

Wouldn't court and/or condemnation have second reports and appraisers reviewing each others work as part of the testimony process?

That depends on the specifics of each situation. As I noted before, in the big MBS cases that arose in 2010 - 2014 reviews were common place. In other cases, each side simply obtains an appraisal. I have seen reviews in estate cases. I have had my own report reviewed in an estate case. . For condemnation, reviews are often done by the DOT, either by their own staff or by contractors.

 

[DWiley]

sketchy,

You can't advocate, so you don't review, you just refute the "facts" of the otherside's appraisal "if" they ask you about it.

.

A proper appraisal review is not advocacy. If reviewing inherently involved advocacy, then appraisal review would not have its own Standard in USPAP.

 

[Michigander]

That depends on the specifics of each situation. As I noted before, in the big MBS cases that arose in 2010 - 2014 reviews were common place. In other cases, each side simply obtains an appraisal. I have seen reviews in estate cases. I have had my own report reviewed in an estate case. . For condemnation, reviews are often done by the DOT, either by their own staff or by contractors.

I did some DOT work and it was reviewed and I always thought that in a case going to trial, that the other parties looked for holes. I have been contacted to review for something going to trial but haven't done it (just contacted).

This is just in response to reviews having no valid place in lending work or other appraisal work. I disagree. An unbiased review is important. Thus spake the reviewer.

 

[J Grant]

A review serves a different purpose than getting another/second appraisal. A second appraisal values the property.

A review address the quality of the appraisal under review. If getting an opinion about an appraisal is important, a review will accomplish that. A review might generate an appraisal as part of assignment, if reviewer disagrees with the OA value

 

[DWiley]

A review serves a different purpose than getting another/second appraisal. A second appraisal values the property.

A review address the quality of the appraisal under review. If getting an opinion about an appraisal is important, a review will accomplish that. A review might generate an appraisal as part of assignment, if reviewer disagrees with the OA value

Because of the Fannie forms, residential appraisers who do only (or primarily) lending work tend to have a different view of reviews than the rest of the appraiser community. Appraisal reviews for lenders tend to also include a value opinion. That is not the case outside of the residential lending arena. I have done reviews for litigation, but I don't recall ever doing a review for litigation that also included my own value opinion. Likewise, when I was doing reviews for my state board, the reports were strictly appraisal review reports with no value opinion, regardless of the findings of the review. The review that the IRS did for the estate assignment I referenced earlier was purely a review; there was no value opinion.

 

[Meandering]

A proper appraisal review is not advocacy. If reviewing inherently involved advocacy, then appraisal review would not have its own Standard in USPAP.

That's true,
But when you are giving testimony in court, and the other side has an appraiser giving testimony in court, you really don't want to be throwing "reviews" of each other into the mix. The court really doesn't care if the other appraiser signed the report in the correct format outlined by the state, or if their depreciation adjustment in the cost approach lines up exactly with every available piece of data. Producing such things in court looks like advocacy in a court situation. Just the facts, they hold or they don't hold.

 

[djd09]

"About the Society of Chief Appraisers (SCA):

The SCA is a volunteer organization of over 300 Chief Appraisers, Credit & Real Estate Officers from over 100 California banks working together for the common objective of achieving an effective nationwide system of valuation and due diligence."

http://www.societyofchiefappraisers.org/

How do you become a Chief Appraiser. Ohio doesn't have a test for it.

 

[TRESinc]

"About the Society of Chief Appraisers (SCA):

The SCA is a volunteer organization of over 300 Chief Appraisers, Credit & Real Estate Officers from over 100 California banks working together for the common objective of achieving an effective nationwide system of valuation and due diligence."

http://www.societyofchiefappraisers.org/

How do you become a Chief Appraiser. Ohio doesn't have a test for it.

do our state a favor and move to CA to find out.

 

[djd09]

do our state a favor and move to CA to find out.

Our State? I don't live in Georgia, do you?