Divorce Appraisal tesimony

[Delta85]

I guess they need an Appraiser and his peers on the Supreme Court. The peers he is often compared to on the AF, plumbers, mechanics, doctors, etc should also be represented.

Would you like some cheese with that whine?

Nobody is whining pal. I'm venting on an appraisal chat site. Apparently being an appraiser, obtaining a state recognized appraisal certification, and spending years accumulating experience and knowledge does not mean much when a value opinion can be accepted without any of that.

 

[Delta85]

He has 2 expert opinions. If neither appears or is proven superior to the other, $125k is a reasonable reconciliation.

I hear ya. That sounds great. The next time I have comparables for a subject that indicate a value from $300,000 to $325,000 instead of doing my due diligence and examining and analyzing all the variables I'll call it $312,500 and send it in.

 

[Pittsburgh Pete]

I hear ya. That sounds great. The next time I have comparables for a subject that indicate a value from $300,000 to $325,000 instead of doing my due diligence and examining and analyzing all the variables I'll call it $312,500 and send it in.

the judge didn't have a range of value. He had two appraisal reports that differed in their conclusion. After assessing the appropriateness of both he rendered a ruling-a Solomon-like decision, splitting the baby in half. This happens often in litigation.

Currently involved in a divorce case where the values of a commercial property vary by 25%. Don't think the judge will split the baby in this one. It's the justice system. Ya have to deal with it.

 

[Delta85]

the judge didn't have a range of value. He had two appraisal reports that differed in their conclusion.

He had a range of $120,000-$130,000 supplied by two different appraisers who had used all their skills and experience and came up with two seperate numbers. Instead of choosing one report that appeared more reliable or ordering a tie breaking third appraisal he offered his own value opinion of $125,000.

I know it's not a big deal and by saying $125,000 he was splitting the difference and allowing the parties to agree and settle without further action, cost, or hassle to either party. It just jives wrong with me.

 

[Riick]

These kinds of appraisal you have to have an engagement letter spelling out everything.
I usually charge $100 per hour with a 5 hour minimum.

You need to charge close to what the attorneys do, or you get no respect; He/She is most probably billing $175-$250/hr.
My minimum is ½ day, if I'm still there when court breaks for lunch, it's a full day.

One should also charge same rate (including travel time from/to office) for prep time with the attorney - usually the day (or night) before Court date.

.

 

[Lee Lansford]

I hear ya. That sounds great. The next time I have comparables for a subject that indicate a value from $300,000 to $325,000 instead of doing my due diligence and examining and analyzing all the variables I'll call it $312,500 and send it in.

Without putting words into the mouths of others who have offered opinions here, what we have is a judge who has to make a decision based upon what credible information comes before the court. What do you want the judge to do...conduct his own Standard 3 review ?

No one (I hope) is offering the opinion that the judge's opinion of value carries the same responsibility ("USPAP and all of that") as when a licensed appraiser offers an opinion of value. It is what it is.

 

[jimmyfrank]

So it is ok for a judge to make a value opinion, which is an appraisal, in a state I assume he holds no appraisal license in a court of law? How does he know it was not $120,000 or $130,000? Or maybe it was $123,000. How is he qualified to say either way? What did he base his number on and did he see the home, comparable sales, speak to realtors, etc.?

Why does my state force me to be a trainee for 2-4 years, take and pass a Cert test, pay fees to obtain and maintain that Cert, and pay and take CE every other year just to do the same thing?

Because He/ She da Judge!

 

[PropertyEconomics]

So it is ok for a judge to make a value opinion, which is an appraisal, in a state I assume he holds no appraisal license in a court of law? How does he know it was not $120,000 or $130,000? Or maybe it was $123,000. How is he qualified to say either way? What did he base his number on and did he see the home, comparable sales, speak to realtors, etc.?

Why does my state force me to be a trainee for 2-4 years, take and pass a Cert test, pay fees to obtain and maintain that Cert, and pay and take CE every other year just to do the same thing?

This post makes me laugh ....

Apparently Delta doesnt understand that the STATE FORCES THE JUDGE TO TAKE CE, THE JUDGE PAID FOR, TOOK, AND PASSED A BAR EXAM, TRAINED WELL IN EXCESS OF YOUR PIDDLY 4 YEARS ....

And you dont do the same thing as the judge ... please ... you flatter yourself way too much.

 

[The Warrior Monk]

But, at what point at Harvard law do they teach you how to extract adjustments from market reaction, complete and analyze the income and cost approach, analyze and interpret market conditions data, and understand what is and is not considered USPAP and/or Fannie/Freddie compliant reporting? I guess none of that matters and they can just make an opinion like so many borrowers and homeowners do every day when they complain our reports "came in too low".

In general, I don't make assumptions about people, but given this post I suspect you've never provided expert testimony. What you've described is simply no what goes on. As our friend from Pittsburgh noted:

the judge didn't have a range of value. He had two appraisal reports that differed in their conclusion. After assessing the appropriateness of both he rendered a ruling-a Solomon-like decision, splitting the baby in half. This happens often in litigation.

Hence the reason they are called judges. Their decisions will be based on the credibility of the testimony they are provided, as well as other information the judge is able to obtain.

 

[Delta85]

In general, I don't make assumptions about people, but given this post I suspect you've never provided expert testimony. What you've described is simply no what goes on. As our friend from Pittsburgh noted:



Hence the reason they are called judges. Their decisions will be based on the credibility of the testimony they are provided, as well as other information the judge is able to obtain.

I'm just playing devils advocate. Please don't explain what judges do or imply I have never been in a courtroom or given testimony. I know and I have.

The judge DID have a range of value. The last time I checked $120,000-$130,000 is a range. IMO a judge should either choose which report he feels was better prepared and more reliable OR order a third tie breaking appraisal. Instead he offered his own opinion of value which differed with both qualified appraisers opinions. The fact that everyone agreed to settle on that number does not change the fact that it is a new opinion of value.

If I do that it is called an appraisal and I have to have a current recognized license in that state and a workfile backing up my opinion. That's why comp checks are taken so seriously. If I have a casual conversation on the phone with a client and tell them I see sales ranging from $120,000 to $130,000 for a subject and that we are probably looking at a value of $125,000 that's an appraisal and I better have a workfile on hand ready to show my due dilligence in coming up with that estimate and my license better be current and in good standing.


I totally understand though a judges right to do this. I just disagree with it.