Subpoena for deposition

[Smokey Bear]

Intended use is NOT "estimate current market value" that's the purpose of the appraisal. The intended use is for mortgage evaluation purposes, divorce,etc. Any work done for an attorney, divorce etc. HAS to have an engagement letter that spells out that testimony is separate, a separate fee etc.

 

[Couch Potato]

Good Luck.

Happy Monday... my day started with a subpoena for a deposition.

I was contacted by a local lawyer in June to appraise a home for current market value. That is the sum total of the information I was given. OK. I go out, do my thing, send the report. ...

And you did an appraisal with just that as and engagement contract? What did you put as the Intended Use in your report? I do hope you are exaggerating how little information you used to identify the problem and define an appropriate scope of work.

 

[Lee Lansford]

Intended use - estimate current market value

Nope.

That's the purpose of the appraisal.

You have to indentify (USPAP requirement, not an option) in your report of the appraisal the Intended Use of the appraisal.

 

[Lee Lansford]

...

Engagment Letter - 1 page fax with property info only. (This is a small town & an attorney my boss has worked with for 20+ years - may not be good business practice, but there it is.)
Reason for litigation - I haven't a clue - my client didn't tell me then & doesn't appear inclined to tell me now.

1st, what you have is NOT an engagment letter. Suggest: do some research on the topic. The engagement letter (to be signed by my client) is one that I've refined over the past 10 or more years. It's not a good idea to go forward with private assignments lacking one.

2nd, "Reason for litigation - I haven't a clue": Not good. You need to know what you're getting yourself involved with at the beginning of the process...not later on.

Lessons learned?

 

[Bama Bayou]

Nope.

That's the purpose of the appraisal.

You have to indentify (USPAP requirement, not an option) in your report of the appraisal the Intended Use of the appraisal.

That is correct, but I would really like for this requirement to be jettisoned. The intended use does not have anything to do with value.

Many sections of USPAP appear to have been written by bankers rather than appraisers.

 

[Mike Boyd]

He has not been called as a witness nor will he be in a courtroom with a judge. He is giving a deposition. Do not take sides, tell the truth. Review your report before you go in and you should be all right. Most likely, the attorneys and maybe even the property owner will be there to ask you questions about the report format, what you have added and adjusted for, your methodology for your adjustments and how you arrived at a final value. They may ask you about your experiece, specifically, that neighborhood, how many appraisals you have done, etc, etc, etc.

TELL THE TRUTH, THE WHOLE TRUTH AND NOTHING BUT THE TRUTH!!! But only address the questions that are asked. Otherwise, it will come back to haunt you if the opposition is trying to discredit your report. A deposition is a pre-trial exercize so that everyone will be on the same page when it DOES go to trial.

 

[imran ahmed]

Statements of Assumptions and limiting conditions

# 4 Appraiser will not give testimony or apprear in court because he or she made an appraisal

 

[imran ahmed]

Statement of assumptions and limiting conditions

# 4) Appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements have been made before
hand or as other wise required by law.

 

[Elliott]

imran,
When a client is an attorney, it seems reasonable that the report might find
its way to court. Also a good idea to not use standard financing forms for
legal work. I'm still not sure what the issue in dispute is from the OP, but in
a day or two we'll be able to figure it out.

 

[Couch Potato]

Miss the point.

That is correct, but I would really like for this requirement to be jettisoned. The intended use does not have anything to do with value.

Many sections of USPAP appear to have been written by bankers rather than appraisers.

While it does not directly affect value, it most definitely affects what is an appropriate scope of work.