Residential Appraisal and Expert Witness Services
Residential real estate disputes may require an independent opinion of market value as of a specified effective date—the date the opinion of value applies to. Depending on the matter, the appraiser may also provide appraisal-related consultation or testimony explaining the analysis and conclusions.
The Appraiser's Role in a Legal Matter
A residential appraiser's role is to provide independent and impartial appraisal analysis within the scope of the assignment. The appraiser does not advocate for the property owner, attorney, or other party who retained the appraiser.
The specific services required should be established at the beginning of the assignment.
Matters That May Require Residential Appraisal Services
Residential appraisal services may be relevant to legal matters involving divorce and equitable distribution, estates, retrospective valuation, property disputes, or other circumstances in which the value of residential real estate is at issue.
Depending on the assignment, an appraisal may require an opinion of current market value or a retrospective opinion of value as of a prior effective date.
Not every legal matter requires expert testimony. In some cases, the assignment may involve only the development and communication of an appraisal. In others, additional appraisal-related consultation or testimony may be requested.
Appraisal Analysis
The appraisal process begins by identifying the property, intended use—what the appraisal will be used for—and intended users—the client and any other people or organizations identified by the appraiser as users of the appraisal. Receiving a copy does not automatically make someone an intended user. These requirements and the effective date help determine the scope of work: the type and extent of inspection, research, and analysis needed.
The appraiser researches and analyzes market information applicable to the property and effective date. Depending on the assignment, this may include comparable sales, market conditions, property characteristics, and other relevant data.
The resulting appraisal report communicates the appraiser's analysis and opinion of value together with the information necessary to understand the assignment and conclusions.
Expert Witness Services
When an appraiser serves as an expert witness, the appraiser may be asked to explain or provide testimony concerning appraisal-related matters within the appraiser's area of expertise.
This may include discussion of the property, relevant market evidence, appraisal methodology, adjustments, reconciliation, or the basis for an opinion of value.
The appraiser's conclusions are developed independently of the interests of the party who retained the appraiser. Compensation for an appraisal or expert witness assignment is for the professional services provided and is not contingent upon a predetermined value or the outcome of a legal matter.
Reviewing the Requirements of the Assignment
Legal and litigation-related appraisal assignments can involve requirements that differ from a typical residential appraisal. Before beginning the assignment, it is important to identify the intended use, intended users, effective date, relevant property interest, and the appraisal or testimony services being requested.
Attorneys and other legal professionals determine the legal issues and requirements of the matter. The appraiser's responsibility is limited to appraisal opinions, analysis, and testimony within the scope of the assignment and the appraiser's professional expertise.
Residential Appraisal and Expert Witness Services
IRV Appraisers provides residential appraisal and appraisal-related expert witness services throughout Philadelphia and the surrounding counties. Contact us to discuss the property, valuation issues, relevant dates, and any requested consultation or testimony.