The Financial Institutions Reform, Recovery and Enforcement Act of 1989 recognizes USPAP as the generally accepted appraisal standards and requires USPAP compliance for appraisers in federally related transactions. State Appraiser Certification and Licensing Boards, as well as federal, state, and local agencies, appraisal services and appraisal trade associations require compliance with USPAP. (www.appraisalfoundation.org)
Litigation Support
Litigation support can include guidance and documentation at key junctures in litigation involving real property. Litigation regarding your home is often complicated and emotionally charged. A skilled expert witness can provide impartial insight to both homeowner and counsel that can make the difference in the courtroom.
Single-family litigation support can include consulting and/or valuation and expert witness testimony. RPD Analytics can provide for single-family litigation. Services include:
- Assistance in evaluating your case
- Reviewing analysis or appraisals performed by third parties
- Developing an appropriate measure of damages
- Appraisal preparation including damage assessments
- In-depth research of complex issues like potential deleterious effects on the market value of a home after a slab has been repaired or whether the existence of PVC pipe (which has not failed) negatively affects the market value of a home
- Expert witness testimony for depositions and trial.
Most single-family litigation is complex and requires seasoned judgment. RPD Analytics provides an invaluable resource for both simple and complex cases in single-family litigation.
Expert Witness Testimony
Expert witness testimony is a subset of litigation support. The primary responsibility of an expert witness is to develop and support a credible opinion of value. The standard of care for an expert witness is written to appropriate standards for courtroom use. Both opposing counsel and the expert witness representing the other party will likely review and carefully scrutinize the expert’s underlying data, analysis and final report. Expert witnesses who develop a credible opinion of value and are able to effectively articulate such help to effect resolution of cases prior to trial. An expert witness who develops an unreasonable opinion of value tends to cause cases to proceed to trial unnecessarily.
The appropriate standard of care for an expert witness extends through all phases of the assignment. The expert should precisely determine the scope and purpose of the assignment. All data needs to be researched and verified. In many cases, even if sales data has been previously confirmed, it will be verified a second time within the expert witness assignment. The calculations and thought process for analysis need to be checked and double-checked. The same is true for the report. The expert needs to be thoroughly prepared.
It is imperative that an expert witness understand that the objective of opposing counsel is to discredit the witness and their testimony. Any aspects of the expert’s opinion, data, analysis or testimony which does not appear to be reasonable provide opposing counsel an excellent opportunity to discredit the expert witness.
A credible expert witness who is properly prepared to document and articulate a credible opinion is an integral part of the team necessary to resolve cases before trial or to win at trial. Legal counsel and the expert witness need to directly discuss the strengths and weaknesses of the case. Although a credible report may not comply with the exact preference of the party or counsel, it is an effective method to provide counsel with the insights they need to effectively resolve the case.