Archive | Appraisers

WE DON’T NEED NO STINKING HUMAN APPRAISER – WE WILL USE A BOT

The November 30, 2018 Wall Street Journal has an article, “Home Appraisals Go High-Tech.”  It seems that the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and The Federal Reserve have proposed loosening real estate appraisal rules so that a majority of homes can be bought and sold without being valued by a licensed appraiser.  According to the article, the plan would increase the value of homes that can be sold without an appraiser visiting the property from $250,000 to $400,000.  This does not sound like… read more

Posted in Appraisal, Appraisers, FDIC
Read more > 0

Computer Virus Constitutes “Good Cause” to Amend Appraisal

It is generally difficult to amend an appraisal in an eminent domain or tax certiorari proceeding.  The party attempting to amend an appraisal must show good cause, which is determined by the court’s discretion. 22 NYCRR § 202.61 controls the exchange of appraisal reports in New York Supreme Court eminent domain proceedings and states that “the court may, upon good cause shown, … allow an amended or supplemental report to be filed upon such conditions as the court may direct.”  § 202.61(a)(3).  The same language is used for amended appraisal reports in… read more

Posted in Appraisers, Tax Certiorari
Read more > 0

The Decreasing Number of Appraisers

According to an article published in MarketWatch written by Amy Hoak, the number of real estate appraisers is falling.  This is not good news for the real estate industry or anyone purchasing a home. As condemnation lawyers, we rely heavily on real estate appraisers to prove the appropriate amount of just compensation.  According to Ms. Hoak, the ranks of real estate appraisers stand to shrink substantially over the next five years, which will mean longer waits, higher fees and even lower-quality appraisals as more appraisers cross state lines to value… read more

Posted in Appraisers
Read more > 0

Appraisal Standards Board Modifications To USPAP 2016-2017

There have been several important modifications to USPAP.  The Record Keeping Rule was modified.  We have written about the obligation of an appraiser to maintain copies of all reports transmitted to a client.  (Drafts are required to be retained under Appraisal Standards, September 18, 2015). The Record Keeping Rule requires a workfile for each appraisal.  The workfile must include: true copies of any all written reports, documented on any type of media. (A true copy is a replica of the report transmitted to the client.  A photocopy or an electronic… read more

Posted in Appraisers, Cross Examination, Published Articles, USPAP, Work file
Read more > 0

There is no Inflexible Formula to set Just Compensation

Eminent domain is not your typical litigation.  The former owner did not ask for its property to be taken for a public purpose. This is the reason that several decisions have pointed out that what may be normal in litigation between private parties does not apply in a condemnation proceeding which involves a claim protected by our constitutions.  As Justice Thomas A. Dickerson stated, in Matter of Irvington v Sokolik, 13 Misc3d 1220 [Sup. Ct. West 2006], “a condemnation proceeding is not a private litigation.  There is a constitutional mandate… read more

Posted in Appraisers, Eminent Domain, Valuation
Read more > 0