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Archive | Appraisers

December 8, 2022

Time to Correct Racial Bias in Residential Valuation. Here is The Way to Start.

My December 27, 2022 article for the New York Law Journal discusses the widespread racial bias found in residential appraisals.  Racial bias in home valuation operates as an institutionalized theft of value from the Black community.  Most Americans measure their wealth by calculating their net worth.  The largest component of personal wealth is the ownership of one’s home.  If a racial component is not given a fair valuation of their property, they lose the opportunity to increase their personal wealth, or at least have a fair accounting of same. The… read more

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Posted in Appraisers, Racial Bias, Valuation
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August 16, 2022

The Expert Witness in a Condemnation Trial

The fundamental rule is that the qualifications of a witness as an expert is a determination within the sound discretion of the trial court.  Smith v City of New York, 238 AD2d 500 (2d Dept 1997). An expert, once qualified, is allowed to testify as to the expert’s opinion.  Sec. 7-301, Prince on Evidence (11th Ed. P. 456).  In a condemnation case, the evidence before the court will be expert testimony by appraisers, zoning experts and other valuation experts. As one court has stated, “impartiality should be the touchstone of… read more

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Posted in Appraisers, Condemnation, Eminent Domain, Expert Witness, Independent Expert, Opinion Evidence, Qualifications
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September 4, 2019

MY ADVICE TO APPRAISERS

          After fifty years of trying condemnation cases, I am consistently surprised at the occasional instance where an appraiser just does not know how to properly testify in court.           On paper, an appraiser may be incredibly impressive.  But is that enough for one to prevail in a case focused on valuation?           Providing expert testimony certainly requires expert knowledge of the subject, but it also requires knowledge of the fundamental rules that should be observed when on the witness stand.  The rules will vary from jurisdiction to jurisdiction.  An… read more

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Posted in Appraisers, Expert Testimony, Uncategorized
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November 30, 2018

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

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Posted in Appraisal, Appraisers, FDIC
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November 30, 2015

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

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Posted in Appraisers, Tax Certiorari
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