This case involves a lending bank in California that lost a significant amount of money due to improper residential property appraisals. The residential properties in question went into foreclosure before they were appraised, but the lenders alleged that the appraisals did not reflect the overall decline of the housing market. An expert in property appraisal was sought to conduct an analysis of the appraisal report and determine whether or not it was prepared in compliance with the applicable appraisal standards.
Question(s) For Expert Witness
- 1. Please describe your experience with appraising residential properties.
Expert Witness Response E-097917
I have been an appraiser for 30+ years. I specialize in residential appraisals in northeastern states and am familiar with the housing market in the greater metropolitan area. I can review the current appraisals and opine on the completeness, apparent adequacy, and appropriateness of the reports/appraisals in question.
This expert is a certified appraiser and has served as the president and chief appraiser for his own private appraisal consultancy since 1985. He specializes in residential, multi-family, and condominium-type properties as well industrial and commercial property. He has trained and developed over 40 apprentice appraisers in his company and can speak to review appraisal work, new account development, and management.