While many appraisers are still struggling along doing appraisals for lenders and AMCs, some are branching out into other areas within the appraisal field, such as reviewing appraisals for lenders and appraising for estate purposes and divorces. Notably, one area that has not been widely explored is forensic appraisal, i.e. providing attorneys expert appraisal advice and testimony for litigation purposes.
Several types of legal actions focus on the appraised value of property, the credibility of an appraisal and compliance with the Uniform Standards of Professional Appraisal Practice (USPAP), including condemnations, foreclosure related deficiency actions and professional liability claims. This article discusses forensic appraisal and the skills and preparation necessary for effective forensic appraisal practice.