Real Estate Appraisals That Stand Up In Court Minnesota Real Estate Appraisal Services stresses in our Adwords ads that our Appraisals stand up in court. They do so, because we do them right, every time. That is necessarily true of all our compatriots, sad to say.
The Supreme Court has spoken – Not anyone can be an expert witness. Here is an segment from
http://www.freepatentsonline.com/article/Appraisal-Journal/20162998.html that speaks to the topic.
The 1993 U.S. Supreme Court decision in Daubert v. Merrill Dow Pharmaceuticals(1) altered the admissibility of scientific evidence in court cases by requiring the judge to evaluate the scientific method used by the expert witness. Since the Daubert ruling, at least four cases have applied the new test in cases involving real estate with implications to appraisers. In a case involving the future value of a property, testimony was excluded because it did not stand up to Daubert scrutiny.(2) In another case involving the value of an office building under construction, the rationale of an expert witness using discounted cash flow (DCF) analysis was considered to be in error and not admitted as testimony.(3) In a third case, involving severance damages, the court excluded the opinion of the real estate expert witness because the opinion was speculative.(4) However, in the last case, the court did find that the use of multiple regression analysis with respect to absorption in industrial parks meets the Daubert requirement.(5) Because of the possibility of expert testimony being disallowed prior to court proceedings, or being questioned rigorously during trial, it is imperative that real estate appraisers who testify be sure that their scientific evidence will stand up to the scrutiny of Daubert.
So if you have a situation where you really need to get it right, due to a contentious situation – be it a divorce, estate proceeding, corporate merger or similar, call us. We are experts in Residential, Commercial Industrial, and Land Development Appraisal.
And we get it right – even when it isn’t a contentious case.