Richard Odom received his MAI designation 1986, and it was in that same year that the Demonstration Report Grading Committee of the Appraisal Institute (AIREA at the time) asked him to review demonstration reports submitted by MAI candidates, the demonstration report being one of the stringent requirements for the MAI designation. Since that time, reviewing commercial appraisal reports for banks, government agencies, attorneys, corporations and individuals has become an area of specialization in the practice at Richard Odom & Associates.
Put us on your appraisal review panel…
Our vast experience appraising properties of varied types, locations (metropolitan to rural), and magnitude give us unique abilities to handle your appraisal review needs. We have a detailed familiarity with the Uniform Standards of Professional Practice (USPAP) and with the accepted principles and practices in the appraisal profession. Our communication skills—both written and oral, on the phone or in person—will serve as an enhancement to your appraisal review process.
Make an appraisal review part of your litigation plan…
Much of the time in real estate litigation matters, the appraisal report from the opposing party is a first indication of the strength, or weakness, of the opposition’s case. Though many attorneys have a sense for real estate appraisal economics, it is the rare attorney who has the experience to recognize a truly good appraisal. It is the more rare attorney who can find the (sometimes egregious) principles and practices violations hidden in an appraisal report that may look good. Rather than approach the appraisal review as a “USPAP violation” witch hunt, the review appraisers at Richard Odom & Associates seek to identify whether, or not, the appraiser has applied generally accepted principles and practices in preparing his/her work product.
In cases where inappropriate principles and practices have been employed in an appraisal, our review appraisers in their review reports, will refer the client’s attorney to guiding material in appraisal publications such as: The Appraisal of Real Estate; Real Estate Valuation in Litigation; the Uniform Standards for Federal Land Acquisitions; the Uniform Standards of Professional Appraisal Practice and Advisory Opinions; and various other educational writings from appraisal literature. The review report and subsequent counseling is educational, enlightening and will be of great use in forming questions for deposition and cross-examination.
Appraisal review in litigation does not end with a review of the opposition’s appraisal. It is equally advisable that an attorney employ the services of a good review appraiser to identify the strengths and weaknesses of the appraisal that will be used for her/his client. Know the strengths of the report so that you can emphasize those in your arguments and know the weaknesses so that they may be corrected, or bolstered before you present the report to the other side. A good appraisal review will help you immensely in preparing your appraiser for deposition, testimony and cross-examination and will be a guide to you in preparing for direct examination of your client’s appraiser.