Expert Witness/Value Impact Services/Real Estate Damages
Julian Appraisal Group also provides services for various such as Value Impact Services. These are also known as Valuation Impact Study. Recently, Dr. J. Craig Julian, SRA, AI-RRS, ASA, IFA recently provided a Value Impact Study for a Charity that was building a Special Needs Day Care Center in Iredell County. After the testimony the Zoning Board approved the day care.
Some examples of complex appraisal issues we have testified on include
- Potential effect on value of “stigmatized” properties including those associated with violent crimes such as murder, suicide, child abuse, occupation by notorious individuals, etc.
- Potential effect on value caused by builder defects or deficiencies such as faulty foundations, leaking roofs, substandard materials, etc.
- Potential effect on value caused by wood eating or boring insects such as termites or worms.
- Potential effect on value caused by external influences such as proximity to landfills, high tension power lines, cell phone and microwave towers, toxic or hazardous wastes, either on or off site.
- Potential effect on value of properties having history of flooding or location within an area with a notoriety of flooding.
- Valuation of partial estates.
- Valuation as of a date in the past (Retrospective appraisals).
- Valuation of Historic Properties
Examples of simple appraisal issues would include valuation for divorce, estate, partnership, taxation purposes, IRS requirements, lender or auditor requirements, etc.
Fees for our real estate appraisal services for litigation vary considerably depending upon the complexity of the property in question. As an example, a common appraisal fee appraisal fee for a “stigmatized” residential property is $5,500 assuming multiple valuations as of a single date. An example scenario may include the value of a property “As Represented” at the date of contract and a value as of the same date “As Received”. The difference between the two values may be a critical component of the total damages calculation.
The average turn around time for a complex appraisal is approximately four weeks. Naturally, if the luxury of having more time is available, we would consider that beneficial. Valuations on simple properties with no stigma can be done for less and on shorter notice. Consulting fees are billed at an hourly rate of $250.00. Meetings outside our office, (depositions, testimony, etc.) are billed at a 6 hour minimum (unless other previously negotiated arrangements have been made.)
Typically, a retainer of one half the fee or $1,000 (whichever is the greater) is requested upon our being listed as an expert or when the appraisal process is initiated. The remainder is due prior to delivery of the completed report.
