Publication: Valuation Insights & Perspectives
Publication Date: 22-SEP-07
Delivery: Immediate Online Access
Author: Wiley, Robert C. ; Gaglione, Claudia
Article Excerpt
Nobody likes being accused of making mistakes. Imagine the panic and fear that an appraiser might feel when served with a lawsuit alleging errors, negligence, misrepresentation and often fraud resulting from one's professional services. If you ever find yourself in this position, we advise that you take a deep breath, try not to take the allegations personally and call your insurance company for sound legal advice.
A "claim" does not necessarily start with a lawsuit. Often it begins with a nasty letter or phone call from someone questioning your appraisal or your conduct and asking that you do something or pay them some money.
Sometimes a "claim" begins with a complaint made to the state licensing board. Whoever thinks you made a mistake might want to see what the board thinks before they decide to file a lawsuit. Or, maybe that person or company wants the board to do the investigation so they don't have to spend the time and money doing it for themselves.
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A "claim" might start when the appraiser receives a subpoena to produce documents or to testify at a deposition. The parties to the ongoing lawsuit might want to look through the appraiser's workfile or ask him a few questions before they decide to add him as a party in the case.
How an appraiser responds to any of the above situations is most important. Their comments or conduct could either help to avoid a lawsuit or could virtually guarantee that a lawsuit will follow.
X DON'T ignore the nasty letter, subpoena or board complaint.
Ignoring something rarely makes it go away and often makes it worse.
X DON'T talk to anyone, other than your client, about the appraisal report.
Remember that your client's report is confidential and you are not obligated to discuss that report with a third party, not even an attorney.
X DON'T offer to remeasure when accused of making a square footage error.
The only time it is okay to remeasure a property is at the request of your client. Never remeasure it out of your...
NOTE: All illustrations and photos have been removed from this article.
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