A property usually needs to be appraised when a real estate transaction is made between two parties. In the real estate field, a property needs to be given a fair market value by a professional property appraiser before it can be officially sold to a prospective buyer. A property appraiser considers every detail of the property being sold, such as land, location, foundation, size, structure, amenities, and any other area of value that may have an impact on the worth of the estate.
Several details must be considered during the property appraisal process to reach an accurate value. This process is applicable to any type of property, such as residential, industrial, corporate, or commercial real estate. Commercial real estate includes mobile home parks, apartment buildings, and condominiums. A property appraiser must be licensed by the state and may also be licensed or certified in other areas of real estate, such as investment, brokerage, or realty.
Potential court cases requiring a property appraisal expert witness may stem from a misrepresentation of property value or other real estate-related matters, such as construction defects, diminution of value, standard of care, insurance issues, home bankruptcy, foreclosure, detrimental conditions, environmental hazards, appraisal fraud, and casualty loss.
ForensisGroup provides access to a wide selection of highly qualified property appraisal expert witnesses, we help clients find the right expert witness for their case. Submit An Expert Request Form or contact us for more information on our property appraisal experts.