Litigation Support/Expert Testimony:
Complexity Made Clear
Two well known adages, "A picture is worth a thousand words", and "Seeing is believing" represent the key reason that appraisals and testimony supported by Graphic Analysis can be far more effective than appraisals or testimony supported by just opinion, even from the most experienced appraisers.
According to the 14th Edition of the Appraisal of Real Estate, there are several techniques available to quantify adjustments to the sale prices of comparable properties.
The order in which these techniques have been listed has not changed in many years, with paired data and grouped data analysis historically tending to represent the highest standard. However, graphic analysis has emerged in recent years as a powerful technique that provides market derived clarity to even complex situations.
Despite the relatively slow adaptation by the fee appraiser community of graphic analysis, this trend is likely to change in the coming years as a result of the prominent role this technique exhibited in the most recently released 14th Edition of The Appraisal of Real Estate text book, published in 2013 by the Appraisal Institute. This reference book is considered to represent the authoritative text on real estate appraisal, having been cited by over 700 U.S. court decisions.
The most recent edition, the 14th Edition, provides numerous examples of graphic analysis applications and use, particularly in the sales analysis chapter, in addition to devoting an 18-page discussion on the matter within the addendum pages.
Simple, yet well conceived graphics have the power to persuade judges and juries by permitting them to identify in an instant patterns in the behavior of the market, and the relationship between an individual property to the collective market pattern. And, most importantly, well designed graphs do not require the audience to have high levels of knowledge or education about statistics; most appraisal users have sufficient education and background to visually evaluate goodness of fit when relevant data are correctly plotted and labeled.
We assist the legal community by providing these services in the context of narrative appraisal reports, trial preparation assistance, appraisal review and critique in the contest of:
Assessment Appeal / Condemnation / Estate Appraisal / Expert Testimony / Liquidation and Bankruptcy Analysis / Litigation Strategy / Arbitration