Appraisal Witness: Qualified Expert

Appraisal Witness: Qualified Expert

Archive for April, 2008

Appraisal Reform for Reviews

Wednesday, April 30th, 2008

Appraisal Reform has swept the nation with The Federal Reserve directing the broom at our local and national banks. These financial institutions now must have independent, effective appraisal and valuation programs. Furthermore appraisers performing reviews must have the expertise and knowledge to comply with the Federal Reserve’s appraisal guidelines and regulations as outlined in The Uniform Standards of Professional Appraisal Practice as stipulated by the Appraisal Foundation. Durkin Valuation Associates provide appraisal review services that are professional, qualified, independent, and compliant with the 2012-2013 government guidelines.

Appraisal reform for reviews should determine the risk of the transaction, whether the process by which the collateral valuation is obtained ensures quality and independence, and whether the appraisal or valuation is appropriate for the transaction, according to new banking guidelines. The scope of the appraisal assignment which is set forth in the engagement letter must be consistent with the valuation or appraisal report. The Federal Reserve comments that post-funding evaluations of appraisal quality for some of their greater-value transactions or higher-risk transactions as a control to assist in detecting valuation problems is used by some banks to augment routine appraisal reviews.

Durkin Valuation Associates are experienced in every type of appraisal review procedure, appraisal reviews, and the latest USPAP requirements for review appraisers. Each appraisal, appraisal review, appraisal report, consultation or valuation is performed within the most up to date laws, by our qualified, Senior Professional Appraisers that are governed by USPAP, who also adhere to the highest ethical unbiased codes of our appraisal associations, ASA, NAPA and GPPA. Seventy years of combined valuation experience of 7 senior appraisers offering professional appraisal services nationwide. We realize that our work may be reviewed by banks, attorneys and courts. Every appraisal is compiled with the anticipation that this appraisal could be litigated. Every appraisal by Durkin Valuation Associates is prepared by an Expert Appraisal Witness who is prepared to give irrefutable testimony in defense of his valuation report.
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Divorce Pension Settlement

Monday, April 28th, 2008

Divorce Pension Settlement can only be achieved with valuation, appraisal and then distribution. Divorce Pension Settlements takes a qualified appraiser with experience in divorce pension settlement valuations. The amount allocated as a divorce pension figure can also be further altered by a Qualified Domestic Relations Order. The divorce pension figure decided upon for the non recipient is based upon a concrete figure that doesn’t change from year to year, despite the fact that the amount is adjusted for the recipient, based upon inflation. So while a defined benefit plan may be the most valuable asset in a marriage, often, the divorce retirement figure allocated to be paid as the divorce pension amount will be far below what the recipient will receive once eligible to receive their benefit.

How Divorce Pension Amounts are Calculated
There are two main ways that a divorce retirement figure is reached by an appraiser. The approach used will depend upon case and state law, and the facts of each individual situation. And while both have their uses, neither is a great tool when deciding upon a fair divorce retirement sum.

    1. 1. Deferred vested pension appraisal “ this approach only takes into account the benefit earned up to the marital property cut-off date. This approach often leads to a divorce pension figure far lower the actual value of the pension, and can make settlement far more difficult if the parties are aware that the divorce retirement sum is inequitable.
      However, this approach does exist for a reason, and can be used in certain cases to reach a divorce pension settlement amount. If the recipient has lost the job, quit, or is likely to lose the job, then this is a suitable approach in allocating a divorce pension amount. It is also a fitting approach in reaching a divorce retirement sum if the recipient works in an industry where working breaks are normal and for a sustainable period (construction and entertainment industries are a good example). In these cases, it is difficult to conclude whether any further benefit will be accrued, so this approach is appropriate in determining a divorce pension figure.
      2. Matured full benefit pension appraisal  this approach assumes that the recipient will continue to work until their unreduced retirement date without any changes to their base salary from the marital cut-off date to the retirement date. The divorce pension amount is then derived by determining the full benefit amount and reducing it by a coverture calculation. This is usually a far fairer way of determining a divorce retirement sum.
      Where the benefit amount is speculative, due to the industry (such as construction and entertainment industries), a Qualified Domestic Relations Order can be used when determining the divorce pension amount.

Appraisal witness usually is needed in divorce pension cases as litigation seems to prevail when retirement benefits are divvied up. Durkin Valuation Associates are Expert Appraisal Witnesses who prepare every appraisal as if it will be challenged and need an appraisal witness to give irrefutable testimony in defense of the valuation. Call (617) 720-0332

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Expert Appraisal Witness Testimony

Tuesday, April 08th, 2008

Expert appraisal witness testimony can make the difference in winning the case against your opponent. After finding someone do you believe to have specials deals or knowledge in the appraisal field of your case, several aspects of this expert witness needs to be addressed.

Here are seven expert appraisal witness characteristics that are needed in the testimony for your case, that will lead to a win:

    1. 1. Professionalism–An individual appearing before the court as an expert appraisal witness must have a professional appearance, professional attitude and display professional conduct.
      2. Knowledgeable– the testimony of an expert appraisal witness must display in-depth knowledge of the subject matter. This knowledge will always be portrayed by the individual that has years of experience appraising in the field that requires your expert appraisal witness testimony.
      3. Preparedness– When you receive your accredited appraisal, you’ll have your first clue as to the depth of this appraiser’s report. The appraisal report should have all references that will be needed to defend the appraisal report, should litigation arise. Beware if the report seems incomplete, short or inconclusive. If you have any doubts about your appraisal report, resolve these issues at the time you receive the appraisal report. The appraisal witness should be able to defend, explain and consult with you on all aspects concerning his appraisal report.
      4. Unbiased– The appraisal report that you request must be completely unbiased. The appraiser that compiles the appraisal report must be completely unbiased. The testimony that your expert appraisal witness surrenders must be completely unbiased. This characteristic is paramount your case is to be successful. An unbiased appraiser may be called upon to compile an appraisal report for both parties.
      5. Thoroughness– a knowledgeable professional who is prepared through their experience, their training and who has done their due diligence regarding the appraisal for this case and has documented their methods for appraisal and their references, can be relied upon to deliver an accurate testimony on which the trier’s of fact can understand and depend upon the appraiser’s opinions.
      6. Credibility The credibility of an expert witness requires that the witness not be partial or adversarial, that his credentials are impeccable, and the truth. The opposing counsel will attack this characteristic, the hardest to impeach an expert appraisal witness.
      7. Honesty– the smallest untruth fractures, the entire testimony. The weight given a appraisal witness is always greater in believability, if they are consistently truthful throughout the entire litigation process. Honesty cannot be compromised by an expert appraisal witness.

Durkin Valuation Associates bring 30 years of experienced together in 7 Senior Professional Appraisers with a combined 70 years of valuations. Call us at (617) 720-0332.

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