Can I sue my appraiser
My property was condemned (eminent domain) by LADWP. They took a 5 acre parcel I had purchased to build new transmission lines and re-conductor old lines in order to provide power from a new utility scale solar generating plant (solar farm) they had constructed.
My attorney hired the appraiser with only 2-3 weeks prior to the date our expert witness and discovery production had to be turned in to the courts.
The appraiser found very low comps in the area. I am a commercial real estate agent and I only sell and buy vacant land in the area, so I am very familiar with the market in the area.
My appraiser used comps from a 10 acre parcel that sold for $150,000 in an area where I sale 1.25 acres for $90,000; 2.5 acres $150,000; and 5 acres for $300,000. He also, used the lowest comps form other areas. I thought fair market value is the HIGHEST comps in the area.
I asked my appraiser why was his appraisal so low and I gave him a couple of comps that I had to show him there were significantly higher comps in the area and he simply said that he knew something was wrong with my comps and that he did not have enough time to verify my them due to time constraints.
He appraised my property for $75,000 in an area where land companies wholesale for $100,000+ and solar developers pay $250,000+. One of my business associates also in the eminent domain process with LADWP was able to get an appraisal at $250,000 for his 5 acre parcel, by a different appraiser.
We asked the appraiser to sign a declaration stating that his appraisal was not thorough and complete, since he did not have time to verify my comps, however he declined to sign the declaration. His declaration would have helped us obtain, with the judges permission, another appraiser to supplement the 1st appraiser's report.
My attorney wrote his own declaration stating that the appraisal was incomplete, however the Judge did not allow a continuance due to the fact that my attorney had already asked for one because he had trial on another case.
I had to settle for $70,000 for a property that is worth $300,000+, do I have a good case against my appraiser.