Life is not predictable and when an unusual situation happens resulting in the loss of your property, how to you arrive at a value for something that no longer exists?
The appraisers at Eldridge Appraisals Inc. have the necessary experience and credentials to provide plausible appraisals and testimony, resulting in your successful compensation. We understand and utilize Standard 8 of the Uniform Standards of Professional Appraisal Practice that allows a professional appraiser a method to address this problem and the proper way that it should be presented in a court of law.
Hypothetical and Extraordinary Assumptions Definitions
USPAP Standard 8
Hypothetical Condition- That what is contrary to what exists but is supposed for the purpose of analysis. Appraisals are permitted under the USPAP (Uniform Standards of Professional Appraisal Practice) 2008-2009 in situations where it is clearly required for legal purpose, for purposes of reasonable analysis or for purposes of comparison; use of the hypothetical condition results in a credible analysis and that the appraiser complies with the disclosure requirement set forth in USPAP 2008-2009 for hypothetical conditions.
Extraordinary Assumptions-An assumption directly related to a specific assignment, which if found to be false, could alter the appraiser’s opinions or conclusions.
These recommendations are intended as guidance only and Eldridge Appraisals Inc. assumes no responsibility for statements made or advice given.