How Much Does a Real Estate Expert Witness Cost and When Should Attorneys Hire Expert Witnesses

Do you currently have a real estate dispute? Having an expert witness testify on your behalf can make all the difference in your real estate litigation case.
Expert witnesses can have a significant impact on a case’s outcome in the legal system. This still holds true for both civil and criminal cases, including those involving real estate. You can decide whether to hire a real estate expert witness for your case by having a thorough understanding of what one is, what role they play in a case, and the types of fees they charge. In comparison to the critical role an expert witness can play in the resolution of your real estate dispute, real estate expert witness fees are comparatively small.

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A REAL ESTATE EXPERT WITNESS IS WHAT?

An impartial professional who is regarded as an authority in the field is a real estate expert witness. They are able to testify regarding a variety of real estate-related issues. For instance, an expert witness might be called to testify about the appraised value of a home or to provide a thorough report on property damages.

A real estate expert witness could support your case in a wide range of circumstances. An expert witness may be required to testify about the property’s pre-damage value if a natural disaster severely damages it. This testimony might be crucial in assisting you in obtaining a sufficient and just insurance settlement.

Expert witnesses in real estate are frequently called as witnesses in divorce cases. The value of the couple’s shared home must be considered when dividing assets between the parties to the divorce. The judge may be assisted in reaching a fair settlement for both parties by the testimony of an expert witness. The verdict in a case might more than cover the costs of the real estate expert witness who gave your case objective, factual testimony.

HOW MUCH DO QUALIFIED WITNESSES REQUEST?

The cost of hiring a real estate expert witness can differ from one state and one region to another. The majority, however, will bill by the hour and then bill different hourly rates for case review, deposition, and court testimony. Compared to many neighboring states, Arkansas has lower average hourly rates for real estate expert witnesses:

Case study: $289
$352 was put down.
$355 in testimony

The cost of hiring a real estate expert witness to review and evaluate the specifics of your case is simply included in the per-hour cost of a case review. The court may then order that the expert witnesses appear for a deposition ahead of the court date (this can vary on a case-by-case basis). Hourly testimony fees will be charged if the case does end up in court and your expert witness testifies.

ENGAGING A REAL ESTATE TRAINEE AS A WITNESS

It will probably be in your best interest to speak with an expert witness from a seasoned and reputable valuation firm that has specific experience with regional real estate laws and property values if you are involved in a legal dispute involving real estate. Arbitration, mediation, or small claims court are frequently used in disputes involving commercial real estate contracts. You will have a dependable expert witness available to testify in court and will be better prepared to present your side of the story with their assistance. Your case’s outcome may very well depend on this knowledge.

In the patent infringement suit between Apple and Samsung, highly compensated expert witnesses were crucial. When do small firms or solo practitioners need to hire expert witnesses for their own cases?

Reportedly, Apple’s legal team paid each expert more than $50,000 to testify. Obviously, the high-stakes lawsuit involves patents and technology that the average person can not comprehend. In such a circumstance, it made sense to employ specialists.

However, paying tens of thousands of dollars to expert witnesses might bankrupt many small businesses. Before engaging an expert, you should ask yourself the following questions:

What do you want your expert’s testimony to cover? You want your expert witness to testify on matters beyond the general knowledge of laypeople. Therefore, while it may appear persuasive to have an expert speak on your behalf, it may be a waste of money if a layperson could effectively testify to the same thing.

Is this the type of case for which specialists are normally retained? Cases involving intellectual property and medical misconduct necessitate the engagement of experts to clarify complex topics. However, in the majority of DUI cases and other offences such as assault and violence, an expert witness is probably unnecessary.

What is the risk/reward ratio? If you possessed Apple’s financial capabilities, you would undoubtedly employ an expert witness for every tiny issue. However, given your economic circumstances, you may need to weigh the need for an expert against your client’s ability to pay. Effective representation may not necessarily equate to the best representation, especially if it would deplete the client’s financial resources.

Before committing financially to hiring an expert witness, you should consider the following. Otherwise, even if you win your case, you may end up losing because to the fees you’ll incur.

Real Estate Expert Witness Services by Craig Cherney, Esc.

Craig Cherney is a trusted client advisor and a sought after real estate expert witness who is hired by the nation’s top Real Estate Litigation Attorneys to help resolve their litigated real property matters. Craig has appeared as a testifying expert witness before judges and juries in California, Arizona, Nevada and other jurisdictions across the country. Craig Cherney, Esq. Expert Witness Real Estate. 480-399-2342.