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Owner Of Record/deceased

Discussion in 'Urgent - Help Needed' started by TIMOTHY R. REIDA, Mar 14, 2006.

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  1. TIMOTHY R. REIDA

    TIMOTHY R. REIDA New Member

    0
    Jan 21, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    The owner of record for subject is reflected as the borrowers deceased mother (died 1987). The lender wants the owner of record to be reflected as the borrower and says they will provide me with a will to prove it. I know the borrower and the are very trustworthy local family. Can I accept the will as proof. Was thinking of putting 'see addendum' of owner of record block and explaining there and letting the underwriter sort it out from there.

    Any help or suggestion are appreciated. Are properties not re-deeded upon someones death to the heir?
     
  2. Smokey Bear

    Smokey Bear Elite Member

    0
    Dec 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Was the will probated? They needed to do something at the courthouse to change the owner on title. Since they didn't, there's a cloud on title, and they need to clear it up. Not your job, just report what shows on the county records.
     
  3. Bruce Lennick

    Bruce Lennick Sophomore Member

    0
    Mar 1, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    I know the borrower and the are very trustworthy local family.


    Are you sure you should have taken this assignment in the first place? I get out of doing appraisals for friends, relatives or business associates. I have plenty of appraisers that I feel confident in to refer them to and in turn these appraisers do the same. As for the deed, that normally goes through a change but has to initiated by the current owner, remember that you would be dealing with a government agency, property records at your local assessor's office. It should not take long to complete the name change once they have the needed information.
     
    Last edited: Mar 14, 2006
  4. Marcia Langley

    Marcia Langley Senior Member

    0
    Aug 26, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Missouri
    Timothy,

    You must report the current owner of record (recorded deed). In comments, you can mention that the lender (or whoever) reports the owner of public record is deceased. The lender can deal with this on their own (death certs, probate records, etc).

    If the lender insists on having this cleared up prior to appraisal you can offer to wait until the new deed is recorded and have a new effective/inspection date.

    Those are the choices the lender has.

    You don't want to present yourself as an expert in wills, etc.
     
  5. Steve Owen

    Steve Owen Elite Member

    0
    Jan 16, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Missouri
    I would agree with Marcia.

    Bruce, I don't know what part of WI you're from, or how big it is, but if I had to turn down every job from local families I knew well enough to know they were reliable I'd never be able to do anything. Technically, there's nothing wrong with doing one for your brother... you just must not be biased and must discolse the relationship.
     
  6. Tom McDowell

    Tom McDowell Member

    0
    Jan 19, 2003
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    North Carolina
    If someone is dead they can not own property.
     
  7. David Wimpelberg

    David Wimpelberg Moderator Staff Member Moderator

    29
    Mar 30, 2005
    Professional Status:
    Certified General Appraiser
    State:
    New York
    Just present the facts...Let the attorneys handle the rest.
     
  8. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
  9. Annemieke Roell

    Annemieke Roell Senior Member

    0
    Aug 28, 2003
    Professional Status:
    Appraiser Trainee
    State:
    Oklahoma
    This seems like a title issue to me rather than an appraisal issue ....
     
  10. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Go with Marcia's lead. You're not a lawyer (I hope - Edd is more than enough [LOL]) and you're not in the title business. The Fannie forms clearly indicate that they want the owner of record and the effective date that you obtained the info, as well as the source. If you change it to "such and such" then what source do you have? The MB? HA! That and a can of holes will get you some water (NOT). Report the facts; explain the death; and let the lender and title company work it out. It's not my job!!!!!!!!!!!!!!
     
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