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Residential Bankruptcy Appraisal

Discussion in 'Urgent - Help Needed' started by Kevin Welch, Feb 25, 2008.

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  1. Kevin Welch

    Kevin Welch Sophomore Member

    0
    Sep 28, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Can someone help me with what form to use, who is the client and what is the purpose of the report

    Thanks
     
  2. Denis DeSaix

    Denis DeSaix Elite Member

    230
    May 16, 2005
    Professional Status:
    Certified General Appraiser
    State:
    California
    (my bold)

    To answer the first question (what form?) you need to determine the two bolded questions. :)


    However, if the assignment is not for a mortgage finance transaction, then if you decide to communicate it on a form-formatted report, I'd recommend a form that is not designed for mortgage finance transactions.
     
  3. Mike Boyd

    Mike Boyd Elite Member

    0
    Jan 18, 2002
    Professional Status:
    Retired Appraiser
    State:
    California
    Kevin....

    In the past, I used the old 1004. However, since that time, there is a general purpose form provided with most appraisal software. That form would probably be preferable. The client is from whom you received the order. It might be the attorney representing the bankrupt entity, it might be the trustee and it might be the Federal Bankruptcy Court. Most likely, the trustee.

    The purpose would be to identify and estimate the market value of the property for which the appraisal was ordered. You should quote the definition of market value in your scope of work.
     
  4. David Wimpelberg

    David Wimpelberg Moderator Staff Member Moderator

    75
    Mar 30, 2005
    Professional Status:
    Certified General Appraiser
    State:
    New York
    I don't use preprinted forms for this type of assignment...these assignments have their way of finding themselves in a courtroom, and I prepare them accordingly.
     
  5. Walter Kirk

    Walter Kirk Senior Member

    15
    Jun 24, 2003
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    I do lots of residential bankrupcy appraisals. I report them on the AI form. In most cases the client is the attorney and the intended use is for bankrupcy action, however this depends on the type of bankrupcy filed and whether you are simply hired by one side or appointed by the court.
     
  6. tjcou812

    tjcou812 Junior Member

    0
    Aug 17, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    Most of the residential bankruptcy appraisal orders I get are from the homeowner. When I ask them how they were referred to me, 80% tell me that their attorney siad for them to look for a appraisal company themselves. So with that said, 80% of the reports are in the homeowners name that I do.
     
  7. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    415
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    do you have trouble getting paid?
     
  8. Mike Kennedy

    Mike Kennedy Elite Member

    173
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    this was really a "trick quiz" right? :leeann:
     
    Last edited: Feb 25, 2008
  9. Jim Onderisin

    Jim Onderisin Senior Member

    8
    Sep 15, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I've used the AI forms, too. I've taken cash payment in advance. I've also taken personal checks with the understanding they don't get the report or the value until the check clears.
     
  10. Walter Kirk

    Walter Kirk Senior Member

    15
    Jun 24, 2003
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    Terrel,
    In answer to your question about getting paid; Some attorneys collect the appraisal fee from the client and pay me on delivery. Some just tell the client to pay me (the report doesn't get delivered until the check clears). In a small number of cases the court appoints me and the judge approves my bill and orders the trustee to pay me. In a few cases I have allowed people to pay in installments (if I see that they are really in bad financial condition)and most have paid in full.
     
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