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  #1  
Old 03-14-2006, 01:49 PM
TIMOTHY R. REIDA TIMOTHY R. REIDA is offline
 
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Exclamation Owner Of Record/deceased

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?
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Old 03-14-2006, 02:04 PM
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Smokey Bear Smokey Bear is offline
 
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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.
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Old 03-14-2006, 02:05 PM
Bruce Lennick Bruce Lennick is offline
 
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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 by Bruce Lennick : 03-14-2006 at 02:11 PM.
  #4  
Old 03-14-2006, 03:58 PM
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Marcia Langley Marcia Langley is offline
 
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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  
Old 03-14-2006, 04:12 PM
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Steve Owen Steve Owen is offline
 
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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.
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  #6  
Old 03-15-2006, 07:48 AM
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Tom McDowell Tom McDowell is offline
 
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If someone is dead they can not own property.
  #7  
Old 03-15-2006, 07:56 AM
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David Wimpelberg David Wimpelberg is offline
 
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Just present the facts...Let the attorneys handle the rest.
  #8  
Old 03-15-2006, 07:56 AM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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Good point!
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  #9  
Old 03-15-2006, 07:59 AM
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Annemieke Roell Annemieke Roell is offline
 
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This seems like a title issue to me rather than an appraisal issue ....
  #10  
Old 03-15-2006, 08:17 AM
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Otis Key Otis Key is offline
 
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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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