Real Estate Appraisal Forum logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Urgent - Help Needed
Register Help Our Rules Calendar Archives Mark Forums Read

Closed Thread
Thread Tools
Old 03-14-2006, 02:49 PM
Join Date: Jan 2003
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 19
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?
Sponsored Links

Old 03-14-2006, 03:04 PM
Smokey Bear's Avatar
Smokey Bear Smokey Bear is offline
Join Date: Dec 2004
Location: The "OC" in Republican Land (Oh no!)
State: California
Professional Status: Certified Residential Appraiser
Posts: 12,470

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.
For God's sake, if you need to take legal action, GET A LAWYER. I'm not giving legal advice.
Old 03-14-2006, 03:05 PM
Bruce Lennick Bruce Lennick is offline
Join Date: Mar 2006
Location: Newman Lake, WA
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 93

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 03:11 PM.
Old 03-14-2006, 04:58 PM
Marcia Langley's Avatar
Marcia Langley Marcia Langley is offline
Join Date: Aug 2005
Location: Springfield, MO
State: Missouri
Professional Status: Certified Residential Appraiser
Posts: 4,435


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.
Old 03-14-2006, 05:12 PM
Steve Owen's Avatar
Steve Owen Steve Owen is offline
Join Date: Jan 2002
Location: Joplin, Missouri
State: Missouri
Professional Status: Certified General Appraiser
Posts: 5,409

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.
__________________ useless man is a shame, two is a law firm and three or more is a congress. - John Adams
Old 03-15-2006, 08:48 AM
Tom McDowell's Avatar
Tom McDowell Tom McDowell is offline
Join Date: Jan 2003
State: North Carolina
Professional Status: Gvmt Agency, FNMA, HUD, VA etc.
Posts: 691

If someone is dead they can not own property.
Old 03-15-2006, 08:56 AM
David Wimpelberg's Avatar
David Wimpelberg David Wimpelberg is offline
Join Date: Mar 2005
Location: Hamptons, NY
State: New York
Professional Status: Certified General Appraiser
Posts: 15,823

Just present the facts...Let the attorneys handle the rest.
Old 03-15-2006, 08:56 AM
Pamela Crowley (Florida)'s Avatar
Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
Join Date: Jan 2002
Location: Wherever We Are Parked
State: Florida
Professional Status: Retired Appraiser
Posts: 25,254

Good point!
All that is necessary for the triumph of evil is that good men/women do nothing.
Fight Back!
Old 03-15-2006, 08:59 AM
Annemieke Roell's Avatar
Annemieke Roell Annemieke Roell is offline
Join Date: Aug 2003
Location: Terlton
State: Oklahoma
Professional Status: Appraiser Trainee
Posts: 4,782

This seems like a title issue to me rather than an appraisal issue ....
Old 03-15-2006, 09:17 AM
Otis Key's Avatar
Otis Key Otis Key is offline
Join Date: May 2004
Location: Mile High
State: New Mexico
Professional Status: Certified Residential Appraiser
Posts: 15,970

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!!!!!!!!!!!!!!
Sponsored Links

Closed Thread

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Copyright © 2000-,, All Rights Reserved
     Terms of Use  Privacy Policy is proudly hosted by the folks at

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites: - National Appraiser Directory - Domain Name Registration - Deadbeat - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking - Great Cordless Phones - Android Tablet Computers

Follow          Find us on Facebook            Follow us on Twitter

All times are GMT -5. The time now is 08:31 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93