Restricted Use?

[Ken B]

Somebody used to have a signature line about a client not needing an appraisal, they just wanted to know what it is worth.

If you think a lender reviewer can be difficult, just think what an experienced attorney can do to you in cross examination. If you are going to swim with sharks, you should be well compensated.

And collect in advance.

 

[William Rightsell]

Somebody used to have a signature line about a client not needing an appraisal, they just wanted to know what it is worth.

If you think a lender reviewer can be difficult, just think what an experienced attorney can do to you in cross examination. If you are going to swim with sharks, you should be well compensated.

And collect in advance.

My red....

Ken's right. A fee of $375 is a flat out bargain to begin with when dealing with a report that has a good chance of being destined for litigation. I'd suggest doubling the fee for starters.

And Rene has good advice as well. Tell him you're a professional and explain to him that this will take X number of hours and your fee is $zzz/hr. That's the way he bills his time - why should he expect you to be any different. (Because his last appraiser was a moron is why - but that's beside the point).

And like the Duck always says - craft a rock solid engagement letter and have it signed up front.

And lastly - get paid BEFORE you do anything!!!

Good luck...

 

[Riick]

And like the Duck always says - craft a rock solid engagement letter and have it signed up front.
And lastly - get paid BEFORE you do anything!!!

Yes... If attny balks, call it a retainer, & assure him/her you will return any excess if needed.
MIF is a very good idea, attorneys are notorious bad pays.

 

[CANative]

If your client is an attorney and wanted an appraisal of the contested property for his own use (perhaps to see if there was enough money on the table to make it worth his while) then I don't see a problem with doing a restricted use rerport... as long as there was enough information for him to understand the appraisal.

 

[DWiley]

I suggest a reading of FAQ 122 in the current version of the USPAP document. Page F-56.

 

[BRCJR]

I suggest a reading of FAQ 122 in the current version of the USPAP document. Page F-56.

Are you of the opinion the Restricted Use may be used for the Attorney in a divorce proceeding?

 

[CANative]

Are you of the opinion the Restricted Use may be used for the Attorney in a divorce proceeding?

I should think it depends.

 

[hastalavista]

I should think it depends.

I would agree.
I can imagine scenarios where the attorney might need a value developed to determine if it is worthwhile to contest the home; if so, then the appraisal can be reported in a summary fashion; if not, the restricted report addresses that concern, and the attorney moves on to some other target.

 

[The Warrior Monk]

I should think it depends.

Exactly.

Scope of work matters. Attorneys are not prohibited from getting an appraisal in restricted use format to, say, get a rough idea of value for his client. It would be a different story if the appraisal needs to be presented to the court and it is know that others beside the client will be reading this report.

 

[BRCJR]

I should think it depends.

Then that means "yes" is the answer to the question.