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"Appraising" your own house

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Rlong

Senior Member
Joined
Jan 31, 2002
Professional Status
Certified General Appraiser
State
Colorado
Just an interesting story…

I am getting divorced and am asked in the Financial Affidavit and Interrogatories to provide my estimate of Fair Market Value or Market Value. This is intended for the typical property owner. I am declining based on an ethical conflict, and contacted the director of our State Board and he agrees.

Obviously having other appraisers do it for the final disposition would be the best, however the forms that were required are asking for a "layman’s" estimate and are due immediately, so I declined. Now my biggest concern is not wanting to appear difficult to the judge (the affidavit is required by the court)

It has been suggested that it would be possible to do it but I would need to thoroughly disclose my interest in the property and "voir dire" myself regarding having no "bias" (Standards Rule 2-3).

My soon to be X happens to be a CPA who does business valuation and divorce litigation (bad choice for me). I do think she has a good idea on value. CPA's do not have the same restrictions as appraisers as they declined to adopt USPAP. Strangely, or amusingly I couldn't tell you what I think the properties we have are worth within less than $10,000 +/-. I'm to busy and expensive to hire myself to appraise these properties!!
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Rlong,

It appears to me that a laymans perspective could be translated into what a layman would pay. Give that a value as defiend in the typical URAR report would meet that requirement.

I also have a question. What if they dont like your submission and what would they use to argue againts it?

good luck, seek professional help - an Attorney, ASAP
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Sorry man. Just out of curiousity, isn't there jurisdictional exceptions. I don't want do dig out my USPAP book. But you should read up on this. It might allow you to do it, should you want.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
You can always decide to agree with your Ex on this. Cuts down on the debate over whose estimate is correct. Or you can get a BPO from your freindly neighborhood broker.


George Hatch
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
You can do it. Just disclose. It is a true test in objectivity. The problem is, you would have to perform an appraisal to disclose a value. Can you bill the X?
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Good time to use an AVM. Sure sounds like a trap if you do it yourself.
 

Rlong

Senior Member
Joined
Jan 31, 2002
Professional Status
Certified General Appraiser
State
Colorado
All good points, I will probably engage myself... disclose disclose my interest per USPAP and then attemp to appriase them without bias. We may not disagree that much. However, being a CPA she will have all sorts of input on capitol gains etc of properties. I'm SURE she will get all the tax advantage while I MIGHT get a better deal on properties I keep (3 total). Like any negotiation I want to know MY value, but don't necesarrily want to share it early on.

I would like to keep the small office building (I'm currently squatting in it).

Then we can "argue" about the values of our corporations.... I say a small 1 1/2 man appraisal firm is only worth what you can liquidate the parts for.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
As relatively good as things might going right now, they have a tendency to degenerate when in comes down to dollar time.

My advice is to hire the best, most reputable residential appraiser in your area and let him/her appraise your property. Stay out of the setting of value and be ready to argue over who gets the green chainsaw.

When I was selling real estate, my X would not even let me list our house, even to save the listing commission. We ended up listing with a friend from church who sold it for what I would have placed it on the market for. I did manage to get a 20% referral fee out of him.

Hang in there and if the marriage is over, get the proceedings over as soon as possible. Less chance to have a disagreement over some small, stupid item.

Hang in there. You'll be all right.
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I sold the real estate and split the proceeds with the EX so I wouldn't have something come back at me. Starting over is not that bad but it takes time. I wish you luck.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
RLong

This entirely hinges on whether this is headed for a fairly amiclable split or if it is going to be adversarial. Your self appraisal is worth exactly nothing if the parties won't agree. Your effort will be for naught, except in that you will have a kinds better idea if you are being taken for a ride.

I'd sure try to come up with amicable first... otherwise in all honesty you are going to acquire all sorts of 'expert' dependants at $zzz.00 an hour.

You will likely need assessment of your corporate business by a third party anyway, again unless the two of you agree. Were it me, I would first approach the opposition with a suggestion of trying to work it out minus the expensive dependant experts.

Get some idea of what the cost was for some of the uglier divorces in yoru area, present that figure to the soon to be ex, and explain that while the split is inveitable the payment of additional fees need not be.

Sometimes Dale's solution of selling it all and splitting the proceeds IS the best and least costly solution, in terms of $$ and emotional distress both... My best wishes for a fast and undamageing settlement.
 
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