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Bail Bond Appraisal

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Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Haven't done one in awhile, but just completed one. Attorney doesn't like "opinion of value" and insisted that it must say, the old, "estimate of fair market value"......What ye say?
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Ask the attorney for a copy of the law or regulation that requires the fair market value. I have one client that wants that expression used for their REOs, they fax me the regulation they are following and I include a statement that the appraisal has been done at the client's request to a fair market value and then quote their requirment word for word also at their request.
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
I concur with Jo Ann.

Cite the attorney's request by incorporating what the current phrase "is" is.

No sense in getting into an argument about semantics.

'Cause she's an attorney doesn't mean she knows anything about appraising. But that doesn't stop them from acting "all-wise."
 
Joined
Jan 16, 2002
Ask attorney if it's OK with him that you practice law and tell him how the bail and trial should be handled......

I did one of these about 20 years ago and it was my last one. Value wasn't high enough and of course I was cursed twelve ways from Sunday. Never got over it, and decided these "types" were not for me.
In this area "bail" is a code for "gangsters". Let'em rot in jail is my motto.
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
I'm with Jo Ann. As you know Charlotte, there are a number of definitions for market value in various arenas...............and the semantics of this final product can vary. Clarify and clearly cite your definition of market value, and clearly state the client request.

Happy New Year!
 
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Found somewhere on the Internet through Google:

fair market value
The price that an interested but not desperate buyer would be willing to pay and an interested but not desperate seller would be willing to accept on the open market assuming a reasonable period of time for an agreement to arise.

Not so different from ours.

Divorce and Estate Attorneys have asked me for that too. If this is what they had in mind, it's OK with me.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I forget where I came up with this (probably on here) but I have been using the term "Markets Opinion of Value." Isn't that a more accurate phrase of what we estimate? What the Market thinks it's worth?
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Jo Ann's reply certainly is sensible and easy-way-out to keep everybody happy who needs to be kept "happy". Yes, there sure can be different ways to skin a cat, so to speak. I have always used "opinion" and will state that word in my last line or two of comments on Sales Comparison and surely in wrap-up of my Scope. So far, no one has asked me to replace it with "estimate" and it appears that I will get through 2002 without such a request. Tomorrow starts a new year, and opens up 365 days of chance that somebody will pose a ludicrous request my way, be it this same one or another one, and that bridge will have to be crossed when it happens. -----Which sounds nicer and easier to propose ?......It is client's "estimate" that appraiser's invoice will be paid within 7 to 10 days of receiving report.......or, It is client's "opinion" that appraiser's invoice will be paid within 7 to 10 days of receiving report ?
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
To a client that doesn't know anything about USPooP and would rather not -- the only thing that interests the bail bondsman and her underwriter is the owner's equity -- and if any !

Otherwise, it's more like a get out of jail free card!

Just like the mortgage company, you can't refi or secure a court appearance if the mortgage company owns all the equity.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Sounds like that would be as much fun as working for B & C paper lenders. :lol:
 
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