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Bankruptcy appraisal
- Thread starter Bamba
- Start date
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Bama Bayou
Senior Member
- Joined
- Oct 19, 2006
- Professional Status
- Certified General Appraiser
- State
- Alabama
Thank you so much!! I was fine until he told me that he had an appraiser refused to do his appraisal because she was too scared to go to court...and that made me wonder if I should run also
About 97% of appraisers are scared to go to court. That's why it can be very good business. The first time may be nerve wracking but only because the stuff on TV is such BS. Bankruptcy court is pretty routine.
Michigan CG
Elite Member
- Joined
- Nov 1, 2006
- Professional Status
- Certified General Appraiser
- State
- Michigan
I really enjoy testifying when I have a really good report to base it on. When you write a report that supports your value you have nothing to worry about. I have a divorce case now that I really hope to get to testify in. It will build credibility and maybe the opposing attorney will want to use me next time.
Carnivore
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
I use alamode because they have a great assortment of GP forms. Sometimes I use the AI format, other times I use Alamode formats(letter & Legal). It depends on the assignment. For example, this month I did two appraisals for a family after the original estate was settled. All they wanted was MV for both properties. I used the alamode Consumer GP letter size. This is a very nice format with not a lot of BS stuff in it. For another private assignment this month I used the AI format because it was three appraisals in one report(SFR + 2 land reports). It just seemed easier to do it that way. Then another assignment this month I only sent a one page letter made with MS Word and the approriate USPOOP attached.
I guess its all personal taste.
I guess its all personal taste.
Bamba
Junior Member
- Joined
- Sep 12, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Pennsylvania
I'm going to bother you guys with another question...my homeowner estimated value was 100K...market value tellls me around 110K-115K...how bad is it going to affect him if I am coming higher than what he estimated? could he lose his house?
Bama Bayou
Senior Member
- Joined
- Oct 19, 2006
- Professional Status
- Certified General Appraiser
- State
- Alabama
Not your problem. Just do your job and let the chips fall where they may.
wickedness1
Senior Member
- Joined
- Jul 12, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Ohio
I agree with Bama that its not your problem. But with that said, the attorney is trying to figure out how much equity their client has so that the attorney can proceed under the correct bankruptcy chapter (normally 7 or 13).
If the debtor has little to no equity then more than likely it will be Ch 7 but if they have equity (normally more that $5k-single owner or $10k-2 owners) then the attorney will probably file a CH 13 re-payment plan.
Your job is to do a supportable market value appraisal that is agreed upon by both the trustee & the attorney. If the trustee think for 1 second that you are biased in your opinion, then the trustee will probably fight your value.
Best advise: remain unbiased & complete a market value conclusion regardless of how much equity the client might have or what chapter bankruptcy has to be filed in the end
PS- I worked at a Bankruptcy Court for many years & PE & the others gave you excellent advise! 341 Hearings (meetings with the trustees) are no big deal at all like the others have stated alread
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