Copy of appraisal

[jcoffey]

Problem: I completed a report March 2005 for a Mortgage Broker that is now out of business (no suprise there). The home owner is filing for bankruptcy and wants me to provide a copy of the appraisal to her attorney. Can I do this without violating anything? If I provide a copy Should I charge the attorney anything? This is a new situation for me.

 

[The Warrior Monk]

Problem: I completed a report March 2005 for a Mortgage Broker that is now out of business (no suprise there). The home owner is filing for bankruptcy and wants me to provide a copy of the appraisal to her attorney. Can I do this without violating anything? If I provide a copy Should I charge the attorney anything? This is a new situation for me.

The homeowner, or the homeowner's attorney, is not your client, therefore they are not entitled to a copy of the report. I would not recommend submitting a report you did to a person that is not only not your client, but intends to submit your report to a court.

 

[Walter Kirk]

A 2005 appraisal report is, of course, outdated and should not be used in a bankrupcy filing.
The purpose of the appraisal was mortgage financing, not value for a bankrupcy action and the intended user was the mortgage lender, not the court.

In most cases the bankrupcy attorney needs a current value as a basis for filing the action. I provide limited appraisals for that purpose and many of these lead to full appraisal assignments. I would suggest that you talk to the attorney to determine what is needed. This may be a source of additional work for you.

 

[SMF]

The courts can supena the appraisal if it is needed that badly otherwise no you can not give them a copy.

 

[Webbed Feet]

Problem: I completed a report March 2005 for a Mortgage Broker that is now out of business (no suprise there). The home owner is filing for bankruptcy and wants me to provide a copy of the appraisal to her attorney. Can I do this without violating anything? If I provide a copy Should I charge the attorney anything? This is a new situation for me.

Mr. Coffey,

You would be in violation of the confidentiality section of the Ethics Rule. The fact your original client has gone out of business does NOT relieve you of your duty of confidentiality to that client.

Call your board, don't ask the forum on this one.

Webbed.

 

[jcoffey]

Thanks to all.

 

[Michigan CG]

Read this..... http://appraisersforum.com/showthread.php?t=141032

 

[Jerry Bone Jr]

Should I charge the attorney anything?

The answer to this one is always YES.

 

[Mike Kennedy]

http://commerce.appraisalfoundation.org/html/USPAP2008/FAQ/faq_167_.htm

 

[Joyce Potts]

Have them serve you with a subpeona.