Correct Form for Divorce Appraisal?

[Ryan Bailey]

I do a lot of divorce work and often see the appraisal performed on behalf of the other spouse. Lately I have started to see lots of them on the current 1004 Form even though this form specifically states the

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction.

A divorce appraisal is not for a finance transaction. Shouldn't a divorce or estate appraisal be performed on the AI form, GPAR form or even the old 1004 form to be correct, if a form is used at all?

Thanks,
Ryan

 

[Ryan Bailey]

Never mind, I found my answer on this site but in another location.

Thanks,
Ryan

 

[TC]

I use the GPAR form or a small narrative for divorce appraisals .

TC

 

[Elliott]

Ryan,
I use the old 1004....so it specifically can't be used for
finance. I did a unconventional duplex and I wouldn't
want it to go forward for financing purposes. A lender
actually called me to do it later and I said, nope.

Elliott

 

[Ray Miller]

Nartive, Old 1004, GPAR

 

[CANative]

I use either the SDAR(H) or the SDAR(W) forms.

Standard Divorce Appraisal Report (Husband) / Standard Divorce Appraisal Report (Wife)

 

[The Warrior Monk]

Narrative only.

 

[CANative]

Why narrative only? In this day and age and after the refi boom years I would think most homeowners are familiar with standard appraisal report forms.

 

[Joker]

Try the 2055 (03/05) or the 2075, just put a value on the bottom of it somewhere.



(Edit)
Some may not realize my odd sense of humor. Do not take the above advice unless you represent the side opposite of the counsel I may be working for.

 

[Ken B]

The AI offers a propietary Residential Summary Appraisal Report which could do the job. Most forms software companies have it. I bet your attorney client would love to cross examine the other appraiser regarding the use of a form designed to satisfy a lender's needs for property settlement purposes.