Describing neighborhood characteristics

[Major A. White Jr.]

I would love to engage in "average-neighborhood" appraisal work. Hell, I'm from one of the roughest neighborhoods in the world. To all you (CA.)appraisers out there, whom are scared to appraise in these areas, I'm more than willing, to assist.

 

[Tavia Placella]

divorce appraisal

I completed an appraisal on 2 properites in 11/05 for divorce purposes. Today I was requested by the homeowner to send a copy of the appraisals to her insurance agent (as she is in a "crunch" time wise).

It does not "clearly" state in the appraisal that the cost approach is not to be used or intended for insurance purposes. What are my obligations at this point???

 

[Tavia Placella]

I apologize for having to post my question on a reply. But I tried to post my question as a new thread and it would not save. I really need an answer on this one due to my clients (homeowner in divorce) time crunch.

 

[xm39hnu]

Tavia,
New intended user, new intended use, new assignment. Don't do it. Tell her that the reports are hers, and that she can do with them as she pleases. Tell her that they were prepared for the purpose of assisting in the equitable division of the assets of the marital estate, and that she had not mentioned any insurance purpose in the original engagement. (You did use an engagement letter, didn't you?) Tell her that since insurance uses weren't contemplated in the development or reporting of the original appraisals, they should not be used for that purpose, and may be misleading if so used. Tell her that you will not be responsible for any loss which she may experience as a result of using the reports for an unintended purpose. Tell her all this in a letter, and keep that letter in your work file.

 

[Tavia Placella]

Thank you!

 

[laynelucia]

I attempted to get a loan on my own personal home...5500 sq ft, 1930's very nice, etc. My mortgage officer showed me 3 emails from 3 major lenders and I quote:

"This home looks wonderfull and the credit score is excellent and we were ready to fund until we found out the home was in Flint, Michigan."......and the other two were very very similar.

Nice, we have to dance, but Underwriters/Lenders can blantly discriminate.

 

[Mike Boyd]

If you examine the 1004 form, all those issues can be handled in reference to marketability without all the negative and subjective comments. Environmental issues, marketing time, number of homes on the market, etc. I think one reason we are required to show the census tract number is so that the UW/lender can check for itself the crime rate, foreclosure rates. Street scene photos will demonstrate abandonned cars, broken windows, and so forth.