• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

One Report, two clients-Legal??

Status
Not open for further replies.
A

Anonymous

Thread Starter
Guest
Son calls Saturday and wants me to do a commercial appraisal on elderly (75 yr old) mom's greeting card business. I agree.

Mom calls today, she wants appraisal on her greeting card store. I told her I would get back to her on it.

I call son up, ask what is going on here? He says that she knows about his request (on behalf of the family) and I said what is your preference on this? he knows that she wants to sell, and she wants an opinion of market value for selling.so I can't see anything wrong about you doing an appraisal for her. Son wants report for "financial planning" purposes!!

One appraisal Guru I talked to said to make up the report, have 2 cover pages, one addressed to him purpose for financial planning purposes (A point estimate) and then the second to her, purpose to ascertain probable market value (NOT a point estimate).

Comments and suggestions appreciated.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Frank, don't really see a problem, as all the family is involved for whatever the reason. I'll assume your doing the business & real estate all in one, as you didn't indicate anything differently. :?
 

Will Granger

Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Full disclosure! Son may want to steal the business from a sibling. Mom may want to will it to boyfriend. Sibling may work in the store and be giving Mom poison. Be careful. Those are people you are dealing with. 8O
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
EEEouuch, disclose and Be Verrrwy Careful. Will both parties agree IN WRITTING to allowing you do the reports for the both of them? Sounds like the right hand doesn't know what the left hand is telling the wallet. 8O
Mell.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Two clients, two intended users, and two intended uses. Should be no problem as long as you can demonstrate that they both agree, and your report properly discloses and addresses the relevant issues. You might have to do two different opinions of value if they aren't both based on the same definition of value.

I would get the mutual consent in writing, preferably a letter with both their signatures. Otherwise decline the assignment. Getting involved in a potentially adverse estate situation may be more trouble than its worth without these safeguards.

$.02
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks