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Residential Bankruptcy Appraisal

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Kevin Welch

Thread Starter
Sophomore Member
Joined
Sep 28, 2004
Professional Status
Certified Residential Appraiser
State
California
Can someone help me with what form to use, who is the client and what is the purpose of the report

Thanks
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Can someone help me with what form to use, who is the client and what is the purpose of the report

Thanks
(my bold)

To answer the first question (what form?) you need to determine the two bolded questions. :)


However, if the assignment is not for a mortgage finance transaction, then if you decide to communicate it on a form-formatted report, I'd recommend a form that is not designed for mortgage finance transactions.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Kevin....

In the past, I used the old 1004. However, since that time, there is a general purpose form provided with most appraisal software. That form would probably be preferable. The client is from whom you received the order. It might be the attorney representing the bankrupt entity, it might be the trustee and it might be the Federal Bankruptcy Court. Most likely, the trustee.

The purpose would be to identify and estimate the market value of the property for which the appraisal was ordered. You should quote the definition of market value in your scope of work.
 

David Wimpelberg

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
I don't use preprinted forms for this type of assignment...these assignments have their way of finding themselves in a courtroom, and I prepare them accordingly.
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
I do lots of residential bankrupcy appraisals. I report them on the AI form. In most cases the client is the attorney and the intended use is for bankrupcy action, however this depends on the type of bankrupcy filed and whether you are simply hired by one side or appointed by the court.
 

tjcou812

Junior Member
Joined
Aug 17, 2007
Professional Status
Certified Residential Appraiser
State
Connecticut
Most of the residential bankruptcy appraisal orders I get are from the homeowner. When I ask them how they were referred to me, 80% tell me that their attorney siad for them to look for a appraisal company themselves. So with that said, 80% of the reports are in the homeowners name that I do.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
this was really a "trick quiz" right? :leeann:
 
Last edited:

Jim Onderisin

Senior Member
Joined
Sep 15, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
I've used the AI forms, too. I've taken cash payment in advance. I've also taken personal checks with the understanding they don't get the report or the value until the check clears.
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
Terrel,
In answer to your question about getting paid; Some attorneys collect the appraisal fee from the client and pay me on delivery. Some just tell the client to pay me (the report doesn't get delivered until the check clears). In a small number of cases the court appoints me and the judge approves my bill and orders the trustee to pay me. In a few cases I have allowed people to pay in installments (if I see that they are really in bad financial condition)and most have paid in full.
 
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