Mike Garrett RAA
Elite Member
- Joined
- Jan 14, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Colorado
Nice to see "the expert" chiming in. Thanks Danny. The former Chair of the ASB should be considered "the authority".
I have always believed a Restricted Use Appraisal Report can be used in this situation; however, the appraiser should caution the Intended User of the limitations of this type of report PLACED ON THE APPRAISER. Such communication leads to the Scope of Work to be performed. The Scope of Work should then lead to agreement on the fee the appraiser will charge.
There has been considerable discussion on this forum about the proper reporting format for divorce cases. Some have said a Self Contained Appraisal Report is the only way to go. Others, including myself contend a form appraisal report works nicely and is acceptable to most jurisdictions. If you do choose to use a form be sure it doesn't limit the use to mortgage lending purposes. AI general purpose forms work well as does an older version of the 1004.
An engagement letter should be mandatory for this type of assignment. The appraiser should make it clear that the fee is for the appraisal. Any additional service such as preparation for court appearance, court appearance, and testimony requires an additional fee.
My brother really enjoys doing appraisals for lawyers as he gets compensated well for his services. I, on the other hand, prefer to do appraisals for mortgage lending purposes and like to limit my clients to the VA and an occasional ERC assignment.
I have always believed a Restricted Use Appraisal Report can be used in this situation; however, the appraiser should caution the Intended User of the limitations of this type of report PLACED ON THE APPRAISER. Such communication leads to the Scope of Work to be performed. The Scope of Work should then lead to agreement on the fee the appraiser will charge.
There has been considerable discussion on this forum about the proper reporting format for divorce cases. Some have said a Self Contained Appraisal Report is the only way to go. Others, including myself contend a form appraisal report works nicely and is acceptable to most jurisdictions. If you do choose to use a form be sure it doesn't limit the use to mortgage lending purposes. AI general purpose forms work well as does an older version of the 1004.
An engagement letter should be mandatory for this type of assignment. The appraiser should make it clear that the fee is for the appraisal. Any additional service such as preparation for court appearance, court appearance, and testimony requires an additional fee.
My brother really enjoys doing appraisals for lawyers as he gets compensated well for his services. I, on the other hand, prefer to do appraisals for mortgage lending purposes and like to limit my clients to the VA and an occasional ERC assignment.
