Which Form - Date Of Death Appraisal

[Otis Key]

Originally posted by Annemieke Roell@Nov 18 2005, 10:58 AM
Real Appraisers who can appraise anything from an outhouse to the White House (and know the difference :lol: ).

You mean there's a difference? h34r: h34r:

 

[Brian Weaver]

Stop using forms for narrative work.

Appraisers who are accustomed to forms think that somewhere out there is form for every situation.

Old URARs, old 2055s still have language geared toward MORTGAGE work and MORTGAGE definitions.

Craft a narrative that works for the assignment. It doesn't have to be a 100 pages. Mine are less than 30, and can finish one in less time than a form would take.

Believe it or not, estates DO end up in court more than divorces.

 

[Richard Whitt Jr.]

Be sure to state that " This is a retrospective appraisal with an effective date of _____ __, ____ which is the date of death of ___.________ _______.

 

[Tina]

I'd also add that "the Subject was physically observed on XXXX ??, 2005" too.

I feel it's important to clearly define the dates of the two items, effective date of the appraisal and the date the property was actually visited.

My 2 pennies

TB

 

[Robert Anderson]

Mike,

I agree with Pam. It's best to use a narrative report for an estate appraisal.

The definition of market value used in your appraisal should be the correct one. I use the definition contained in Section 20.2031-1(b) of the Estate Tax Regulations. It is similar but not identical to the definition contained in IRS Publication 561.

Also, since you did not inspect the subject property on the effective date of the appraisal, you need to state the source of such information as property condition. Often this will involve an extraordinary assumption.

I suspect you have done this, but if not you should review USPAP Statement 3 on retrospective appraisals:

http://commerce.appraisalfoundation.org/ht...AP2005/smt3.htm

Bob Anderson

 

[Austin]

Joe Minnich of Fannie Mae discussed this question this week at a meeting and he stated that use of the old 1004 with a different definition of market value and new certification would work. In my view, the use of the form is misleading because it clearly looks like a mortgage form.
Minnich told a story about this: He was hired by a law firm to review an appraisal and tell the lawyers how to discredit an appraisal for a coming trial. He told the lawyer to ask the appraiser what was the definition off market value he used? The appraiser answered with the definition on the GSE form. His appraisal was dismissed because the definition of market value on that form was not appropriate for the assignment. If you have ever used these forms for other than GSE work and used that definition of market value and certification, you screwed up big time.