We know that divorce is not an easy process or time period, and our hearts go out to clients we help during this difficult season of life. Ultimately there are so many unexpected things that can come up during a divorce, so we make it our goal to help out by ensuring the appraisal process is as smooth as possible, and to provide you with a reliable valuation for your needs.
People tend to ask us what the difference is between a real estate appraisal completed for a divorce and a typical loan appraisal. Here is some insight for you:
- The divorce appraisal is very likely to have a retrospective date of value, meaning that the appraised value is based upon a date in the past (the filing date) rather than today’s date.
- Sometimes both the retrospective value and current market value (as of today) are needed for divorce.
- The appraiser in a divorce situation may be called upon to be an expert witness if the case goes to court, so it is crucial to include additional research and data within the appraisal report to ensure that value and adjustments are clearly explained and supported.
- The divorce appraisal is not completed according to Fannie Mae guidelines as typical loan appraisals are.
- The divorce appraisal ought to be completed on a general non-Fannie Mae form since the purpose is other than a loan.
- The divorce appraisal is the same as a loan appraisal in terms of confidentiality. No information regarding the appraisal or appraised value is ever shared by me with any other party than the client who ordered the appraisal (unless required by law).
- The appraiser is bound by USPAP in both types of appraisals. “USPAP” stands for “Uniform Standards of Professional Appraisal Practice” and these standards guide the appraisal profession.
You are welcome to contact us with any questions or advice as far as real estate appraisals go. We are adamant about keeping confidentiality, and on top of reliable valuation services, you can expect professionalism, courtesy, punctuality, and reasonable rates. We cover multiple counties in the Greater Sacramento Region and we work regularly with both home owners and attorneys.
See our divorce appraisal website at www.SacramentoDivorceAppraisals.com for more information.
Please let us know if you have any questions.
Lundquist Appraisal Company