Divorce

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I’d like to take a few moments to reflect on my favorite appraisal assignments of the year. Maybe I’m jumping the gun a bit since 2009 is not quite over, but that’s okay. I won’t get specific about addresses or location because I take client confidentiality very seriously.

Top 10 Favorite Appraisal Assignments of 2009

  1. water-bill-few-easy-steps-200X200Facuets Left On:  I appraised a bank-owned property in Solano County. It was a very nice property, but unfortunately all faucets and spickets were left on (with clogged drains), so there was extensive water damage. It was unclear if the damage was done by the disgruntled home owner or a vandal.
  2. oak park kj imagery former starbucksOak Park Fixers:  This year I appraised quite a few fixer properties in the Oak Park area of Sacramento that were purchased by an investment group, re-habbed, and then re-sold on the open market to first-time home buyers. It’s nice to be a part of a project where the end result is good for the community.
  3. 008Vacant Subdivision Land in Sacramento:  Acting as a property tax consultant, I valued two parcels in Sacramento County under the supervision of an AG (Commercial Appraiser). These sites were scheduled to be finished out as a subdivision, but then the market burst and subdivision building virtually stopped.
  4. imagesCA9RGC87Spring Water & Cesspool:  I appraised a house in Placer County that was on spring water and a cesspool (as opposed to a well and septic tank). Do you think this would have an impact on market value? How much of a price discount would it take for the typical buyer to look over an atypical feature such as this to purchase the property?
  5. Dilapidated Fourplex:  This property was interesting because it had repeated damage from squatters. I had to climb through a window to inspect one of the units too, and I cut my finger on broken glass (that made me remember this property even more).
  6. fixer-property-lundquist-appraisalUpgraded Duplex:  The residential-income market in Sacramento saw a huge decline in value over recent years. All of the latest sales in this particular neighborhood were fixers. So what is a bright and shiny upgraded non-bank-owned duplex worth in a marketplace of REO fixers?
  7. city-thumbnailRancho Cordova Property:  I’ll be honest. Since my office is located in Rancho Cordova, it sure is nice to get local assignments in the same city. I don’t mind at all driving to other counties, but it’s a great thing to travel a mile from the office to take care of business. My business in Rancho Cordova definitely increased this year.  
  8. Divorce Appraisals:  I do work for home owners and attorneys during a divorcedifficult time of life. It was a pleasure to provide excellent service to home owners in need this year and at least make the appraisal process smooth in the midst of a challenging situation. I grew up in a divorced home and I know it’s not an easy time of life.
  9. Pre-Listing Appraisals for Local Agent:  I am a realtor logohuge fan of working with local Realtors and it was a pleasure to establish a new working relationship with a particular agent who began to rely upon my knowledge and services this year. This year I had more referral work from Realtors and that’s a wonderful thing!!! I am also really grateful to be more connected to some stellar local real estate agents on Facebook and Twitter too.
  10. imagesCA42V1MYRipon New Subdivision:  There was nothing terribly complex about this assignment, but I really felt like I did a solid job on this appraisal in Stanislaus County and my client was very happy with the end-product. It’s just one of those I remember putting in a good amount of time and really enjoying the finished product.

I appreciate all my clients and colleagues who made 2009 a fantastic year. This has been a trying year for the appraisal industry in light of HVCC, but I am grateful nonetheless for all the good things that happened this year. Thank you.

If you are a real estate agent or home owner, what was the best experience you had this year with an appraiser? If you are a real estate appraiser reading this post, what were some of your favorite assignments this year.

www.lundquistcompany.com/blog My Top 10 Favorite Appraisals of 2009

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I had someone ask me the other day about when a real estate appraisal is needed during the divorce process. I have written previously about some of the details of divorce valuations, but to answer the question here, I’ll say the following. An appraisal should be completed whenever your attorney gives you the go-ahead to have an appraisal done. Usually that takes place after divorce papers have been formally filed and before any court or mediation date. On the other hand, if you are not working with an attorney, then it’s really up to you. 

Keep in mind that the appraised value is typically based upon the date that divorce papers were filed, so it’s not a bad idea to hire an appraiser not long after filing (maybe a matter of months as opposed to waiting two years). I find that most clients dealing with divorce in the Sacramento Region typically order these types of appraisals within 3-6 months of papers being filed, though each situation is different.

If you have any questions, feel free to reach me at ryan@lundquistcompany.com or 916-595-3735. You can see our divorce appraisal website also at www.SacramentoDivorceAppraisals.com.

http://www.lundquistcompany.com/blog When do you do the appraisal during a divorce?

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I am typing up an appraisal report right now for a divorce and I figured I’d take a minute to give a little window into one of the facets of our business. My company works with home owners and attorneys to provide real estate appraisals during the process of divorce. We are typically contacted by either the home owner or attorney to provide our services. We know divorce is not an easy time, so we do our best to make the appraisal process as smooth as can be.

Here are a few tidbits about the difference between an appraisal prepared for divorce and a typical loan appraisal:

  • 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 todays date. A real estate appraisal for a loan uses present day market value in most cases.
  • 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 many loan appraisals are.
  • 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 where required by law or subpoena to do so).
  • The appraiser is bound by USPAP in both types of appraisals. These are the uniform standards that guide the appraisal profession.
Whether you are an attorney or home owner, if you have questions regarding litigation or divorce appraisals in the Sacramento Region, please contact us at 916-595-3735 or www.lundquistcompany.com. We serve the counties of Sacramento, Placer, Yolo, El Dorado, San Joaquin, Stanislaus, Merced, Sutter, Solano and Yuba. At Lundquist Appraisal Company you can expect professionalism, confidentiality, punctuality, courtesy, and reasonable rates.
 You can see our divorce appraisal website also at www.SacramentoDivorceAppraisals.com.

http://www.lundquistcompany.com/blog  Divorce Appraisals in the Sacramento Region
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papa-001aWhenever title transfers on a deed, a real estate appraisal is usually needed. Situations like the death of a loved one, inheritance of property, divorce, refinance, estate settlement, and buyout of other persons on title warrant a credible real estate appraisal so that decisions can be made about the property. 

Tips for Hiring an Appraiser for a Title Transfer Situation:

  • Make sure the appraiser knows the real estate market where the property is located. This is key toward producing a reliable appraisal. It’s okay to ask the appraiser questions about his/her experience.
  • Help the appraiser understand why the appraisal is needed. Did you inherit property? Are your elderly parents moving and title is transferring to you? Was there a death in the family? Is there a divorce or break-up in progress? The appraiser is bound to confidentiality and cannot by law share your situation with others.
  • Inform the appraiser what type of value is needed. An experienced appraiser will be able to easily figure this out with you in just a couple of minutes of conversation. Is this a market value as of today’s date or do you need an appraisal based upon a previous date? For example, in estate settlement appraisals, it is common for the appraisal to be based upon the date which title was transferred in the past or the date of death of the loved one. This is called a “retrospective value”.
  • If you are a home owner working with an attorney and it would be easiest on you for the appraiser to work directly with the attorney, that’s definitely doable. I see it work out either way and I defer to whatever the client needs and prefers.
  • Remember that the lowest-priced fees for appraisals usually produce the lowest-quality of work (my fees are very reasonable). The last thing you want is for an unreliable appraisal to get in the way of what you are trying to accomplish with a transfer of title.

If you have any questions about the information above or would like to talk more, feel free to call me at 916-595-3735, see my company website at www.lundquistcompany.com or email me at ryan [at] lundquistcompany [dot] com.  I am available to help you in your time of need and I am glad to speak with you about your situation.

http://www.lundquistcompany.com/blog  Hiring an Appraiser When Title Transfers (Sacramento Region)

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What is the difference between a real estate appraisal completed for a divorce and a typical loan appraisal?

Here are a few differences:

  • 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. 
  • 3764y1The 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.
  • The appraiser is bound by USPAP in both types of appraisals. These are the uniform standards that guide the appraisal profession.

Whether you are an attorney or home owner, if you have questions regarding litigation or divorce appraisals in the Sacramento Region, please contact me at 916-595-3735 or www.lundquistcompany.com. Offering my appraisal services for litigation is one of the arenas I am available for. In addition to a solid appraisal report, you can expect professionalism, confidentiality, punctuality, courtesy, and reasonable rates.

 You can see our divorce appraisal website also at www.SacramentoDivorceAppraisals.com.

http://www.lundquistcompany.com/blog The Word on Real Estate Appraisals for Divorce (Sacramento Region)

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