The role of an appraiser during a divorce

I came across a fantastic graphic from the Wall Street Journal that explains what an appraiser does during the process of a divorce. In a nutshell, here is how the process goes (though the graphic does not mention an appraiser may also need to testify in court). Let me know if you have any questions or specific situations you need to discuss about your property.

sacramento-home-appraiser-divorce-appraisal-process-via-wsj

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When do you do the appraisal during a divorce?

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.

www.SacramentoAppraisalBlog.com When do you do the appraisal during a divorce?

Divorce Appraisals in the Sacramento Region

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.
www.SacramentoAppraisalBlog.com Divorce Appraisals in the Sacramento Region
 You can see our divorce appraisal website also at www.SacramentoDivorceAppraisals.com.

The Word on Real Estate Appraisals for Divorce (Sacramento Region)

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.
  • 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.
  • 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.