Foreclosure/REO AppraisalHomes in foreclosure and homes that have reverted to your institution’s ownership present special appraisal challenges. Preferred Professional Appraisals is ready to help. For a Tampa Bay property in foreclosure, you may need to know the difference between fair market value and “quick disposition” value, to know your potential charge-off liability. At Preferred Professionals, Inc., we have experience in both providing snapshots of fair market value for our mortgage lending and servicing clients as well as “quick sale” forecasts that understand your timeline. Owners of property in foreclosure, of course, present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time — or worse, caused damage. We have the experience and training to deal with the special dynamics of a Tampa Bay foreclosure appraisal, and you should not hesitate to rely on us. For a Tampa Bay property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and “quick sale.” These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs — selling the property quickly, probably as a “fixer-upper.” Again, we understand your timeline and the unique circumstances of an REO property, as well as the special information you’ll need — competing listings, market trends, and the like. |
Divorce Appraisals
Finalizing a divorce involves many decisions, including “Who gets the house”? There are generally two options regarding the house – it can be sold and the proceeds divided, or one party can “buy out” the other. In either case, one or both parties should order an appraisal of the residence. Divorce appraisals require a well supported, professional appraisal that is defensible in court. When you order an appraisal from us, you are assured that you will get the best in professional service, courtesy, and the highest quality appraisal. We also know how to handle the sensitive needs of a divorce situation.
Attorneys and accountants rely on our values when calculating Tampa Bay area appraisal values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide reliable appraisal reports that meet the requirements of the courts and various agencies.
As an attorney handling a divorce, your needs oftentimes include an appraisal to establish fair market value for the Tampa Bay real estate involved. Often the divorce date differs from the date you order the appraisal. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of divorce. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Expert Witness Testimony
We offer a full range of real estate appraisal services, with experience in many types of Tampa Bay properties. We are also experienced in litigation support and expert witness services. Clients who have used our expert testimony services include government agencies, tax entities, financial institutions, legal and accounting firms and many other businesses. In many cases, our independent, supportable analysis has allowed clients to settle cases without going to court.
Any appraiser must remain unbiased in performing an appraisal of a property. But we can consult with you and advise you about the relative strength of an appraisal presented by opposing parties. We can also perform additional research and analysis to support or discredit assumptions or conclusions.
Some examples of issues we have experience with include:
- Valuation of “stigmatized” property
- Valuation as of a date in the past
- Valuation for condemnation and eminent domain cases
- Effect on value of properties with history of flood
- Estate settlement
- Effect on value caused by insect infestation
- Valuation for divorce, partnership, taxation issues etc.
With our experience and proven track record we are ready to take on any type of Tampa Bay appraisal assignment and our appraisal values stand up under the most severe scrutiny.
Please browse our website to learn more about our qualifications, expertise and services offered.
