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Retrospective Appraisals
July 12th, 2022 2:08 PM
What is a retrospective appraisal and why the clients are willing to place such an order? Retrospective Appraisal refers to an appraisal with the effective date in the past. Let's say that there is a dispute about the value of certain property (either due to tax litigation or divorce or any other reasons including but not limited to a date of death, etc.) as effective date of 5 years ago. The client wants to know how much was the value of the property under dispute 5 years ago. Probably, the court wants to know this fact (value) to rule on a dispute between parties.
The appraiser has to look at the market activities occurred during that period and has to analyze prior activities (now he/she has to go back 5 years and find out what was sold within 12 months that reasonably would resembled the characteristics of the subject property).
Summary:
An appraisal performed at the present time with an effective date as of a date in the past
is technically known as a Retrospective Appraisal. Retrospective appraisals may be needed for a variety of reasons including; Property tax appeal – valuation for a specified tax year. Litigation – valuation as of the date of loss.
I hope the above information has provided you with some information about the use and purpose for a RETROSPECTIVE APPRAISAL. For more info either call me at 818 880-1466 send an email to:
kiani105@yahoo.com
or visit my website:
www.pacifichomeappraisers.com
Posted in:
General
and tagged:
Appraisal
Posted by Tony Kiani on July 12th, 2022 2:08 PM
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Under Construction Appraisal
July 5th, 2022 11:40 AM
I have had many instances that the clients want to get a construction loan and is in need of an appraisal based on a hypothetical condition that the subject is already built. The appraiser need to get the plans and specifications. Study them carefully. Specifically, pay close attention to architectural drawings. Find out what will be the GLA upon completion, how many bedroom/bathrooms, what kind of view the property will have upon construction, quality of workmanship and type of finishes that the GC will install. Then the appraiser needs to compare the subject with newly built properties. Since my background is of a General Contractor/Sub-contractor (Rough Framing), I usually like the above challenges.
I hope the above brief guidelines provide some help. Contact me at 818 880-1466 or just drop me an email to kiani105@yahoo.com if you need more assistance. You can always refer to www.pacifichomeappraisers.com for further info. Tony
Posted in:
Construction Appraisal
and tagged:
Construction
Appraisal
Posted by Tony Kiani on July 5th, 2022 11:40 AM
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Retrospective Appraisals
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