One of the great benefits of doing appraisals for divorce, tax planning and estates is the gratitude that people have when you help them. Yes, my mortgage clients are also very thankful, and appreciate the work I do for them. However, being able to actually “Help” someone is very rewarding. They’ve come to you with a problem hoping that you can solve it for them.
I recently was referred to a gentleman by a Realtor friend that needed help with his estate. They needed to change some things because his wife had unexpectedly passed away. He felt, and rightfully so, that his tax assessed values (he had two properties) were too high. Depending on the size of the estate, some people may need up to two appraisals (current value, date of death, or an alternate date). By figuring out what type of appraisal would best serve his needs, he was able trim nearly 40% off of the estimated tax value of his properties.
Here’s an excerpt from the letter that is kind gentleman sent me:
….I’ve reviewed the estimates on the two appraisals and they are very thorough and professionally done. They will be quite acceptable to my attorney and estate tax consultant. Thanks!
And this is one of the reasons why I’ve made a concerted effort to do more and more of this type of work. Knowing that I made a difference for this gentleman was very fulfilling and rewarding. As my business transitions to doing more appraisals for legal, divorce, estate planning, relocations, and tax appeals, I’ll be cutting back on mortgage related appraisals.
Frankly, with all of onerous regulations and extra requirements required for mortgage appraisals, it’s become less and less fulfilling. In the end, and in my humble opinion, eventually there will be one less very qualified appraiser available to do mortgage work for real estate sales and refinances. I’ll gladly let the new and inexperienced appraisers have that type of work.
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