For Better or For Worse? FNME vs GPAR

Over the years, I have provided appraisals for properties owned by individuals going through divorce proceedings and have had the opportunity to be used in several counties as an expert witness. Whenever I am providing an appraisal for marital dissolution purposes, there are a few things I keep in mind. Most important is the possibility that my report might end up being used as part of expert witness testimony in a formal court proceeding. For this reason, it is important to know the correct form to use.

Most appraisers complete their reports on Fannie Mae produced forms as the majority of the work completed is for lending purposes. It is important to understand that these forms were created by and expressly for Fannie Mae purposes. There are pre-printed certifications which clearly indicate the use of and purpose for these forms.

Unfortunately, using Fannie Mae forms for litigation work is a mistake. While an appraiser should be aware of this, I have found in reviewing opposing counsels “expert” appraisal reports that many use the wrong form. Legal authorities have advised and forewarned that the use of the 1004 URAR appraisal form for litigation purposes carries the risk of having that report thrown out and ultimately, that side losing their case.

Per Jody Bruns, CDLP, using the wrong form could be a costly mistake and can jeopardize a case. Check out the full article here:

http://digitaleditions.walsworthprintgroup.com/publication/?i=286075&article_id=2358305&view=articleBrowser

In the future, if you are looking to have an appraisal completed for divorce purposes, be sure that you engage the services of an appraiser who has the experience and knowledge to know that using the correct form can make all the difference in your case.