Real Estate Appraisal
The Law Firm of Isabel M. Millard, PC believe that the divorce
process requires a multidisciplinary approach. We work with a range of
REAL PROPERTY VALUATION
By Brian Weaver of Brian Weaver Appraisals, P.C.
8832 West Pebble Beach Lane
Orland Park, IL 60462
Tel: 708-364-0881 - Fax: 708-364-0853
He said. She said. Its the centerpiece for the dissolution
of a marriage. This is why you shouldnt rely upon guesses, unsubstantiated
opinions, or gossip as to what the value of real property might be.
Some spouses declare that property values have soared with
no end it sight, while others proclaim that the market dried up long ago.
The task for the real estate appraiser is to reveal the market value of
the real estate as near to the date of dissolution as possible.
Unlike business appraisers that focus on going concerns,
inventories, balance sheets, good will, etc., real estate appraisers focus
exclusively on bricks and sticks.
Unlike your attorney who is an advocate on your behalf,
a real estate appraiser is an advocate for the property, only.
A professional real estate appraiser should be experienced
in preparing reports for litigation. Phonebooks are filled with appraisers.
However, litigation support is a highly specialized area with few participants.
Less than 7% of real estate appraisers will agree to testify. Fewer than
that will do it competently. Before you engage an appraiser, ask them
if they are willing to testify. Unlike yourself, once an appraiser is
deposed or under cross examination, the appraiser has no benefit of counsel.
They must be able to explain, in easily understood terms how they arrived
at the final value estimate.
Occasionally, appraisers are told by a spouse to keep
the value down, or get the value as high as possible.
It is important to understand that appraisers are not hired guns.
Those who reach targeted values without the ability to support the conclusion
will end up being discredited in court and that the instructing spouse
will have wasted a lot of money in the process.
Appraisers perform a range of functions from producing detailed
written reports to consulting, and examination of testimony provided by
A competent real estate appraiser should be certified in
the state that they practice, although it isnt a requirement for
litigation support in most jurisdictions. They should be a designated
member of a nationally recognized appraisal organization, although once
again, it is not mandatory. If the appraiser that youre considering
isnt either; ask why not?
After all, knowledge is power. Only a professional can provide
you what you need and deserve.
Brian Weaver, IFA, has been a full-time real estate
appraiser since 1980. He is a Certified General Real Estate Appraiser
in Illinois, and earned his professional designation (IFA) from
the National Association of Independent Fee Appraisers in 1988.
Brian appraises a variety of property types from single-family
residential to complex commercial and industrial facilities.
Brian specializes in litigation support involving cases
of divorce, bad faith insurance claims, estate, bankruptcy, foreclosure,
appraisal malpractice, etc.