Question: Our parents are deceased. A sibling wants to buy the house, which is fine. However, to obtain value, we hired an appraiser. Another sibling balked at the low value. So we hired appraiser No. 2. Then a different sibling rejected the findings. The trust attorney suggested engaging a third appraiser and (a) taking the average of all three appraisal values or (b) the median. Yesterday appraiser No. 3 visited the property. According to a sibling who provided access, “The appraiser didn’t know what he was talking about.”
The common term all objecting siblings use is: “He/she does not know what he/she is talking about.” That cannot be true.
Ironically, only one of the three objecting siblings has experienced a real estate transaction.
As the successor trustee of my parents’ estate, I am seeking a quick resolution on this matter. What should I do to achieve that?
Answer: You are your parents’ successor trustee for a reason. Take control:
Take the median or average appraised value. Use the higher value of the two.
Make it known that it is your decision.
Set a deadline for siblings to agree.
If there is no agreement, sell the home on the open market.
Share the training levels required of appraisers since the Great Recession.
See attached:
In California, residential real estate appraisers must meet specific requirements and obtain proper licensing from the California Bureau of Real Estate Appraisers (BREA). There are different levels of appraiser licensing, each with its own set of qualifications:
Trainee Appraiser:
Complete 75 hours of qualifying education
Secure a Supervisory Appraiser
Register with the BREA
Residential License:
Complete 150 hours of qualifying education.
Accumulate 1,000 hours of acceptable appraisal experience over a minimum of 6 months.
Pass the Residential License Exam
Certified Residential License:
Hold a bachelor’s degree or higher
Complete 200 hours of qualifying education
Accumulate 1,500 hours of acceptable appraisal experience over a minimum of 12 months
Pass the Certified Residential License Exam
Certified General License:
Hold a bachelor’s degree or higher
Complete 300 hours of qualifying education
Accumulate 3,000 hours of acceptable appraisal experience over a minimum of 18 months, with at least 1,500 hours in non-residential appraisal work
Pass the Certified General License Exam
All applicants must also:
Be at least 18 years old
Have a valid Social Security Number or Individual Taxpayer Identification Number
Undergo a background check
Submit a completed application with the required fees
Appraisers must complete continuing education courses every four years and renew their licenses with the BREA to maintain their licenses.
After sharing this information, the siblings will comply. Nothing quiets an out-of-element critical amateur like proof of legitimacy.
For Housing Market Data in your area, visit my webpage for trends here. Do you have questions about home buying or selling? Full-service Realtor Pat Kapowich is a Certified Trust and Probate Specialist, Certified Real Estate Brokerage Manager and career-long consumer protection advocate.
He is based in his hometown of Sunnyvale, California.Office: 408-245-7700; Broker# 00979413 Pat@SiliconValleyBroker.com