EXPERT RESIDENTIAL & COMMERCIAL APPRAISERS

CORPORATE OFFICE
6000 Landis Avenue, 2nd Floor, Sea Isle City, NJ
Phone: (609) 263-4600 / Fax (609) 263-4646 / email: jamie@metronj.com

Residential | Commercial
WE DO DISASTER INSPECTIONS

 
 

Bankruptcy

Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved.

Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.

Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.

All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.

Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.

Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged. How does a bankruptcy debtor accurately calculate the value of their home? If you own real estate, you will be asked by your lawyer to estimate a value - and you need to be as accurate as possible.

In many situations, a lawyer will recommend, to their clients, that they contact a local real estate appraiser to request a “drive by” appraisal and in most cases a full appraisal of their property is recommended. A full home appraisal provides reliable information to help you discover the value of your home

Significant discrepancies in the value of a home can create problems in bankruptcy. If a value listed is too low, the client runs the risk of a trustee objecting to their scheduled valuation and asking the Court for permission to seize the home. In addition an obvious under-value will call a client's honesty, truthfulness and credibility into question in future dealings with the Bankruptcy Judge, trustee and opposing counsel. If a value listed is too high, a client may miss out on the availability of Chapter 7 or pay back more than is necessary in a Chapter 13.

Real estate appraisers perform an integral function in the bankruptcy process. Appraisers typically estimate asset collateral values of secured creditors and debtor-in-possession (DIP) financings; help to identify and value sale/leaseback, spin-offs, licensing and other reorganization opportunities; and are often involved in structuring and valuing restructured debt and equity instruments and in assessing/opining on the fairness of proposed reorganization plans.

For these reasons, bankruptcy professionals frequently need to hire, work with and rely on valuation analysts/appraisers. It is important for bankruptcy professionals to be aware of the various membership associations that train and accredit appraisers. One of these organizations is the Appraisal Institute (AI).

COVERAGE AREA


Metro Appraisal Services maintains its Corporate Offices in Sea Isle City, NJ and has a branch office in Delran, NJ. Our primary service area for typical residential property appraisals encompasses southern New Jersey, and for general Commercial and Industrial appraisals encompasses New Jersey, eastern Pennsylvania, and northern Delaware. We are pleased to issue quotes nationwide on larger Commercial/Industrial properties.


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