History

Diversified Real Estate Services, Inc. is a full-service real estate firm committed to serving clients with real estate appraisals and consultation. The firm was originally incorporated in 1991. Since inception, the company has been centrally located in downtown Minneapolis, providing expert appraisal service primarily to the Minneapolis/St. Paul metropolitan area and the surrounding region. Along with holding licenses in Minnesota, we are also able to offer services through permanent or temporary licensing in North Dakota, South Dakota, Wisconsin, Colorado, Kansas, Georgia, Michigan, Missouri and throughout the United States. The firm’s primary focus is on serving the needs of local lending institutions. We believe that being located in downtown Minneapolis, the heart of the financial and economic center of Minnesota and the Twin Cities metropolitan area, uniquely positions the firm to closely serve local lending institutions.

Timothy L. Vergin, MAI, CRE^®, Ryan L. Bauer, MAI, and Timothy L. Klein, MAI, principals and shareholders in the firm, each hold the MAI designation as awarded by the Appraisal Institute. Mr. Vergin and Mr. Klein each have a Bachelor of Science degree in real estate from St. Cloud State University, while Mr. Bauer has a Bachelor of Science degree in finance from the University of Nebraska.

Diversified Real Estate Services, Inc. employs appraisers to serve clients with commercial appraisal and consultation needs of differing types of properties and to serve a variety of functions. All appraisal employees are held to the Uniform Standards of Professional Appraisal Practice (USPAP) and the Appraisal Institute Standards of Professional Ethics and are encouraged to work towards a professional designation in the Appraisal Institute. The Appraisal Institute is an international membership association of professional real estate appraisers, with more than 18,000 members and 99 chapters throughout the United States, Canada, and abroad. Its mission is to support and advance its members as the choice for real estate solutions and uphold professional credentials, standards of professional practice and ethics consistent with the public good. The professional staff of Diversified Real Estate Services, Inc. has always been actively involved with the Appraisal Institute, an organization which is the result of the January 1, 1991 unification of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. All appraisers participate in continuing education which is required by the Appraisal Institute, as well as the State of Minnesota Department of Commerce.

The Appraisal Institute confers two Membership Designations: MAI and SRA. Members of the Appraisal Institute may also hold other membership designations, including SRPA, SREA, and RM. Members holding Appraisal Institute designations are recognized as the most qualified in their fields. The Appraisal Institute continues to enforce a strict code of ethics and the Uniform Standards of Professional Appraisal Practice.

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Appraisal Functions

Mortgage Lending

Diversified Real Estate Services, Inc. specializes in providing appraisals for mortgage lending purposes.

The federal government and the State of Minnesota have established appraisal guidelines for reports used for mortgages. Recognizing the importance to the financial institutions of satisfying the criteria of the financial institution regulators results in thorough analysis of each property. A detailed investigation is undertaken regardless of the size or value of a property.

Appraisals are based on historical information, and there is no guarantee that real estate properties will not suffer declines in value. However, a careful analysis and complete appraisal report coupled with practical and reasoned underwriting usually eliminates or, at the very least, minimizes losses to financial institutions.

Acquisition or Disposition of Property

Individuals seeking to sell or acquire properties are well-advised to have a thorough appraisal report undertaken. It is important to have a full understanding of the real estate market and the value potential of the property in which they have an interest. An appraisal report takes into account and provides information concerning not only the value of comparable properties which may have sold, but also what similar properties are available and at what price. A detailed appraisal provides a solid basis for reasoned decisions.

Litigation

Critical litigation cases requiring expert witness services include:

• Real Estate Tax Abatement
• Condemnation
• Assessment Cases
• Hazardous Waste Issues
• Division of Assets
• Bankruptcy

The principals of Diversified Real Estate Services, Inc. have performed appraisals and provided testimony in these areas for many years. We are qualified as expert witnesses in District Court, State Tax Court, and Federal Court.

Foreclosure or REO Analysis

We provide foreclosure analysis for calculation of loan loss reserves as well as values in conjunction with FIRREA.

Division of Assets

An equitable division of assets between family members, business partners, and others in similar positions is often accomplished through the values provided by an independent party who is well-informed concerning property values.

In many instances, the ability of a disinterested party to serve in an advisory capacity can assist parties in reaching an equitable division of assets and avoid expensive and unnecessary litigation.

Support for Financial Planning

Everyone needs to plan for their long-range financial future. Real estate is a popular way for people to invest, including those who are just beginning their long-term strategies, and also for people who are experienced and well on their way. Having confidence in the value of real estate properties allows an investor to make sound decisions concerning acquisition, management, and disposition of properties to accomplish their financial goals.

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Consultation

Mortgage Lending

Through consultation with Diversified Real Estate Services, Inc., we can assist our clients in forming preliminary determinations for the placement of a mortgage by knowing the current market, types of financing available, and how to best present the property for the most favorable financing.

Financial institutions may benefit from an opinion from an independent source which does not require a full narrative appraisal. Our firm can also provide supplemental underwriting support by reviewing an appraisal prepared by a different firm.

Acquisition or Disposition of Property

By consulting with Diversified Real Estate Services, Inc., a buyer or seller can solicit the necessary advice for negotiations with a realtor or sales agent. We can also help with completing the preliminary details before discussions begin. Once negotiations reach the point of requiring an appraisal, a full narrative report can then be completed to consummate the transaction.

Litigation

Extensive time and expense in court can be avoided through a complete understanding of value and the risks which are typical in litigious situations such as condemnation and other kinds of lawsuits. Attorneys can benefit from consultation and provide assistance in case preparation and interpretation of appraisal strengths and weaknesses. Ongoing advice during a trial, hearing, or settlement negotiations is also available.

Division of Assets

The division of real estate assets in the course of marital or partnership dissolutions can be very taxing emotionally and financially in the form of legal fees and lengthy court sessions. Expert and impartial appraisal valuation can ease the arbitration process and remove much of the emotional stress and acrimony. Early preparation in cases of asset division can provide facts, value estimates, and opportunities to form a position of strength.

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Services

Diversified Real Estate Services, Inc. serves a broad base of clients who require expertise in appraising, consulting, and appraisal reviews of different types of real estate. Our clients range from banks, real estate investors, mortgage brokers, private individuals, etc., and including regional and national clients.

Appraisal Functions

With the ever-increasing complexity in today’s real estate market, and the additional regulations imposed upon real estate appraisal professionals, it is more important than ever to assure yourself that the appraisal services you have retained can meet the challenges of determining an accurate value estimate while meeting all necessary guidelines. We at Diversified Real Estate Services, Inc. have made this our primary goal and objective – to meet the needs of our client within a guaranteed time frame, with a product which is both reader-friendly and satisfies all governing regulations.

Consultation

Some real estate problems require valuation assistance in a form other than a narrative appraisal report. Oftentimes a client’s needs can be met through consultation. Diversified Real Estate Services, Inc. provides full-service consultation expertise.

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Appraisers

Timothy L. Vergin, MAI, CRE^®

Timothy Vergin joined the company as a partner in 1992 after serving 7 years as a commercial appraiser. Timothy received his Bachelor of Science degree in Real Estate through St. Cloud State University.

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Ryan L. Bauer, MAI

Ryan Bauer graduated from the University of Nebraska with a Bachelor of Science degree in Finance. Ryan joined the company in February 2002 and became a partner in 2017.

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Ryan D. Bessler, MAI

Graduate of St. Cloud State University with a Bachelor of Science Degree with an educational emphasis in Real Estate Appraisal. Applicable topics of study included single-family residential appraisal, commercial real estate appraisal, real estate principals, real estate law, real estate property management, real estate investment, real estate finance, and urban and regional economics (location theory).

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Joseph M. DeSplinter, Appraiser

Joseph M. DeSplinter is a graduate of the University of St. Thomas with a Bachelor of Science Degree in Real Estate Studies. He has interned with Diversified Real Estate Services, Inc. since the beginning of 2014 and joined the firm as an associate appraiser in June of 2016.

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Robert L. Hippe, Appraiser

Robert L. Hippe is a graduate from Montana State University – Bozeman with a Bachelor of Science Degree in Finance and Marketing. He has worked as a Research Analyst with Diversified Real Estate Services, Inc. since May of 2020 and became an Associate Appraiser in June of 2021.

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Joshua K. Thoen, Appraiser

Joshua K. Thoen is a graduate from Bethel University with a Bachelor of Science degree in Finance. He has worked as a Research Analyst with Diversified Real Estate Services, Inc. since April of 2024, and became an Associate Appraiser in June of 2024.

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Carter A. Pattison, Appraiser

Carter A Pattison is a graduate of the University of Minnesota – Twin Cities with a Bachelor of Arts Degree in Strategic Communications, as well as a minor in Digital Media Studies. He has worked as a Research Analyst with Diversified Real Estate Services, Inc. since October of 2024 and became an Associate Appraiser in November of 2024.

Trent J. Mahoney, Appraiser

Mr. Mahoney is a graduate of River Falls State University with a Bachelor of Science Degree in Horticulture. He has worked as a Research Analyst with Diversified Real Estate Services, Inc. since October of 2024 and became an Associate Appraiser in November of 2024.

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