Divorce can be difficult, and getting a divorce appraisal usually isn’t the first thing on either party’s mind.
Who stays? Who goes? Who “gets the house?” There are several different ways this situation can play out.
The first and simplest is that both parties agree to continue owning the house, or to co-own it. Most couples still get a new appraisal just so they know how much their half of the property is worth.
Some couples agree to sell the house together and divide the profit (if any) as they see fit. This happens often when both parties know they will be relocating after the divorce, but still have payments due on their home.
One of the most common mistakes couples make using a real estate agent to look at the market before selling the house. In this case, both parties are often under a lot of stress, and commonly sell their home for much less than its worth “just to get it over with.”
The third most common way to settle a divorce is for one party to “buy out” the other party’s share of the property. This often happens when one parent buys out the other so children can stay in the house. In this case, the trend of the current market becomes irrelevant. Regardless, an appraisal is still needed to determine the value of the property itself, including recent updates or damages. No one wants to pay more than they have to.
Most often in a divorce appraisal, the date of the inspection ends up after the actual divorce. This means the house value is based on the date of the actual divorce and not the date of the appraisal, regardless of changes in the market. This can be complicated.
As we follow the Uniform Standards of Professional Appraisal Practice (USPAP), we guarantee confidentiality, discretion and satisfaction. We’ll provide you with a comprehensive report that will hold up in court.
Divorce can be difficult. Let us make sure the real estate aspects of your divorce are the last thing you need to worry about.