3 Things Divorced Couples need to know about Real Estate Appraisals

While divorce is an emotionally taxing process getting a home appraisal during this difficult time doesn’t have to be. Most of the time, the home is the largest marital asset in question that needs to be fairly divided. Whether you are just starting out in the divorce process or need a qualified home appraiser, here are the 3 things you need to know about real estate appraisals during the dissolution of marriage:

1. The power of the home appraisal- While getting a home appraisal during a costly divorce proceeding might seem financially burdensome, it is a worthwhile investment. An appraisal can save you thousands of dollars if the value you are using for real estate is inaccurate. This could mean that your ex-spouse could walk away with more equity in the house than fair market value. 

2. Number of appraisal- Typically, only one appraisal is performed to determine the valuation of the home. However, if the ex-spouses do not agree on the value of the appraisal more than one appraisal may be performed. Whether too low or too high, a family judge will take competing appraisals into considering when making a decision about the final number. 

3. Neighborhood comparable sales- During a divorce, when you hire a qualified real estate home appraiser, they will focus on the fair market value of the property as dictated by the comparable sales in the neighborhood. Comparable properties should have the same number of bathrooms, bedrooms, and square footage to give the appraiser an accurate idea of the home’s value. 

During a divorce, there are a lot of things to consider in the division of assets like real estate. A qualified real estate appraiser, like Ray Hall will be able to guide you through the process to make sure your separation of property goes smoothly during your divorce.