Using A Divorce Appraisal To Split Assets Equally

Using A Divorce Appraisal To Split Assets Equally

Home appraisals are done for several reasons. It is usually necessary to have an appraisal before purchasing, refinancing, or using the equity in the home for a credit line or loan. The lender needs to know the actual value of the house before determining if they wish to provide the loan. Another occasion when ordering an appraisal is suggested is when a divorce is planned. It is important to know the value of a home before the property is divided. Property tax assessments are rarely accurate, and home prices often change dramatically over the years after a home is purchased.

A Divorce Appraisal provides everyone involved with the genuine value of the home at the time it was appraised. This is much more accurate than estimating the value of the home based on recently sold comparable properties in the area. It will specifically account for recent improvements or any structural or other concerns for that specific house. By appraising the home at the time of the divorce, it is much easier to determine how to split the property fairly. A Divorce Appraisal allows the couple or the judge to determine the real value of the home when the division of the assets begins. An appraisal is also useful if a loan is needed to pay off the other spouse for their share of the home.

At Spectrum Real Estate Services, they offer their appraisal services to any homeowner regardless of the reason they need it. The process is the same whether people are buying, selling, or just interested in learning more about their home. They take only a couple of hours to perform, the reports are made available quickly, and they are an affordable way to protect a large investment.

During a divorce, it is not uncommon for both spouses to have their own appraisal performed. Two competing appraisals provide more accuracy and prevent the appearance of one person hiring a company for their own needs. For example, someone seeking to be bought out of their share may choose a service known for appraising property higher than normal. Homeowners should only use the most reliable and reputable appraisal service to prevent any delays. You can also follow them on Twitter for more information.

Be the first to like.

Share!


    Follow Us:
    FavoriteLoadingAdd to favorites
    Shares