Divorce Appraisals: What to Look for in a Divorce Appraiser In California

If the current real estate market isn’t good for selling, you and your former partner can choose to keep the property and sell it later. Remember, this means you’ll need to stay in touch, so it’s best if your divorce is friendly.

There are a myriad of reasons why buying out an ex-spouse would be considered attractive to both parties. For instance:

• One spouse has developed an emotional attachment to the family home
• The spouse with custody buys out the other spouse so the children can have continuity and a stable environment
• The tax implications of selling the home outright

This buyout can be performed directly or indirectly.

In a direct buyout, the spouse who will be keeping the house will refinance the mortgage to assume liability over the property. The selling spouse will then be paid in cash for their share in the equity.

Sometimes, both partners might not want to keep the house due to various reasons. Perhaps it reminds them of unpleasant memories, and they both aim to start anew elsewhere… and maybe they could benefit from the money.

Regardless, selling the property appears to be the most favorable decision for all parties.

Once the sale is finalized, the funds from the real estate deal become marital assets to be divided according to state-specific property division regulations. Seek advice from your divorce lawyer on how to proceed with this matter.

Get your property ready for assessment by tidying up and getting rid of clutter. Although it won’t impact the value, it can only help.

Taking care of small fixes like repairing leaks, changing light bulbs, and fixing broken windows demonstrates ongoing upkeep. However, reaching an agreement with your former partner on repairs can be tough, leading to selling the home as-is as a common choice.

Moreover, when the assessment is happening, you or your representative should be prepared to discuss the property’s history, including any upgrades, renovations, or repairs you’ve completed over time. Providing a detailed list to the appraiser, if possible, is even better.

You don’t necessarily need to be home during the appraisal. You can have your lawyer, real estate agent, or a representative present so that someone can be around to answer the appraiser’s questions. Answers provided must be objective and unbiased, so you get an accurate assessment.

Sometimes, when a couple is getting divorced, they each get their own property assessment, and they don’t always agree on the value. This is common because assessors give their professional opinion on a home’s worth, so they might prioritize different things.

Another reason is when one person wants to buy out the other, they both want a valuation that works in their favor: the buyer wants a high value, while the seller prefers a lower one.

One way to resolve this is to average the two assessments and use that as the basis for negotiations. If they still can’t reach an agreement, they might need to go to court and let a judge decide.

Compared to a real estate appraisal, which is always up to date, a retrospective or historical appraisal is the determination of your home’s value sometime in the past.

This is sometimes necessary in a divorce when trying to account for the value added due to improvements done using marital funds. As such, this requires an experienced real estate appraiser with extensive local knowledge.