Q: Hi, My spouse and I are near the end of our divorce process with just one last item to negotiate. We have a marital
home where the mortgage is in his name only and the deed in both of our names. We agreed to sell the home until just before our separation, then split the equity. Now he wants to stay in the home and buy me out.
The problem: He'd like to use the appraisal value, but I'd like to use a Realtor's Comparative Analysis I obtained (or a value pretty close to it). I do believe the appraisal value will be approximately $75k, or 20%, lower than what the home will sell for, as this was the case 14 months ago.
If we can't agree and end up in front of a judge, what value will he use? Will he/she take into account what comparable homes have sold for in our subdivision very recently?
A: Although you’re asking what the judge would use to make a ruling, strategically, you should come up with an agreement between you and your spouse. I agree with you, that appraisals are not keeping up with the market. Further, a BPO, although somewhat accurate, cannot accurately make a judgment of what a specific house would sell for. Try this: List the property for sale with a reputable real estate agent (you need to make sure that you are not required to pay a fee if you buy the property). Get your best and highest offer, however, you should obtain a right of first refusal to purchase the property at the price your highest, bona fide offer came in. I hope this helps, good luck!
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