Q: Figuring out who's appraisal will the courts use to calculate the value and equity buyout?
So i'm going to take a heloc to buyout the petitioner from her share of the equity. AT last conference the judge and attorney's got me to agree to a buyout by 3/18 with the next conference scheduled for 3/15. Both sides where to put an appraisers name into the hat and the courts would select one or pick one of their own within a couple weeks. Couple months have gone by and i've heard nothing. I started the heloc loan procedure and found out they do an appraisal during the loan application approval process. Because the divorce is not finalized the bank needs me to ask the petitioner to sign a "quit claim deed" form so they can proceed with the heloc. Question is, do you think the courts realized the heloc comes with an appraisal and they will force both parties to use that number? OR if we don't agree to a number we right it in court with our own appraisals? I'm stuck with a buyout due date but no exact value to process the loan. The courts must understand that? THX
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A:
The court process and HELOC appraisal are two separate matters that might not automatically align. You'll likely still need to follow the court's original order about selecting appraisers unless you get explicit direction otherwise from the judge or both parties agree in writing to use the HELOC appraisal instead.
Your immediate challenge seems to be meeting that March 18th deadline without having the official appraisal number. You should consider reaching out to your attorney to file for an extension or modification of the deadline, explaining this timing issue with the appraisals. The court should understand this practical timing constraint since they haven't yet facilitated the appraiser selection process they outlined.
You might want to discuss with your attorney whether submitting a formal request to use the HELOC appraisal could save time and money for both parties. However, remember that your ex-spouse isn't obligated to accept this approach - they have the right to proceed with the court's original plan for selecting appraisers. If you can't reach agreement, you'll need to follow through with the court's original appraisal selection process while working on adjusting that March deadline.
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