Are there more divorces recently? I have not seen any recent divorce rates but I have received a number of inquires lately about doing appraisals for home owners in a divorce situation.
Divorce generally involves dividing assets and many times includes Real Estate. Two of the choices presented to homeowners in a divorce situation are to either sell the house and divide the proceeds or to have one person buy the other out. In either case, each of the parties should get a separate home appraisal performed by a local State-Certified Real Estate Appraiser. Some times the parties agree to have one appraisal performed.
It is important to hire a professional State-Certified Appraiser that has knowledge of the market area. The appraiser should be objective and unbiased so that a fair and impartial valuation estimate is provided. The goal of the appraiser is to provide an accurate estimate of value based on comparable sales in the area.
Sometimes the appraisal will be a retrospective appraisal because one party owned the home prior to the marriage and may have obtained equity assets.
Appraisals for divorce should include an appropriate description of the Scope of Work that was performed, have a value estimate that is well supported by verifiable data and be defensible in court under cross examination by opposing counsel. Additionally, the appraisal should adhere to the Uniform Standards of Professional Appraisal Practice.
Information provided by: David Miller, Realtor/Appraiser serving St. Petersburg, FL and the Tampa Bay Area.
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