Real Estate Appraisal
Real estate appraisal is the process of determining a property’s true value based on a series of specific parameters, features, and equations, and comparing the result to what other properties with a similar size, feature set, and nature have sold for in the immediate surrounding area. A competent real estate appraiser helps in the divorce process by determining an accurate value of your home or other property so that you may be better informed in deciding to keep it, sell it, or take some other action. If you are keeping the house, you will not be able to get a new loan in your name alone without an appraisal.
But appraising even before the divorce is final may be a good idea because you may find out it is worth too much to keep on your own. You may also find out that your equity is lower than you thought, thereby your spouse is entitled to less money as their share of that equity. Or if you are giving it up, you may be entitled to more! Of course if you are buying a new home, you are going to eventually need the services of an appraiser as well before you close on it. In any of the above cases, an appraiser may hold a very important key to getting the most out of your divorce and helping you get on with life.
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