If you are going through a divorce in Santa Clarita and you own a home you will have to make a decision on whether one of you are keeping it and buying the other out, or if your need to sell. To do that you need to determine the fair market value of your home.
The best way to do this is through hiring a Santa Clarita Certified Real Estate Appraiser and not rely on Realtor’s or neighbors. I asked Anthony Barrett with SCV Appraisal Service to explain the best way to appraise your home during divorce. Enjoy!
Home Appraisals & Divorce, Pricing for Success
By: Anthony Barrett, Certified Real Estate Appraiser
The housing market rarely stands still and understanding your home’s value need not be as complicated as it may appear. Depending on who you talk to, the spread of suggested values for your home can be quite large resulting in frustration and confusion for everyone involved.
Determining value can be daunting task that is often clouded by personal agendas and incorrect information when approaching it from outside sound appraisal principles and methodologies. We’ve all experienced that neighbor that seems to know everything but never has the time to double check the facts or the Realtor that looks for the highest sale in the area and assumes you must be 5% above that.
Bringing in a professional unbiased third party to help establish price when the decision is made to liquidate the property is a smart decision that will add checks and balances that everyone can agree on.
Selling your house for the highest possible price during a divorce in an effort to maximize equity is the goal. However, pricing your home properly and at the same time understanding how that price relates to current market conditions, exposure periods and competing inventory will speed the process and create less stress. An appraisal developed for the purpose of establishing a current market value will not only provide you with a well supported value based on facts, but will also give you the information needed to make informed negotiation decisions.
The appraisal will be developed based on comparable sales and how those compare to your home within the context of the current market. The appraiser will also look at those sales currently on the market and how fast those homes are being absorbed into the market. The unique features of your property will be considered based on how they relate to those of comparable homes as well as the actions of buyers and sellers of those homes.
It’s important to note that cost does not equal value when property features are considered but rather contributory value of those features is determined based on comparable sales.
Negotiating a fair divorce property settlement is a difficult process. You want your settlement to be determined based on true, unbiased, accurate and complete information. Whether you and your spouse own one primary residence or many properties, a qualified real estate appraiser will play a crucial role in the process.
About the Author
Anthony Barrett is the Owner/Appraiser of SCV Appraisal Service a full service Real Estate Appraisal firm located in Santa Clarita. Anthony has over a decade of appraisal experience appraising homes for a variety of clients in and around the Santa Clarita valley. He can be reached at 661-977-7501, tony@scvappraisal.com, www.scvappraisal.com & www.scvappraisalblog.com
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