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At what point during the process should we get the appraisal?
According to Brown, the division of assets due to divorce happens at the time that the divorce decree is executed (signed) and made official. But anyone who has gone through a divorce knows that it often takes months and sometimes years to come to an agreement on the final terms before the decree can be finalized.
This is problematic when dealing with the value of real estate because the market is always changing. According to Kaminsky, “We’ve had to re-appraise houses due to market volatility. If things get postponed for three or four months, we have to go revalue because, in that short time, values may have changed significantly.”
Experts agree that in situations where an appraisal is needed, getting it as close to mediation or the court date is important. In some situations, it is even possible to choose the appraiser beforehand and have the appraisal happen once the divorce is official in order to ensure the value is as up-to-date as possible.
How can a cash offer be a good option to sell your home during a divorce?
If you’ve decided to sell your home as part of the divorce, you may consider seeking a cash offer to make the process simple. In today’s market, it’s becoming more and more likely to get a cash offer on your home.
In some cases, you may want to move faster than a typical sale and avoid the potential hassles of working together to list the home. A platform like HomeLight’s Simple Sale can help you receive a cash offer in as few as 24 hours and avoid conflicts that can arise when trying to coordinate a traditional home sale during a divorce.
The benefits of an all-cash offer:
- Less time you have to work with your soon-to-be ex to sell your home.
- Removes the need to agree upon and organize cleaning and home repairs prior to listing.
- Removes the hassle of coordinating showings or open houses.
- Makes the whole process more private (no “for sale” signs or public listings).
- Removes extra out-of-pocket costs such as appraisal, attorney, and financial advisor fees.
A no-obligation Simple Sale cash offer can help you keep the home sale process fast and convenient.
A home appraisal can help keep things fair and calm in a divorce
The need for a home appraisal depends on whether you’re selling the home prior to the divorce or if one person is planning on keeping the home. If you are selling the home, coming to an agreement on each party’s equity percentage is most important.
In this case, partner with a top agent who has experience selling a home due to divorce. HomeLight can connect you with highly rated agents in your market based on their actual performance history. From there, you get to pick the best one to meet your individual needs.
If one party is planning on staying in the home, getting an appraisal is typically the best way to keep things civil and fair.
If you’re curious about what your home might be worth right now, try HomeLight’s Home Value Estimator. This free online tool can provide a ballpark estimate of your home’s worth in less than two minutes.
Editor’s note: This article is for educational purposes only, not financial, tax, or legal advice. HomeLight always encourages you to reach out to an advisor regarding your own situation.
Header Image Source: (Karolina Grabowska / pexels)
