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My son and his wife are getting a divorce and he is buying out her share in the house. The house is mortgage free. The house needs a lot of maintenance items and cosmetic issues, too…. Worn carpeting, other stuff. It has an in-ground swimming pool that is sinking into the soil and the retaining wall needs support. The home is built on a hillside. And, unusual to homes in the area, his house has a port a cache in the front of the house but no garage. Homes in the area sell for +/- $400K. Their house is kind of a California Tahoe style house; not typical of the style found in their DFW area neighborhood.
My DIL is resisting splitting the cost of getting the house appraised and wants to just have a realtor give them a market price estimate. My son is firm on his stand they need a professional appraisal. Since its such a unique property for the area, do you think a single appraisal is enough?
This is not really a real estate question, it comes down to a legal agreement about how to divide assets during a divorce. This needs to be negotiated between the parties and/ or decided by whatever they do in CA.
A realtor is likely to estimate high, especially right now so this option might favor DIL. Even a paid appraisal is only one person's opinion and could be high or low.
This is not really a real estate question, it comes down to a legal agreement about how to divide assets during a divorce. This needs to be negotiated between the parties and/ or decided by whatever they do in CA.
A realtor is likely to estimate high, especially right now so this option might favor DIL. Even a paid appraisal is only one person's opinion and could be high or low.
Its a real estate question….. should one appraisal be trusted or is more needed to determine the value of the house. Obviously, they have already determined/negotiated how to split assets. This is not, as indicated in the OP in California.
I’d get one appraisal and if either of them doesn’t like the results, the unhappy party can pay for a second and then they’ll use the average of the two as the price.
I would get the appraisal, realtors can price too low sometimes.
LOL. Yeah, and sometimes a person spends a dollar on a lottery ticket and it pays off several million dollars... but this doesn't happen often and is certainly not the norm.
My son and his wife are getting a divorce and he is buying out her share in the house. The house is mortgage free. The house needs a lot of maintenance items and cosmetic issues, too…. Worn carpeting, other stuff. It has an in-ground swimming pool that is sinking into the soil and the retaining wall needs support. The home is built on a hillside. And, unusual to homes in the area, his house has a port a cache in the front of the house but no garage. Homes in the area sell for +/- $400K. Their house is kind of a California Tahoe style house; not typical of the style found in their DFW area neighborhood.
My DIL is resisting splitting the cost of getting the house appraised and wants to just have a realtor give them a market price estimate. My son is firm on his stand they need a professional appraisal. Since its such a unique property for the area, do you think a single appraisal is enough?
Get an appraisal. Find a good appraiser.
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