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What should I know about a home appraisal in a divorce?

| Mar 17, 2017 | Property Division |

If you are part of one of the many homeowning couples in Georgia who is facing an impending divorce, it will be important for you to know about your options related to your home. First you will be tasked with deciding whether or not to keep your home or to sell it. Either way, you will likely need to have it appraised as part of your overall property division settlement. Forbes explains that all home appraisals may not be created equal.

Just like different doctors may have different approaches to treating the same condition, one home appraiser may approach a home valuation in a different manner than another appraiser might. These variances may sometimes seem small or subjective but they can add up. It is important for you to seek out an appraiser who is truly familiar with your specific market. Additionally, you will want to make sure that tax-assessed value is not confused as fair market value.

Your home’s value may be unfairly impacted by a foreclosure or short sale that may have occurred in your neighborhood and you may need to advocate for a more accurate valuation in this circumstance. When you do finally get an appraisal you believe is fair, you should be prudent about your final decision about selling or keeping your home. In the long term, cash is always a better asset that equity which may disappear over time.

This information is not intended to provide legal advice but is instead meant to give Georgia residents some ideas of how to approach a home appraisal when getting divorced.

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