Why is Divorce Appraisal Needed?

For many couples, the marital residence is the largest asset obtained during the marriage.  Whether you or your spouse wishes to retain the marital residence after the divorce, it is important that an accurate value is obtained for purposes of property division.  There are typically two options regarding the home.

1. The property can be sold and the proceeds divided.
2. If either party wants to remain in the home, they can pay a settlement to their spouse.

In either case, an appraisal is needed.  In scenario #1, an appraisal should be obtained to help determine a listing price in an effort to limit the time the house will be listed for sale and maximize the selling price.  In scenario #2, the judge will not make a ruling on the settlement or division of property without an appraisal by a certified real estate appraiser.  As to who is responsible for the appraisal fee remains at the discretion of an agreement between both parties or court ordered by the judge.

Divorce appraisals require a well-supported, professional appraisal that is defensible in court.  The appraisal should be completed by an appraiser with experience in providing both current real estate value as well as retrospective value, as one or both may be required by the courts. A Retrospective Appraisal means the value of the property is based upon a date in the past (perhaps the filing date, the date of marriage, the date of separation or the date of purchase) rather than the current date.  If your case were to go to court, the appraiser may be called as an expert witness.  It is imperative that the appraiser’s value and adjustments made in the report are clearly explained and supported. Our knowledge and experience in Greenville and the surrounding suburbs means that you can trust us to handle your divorce appraisal with the utmost professionalism, courtesy, and confidentiality.  Unless required by law, we will not share your appraisal with opposing attorneys, spouses, or anyone else without your permission. I encourage you to call me directly at 864.252.9205 for any questions regarding a divorce appraisal or any other appraisal related questions.

Also, see the video below that shows what you can generally expect during the process.

Greenville Bankruptcy Appraisal: Why is it Needed?

One of the most difficult situations one has to face is whether to file for bankruptcy or not. However, the hassle of being financially drained doesn't end in making that decision, the greater challenge is the whole process you have to go through. When filing for bankruptcy you need to submit a thorough report of all your current assets, and most often, a debtor's greatest asset is his real estate holdings. The best way to get a clear and detailed summary of all your real estate assets is by getting a bankruptcy appraisal.

An appraiser will analyze all your estate properties and provide a credible report of its current value. You may hire your own appraiser or let your lawyer handle the process for you. Regardless of who will choose the appraiser, you need to be sure you have a credible person who will calculate and examine your assets. It can also help if the appraiser will be willing to testify in court if there is a need to.

It is critical to select your appraiser because the bankruptcy judge will either accept or reject your home valuation based on the documents submitted to the court. Appraisals come in different forms, there are Automated Valuation Models that can give you a low cost valuation of your properties, but is less accurate and wouldn’t stand out in court. There are also Desktop and Drive-By appraisals which are provided by licensed appraisers but have limited scope reports. Then there is a full appraisal by a licensed appraiser which provides a very detailed report of your real estate holdings. Statistically speaking, a full appraisal is the most credible way to prove to the court that you have a precise bankruptcy documents. It costs a bit more but your assurance of getting approved by the bankruptcy judge is raised to 99%.

The bankruptcy judge has the final decision for all proceedings, thus it is necessary to provide the court with a thorough, detailed and strongly supported report. Veteran bankruptcy judges only trust state-licensed appraisers with a proven history of preparing accurate appraisals.

Precision Appraisals exists to offer excellent customer service, accurate appraisals and quick turn times. Our Sr. Appraiser, Ken Lavertu is very experienced with the intricacies and challenges of the appraisal industry. He is highly aware of the unique needs and the time sensitivity of the situation, and makes sure the appraisal process will go as smooth as possible for the parties involved. Precision Appraisals specialize in helping people who need appraisals for estate purposes, divorce, bankruptcy, FSBO’s and more.

Give us a call today with any questions you might have about Greenville bankruptcy appraisal or any other appraisal needs, and also check out our ‘Praise’ page and see what others are saying about Ken Lavertu and Precision Appraisals.

What Areas Do We Cover? And What Do We Appraise?

It is important to ensure your appraiser has good local knowledge. Our specialty is the following areas:

• Greenville
• Spartanburg
• Anderson
• Simpsonville
• Taylors
• Greer

We appraise all kinds of real estate from traditional family homes to condos, farms and everything in between.