Good afternoon,
I apologize if this isn’t the correct subforum for this topic, if it isn’t please advise me and I will move my question to the correct one.
My wife and I have been separated for 2 years, after she moved out Jan. 2010.
In 2011, we decided to start trying to sort out things without going to court. One of the subjects was the value of the house. We both had realters give us amounts for the house. My amount was $400,000, and her’s was $450,000. We agreed on $425,000.
Now a year later as we are still working things out she has asked for an official appraisal be done on the house as she believes it is worth more. (Which I understand is fair as she still owns half of the house). However my issue was that her appraisal would be false, as the previous relater who gave an amount $50,000 dollars more than mine was a personal friend of hers.
So we both got our own appraisal done.
My appraisal came in at $410,000. What I expected, as the market has gone up a little bit. The appraisal noted that houses selling in our neighborhood asked for $450,000, but none of equal size and comparable lot sold for more than $410,000.
Her appraisal came back at $488,000. $78,000 more that my own. That is a significant difference, for something that was supposed to be done by 2 professionals.
I have no problem being fair, but as I am the one assuming the house (which has a 30 year old furnace & air conditioner, cracked foundation, and 25 year old roof) I am not confident that my house is world $78,000 more than my appraisal puts it at. Even if I sold the house 5 min after I bought it from her, there is no way I would even make back my $40,000 if I met her in the middle.
My question is what are my options?
So far my only advice has been to ask her to buy me out at her $488,000 (which is really not what I want to do, as she is living with her new boyfriend, and I would have to buy a house)
Or go to court and have the court assign a 3rd party appraisal that I can have confidence is the correct price.
Suggestions?
I apologize if this isn’t the correct subforum for this topic, if it isn’t please advise me and I will move my question to the correct one.
My wife and I have been separated for 2 years, after she moved out Jan. 2010.
In 2011, we decided to start trying to sort out things without going to court. One of the subjects was the value of the house. We both had realters give us amounts for the house. My amount was $400,000, and her’s was $450,000. We agreed on $425,000.
Now a year later as we are still working things out she has asked for an official appraisal be done on the house as she believes it is worth more. (Which I understand is fair as she still owns half of the house). However my issue was that her appraisal would be false, as the previous relater who gave an amount $50,000 dollars more than mine was a personal friend of hers.
So we both got our own appraisal done.
My appraisal came in at $410,000. What I expected, as the market has gone up a little bit. The appraisal noted that houses selling in our neighborhood asked for $450,000, but none of equal size and comparable lot sold for more than $410,000.
Her appraisal came back at $488,000. $78,000 more that my own. That is a significant difference, for something that was supposed to be done by 2 professionals.
I have no problem being fair, but as I am the one assuming the house (which has a 30 year old furnace & air conditioner, cracked foundation, and 25 year old roof) I am not confident that my house is world $78,000 more than my appraisal puts it at. Even if I sold the house 5 min after I bought it from her, there is no way I would even make back my $40,000 if I met her in the middle.
My question is what are my options?
So far my only advice has been to ask her to buy me out at her $488,000 (which is really not what I want to do, as she is living with her new boyfriend, and I would have to buy a house)
Or go to court and have the court assign a 3rd party appraisal that I can have confidence is the correct price.
Suggestions?
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