EP 30: Know This Before You Get a Real Estate Appraisal During Divorce

Welcome to the thirtieth episode of the Divorce and Your Money Podcast. Shawn Leamon, MBA and a Certified Divorce Financial Analyst, discusses real estate appraisals and how they work during divorce.

When you have a home, an apartment, house, or any similar asset, you should get a real estate appraisal when you consider a divorce. These certified experts will determine the value of your property. The cost can vary depending on the nature of the property and any perks involved with it. Real estate appraisers will come up with either an exact value or a range of values for your property.

Before hiring an appraiser, make sure they are certified by the state. Be sure they are familiar with your neighborhood, can provide references, and charge a competitive fee. Also ensure that the company doesn’t send a trainee to evaluate your house. You should get a seasoned appraiser who makes sure you get the most accurate and in-depth appraisal possible.

An appraisal is a starting point. Although real estate appraisers can estimate the value of your house, this doesn’t necessarily mean you will receive this amount after selling the house. Such fees as agent commission, taxes, and mortgage costs can slash that amount. An appraisal is a starting point, not the finish line.

Key Learning Points:

  • When you consider a divorce and have a home, an apartment, house, or any similar asset, you should get a real estate appraisal.
  • These certified experts will determine the value of your property.
  • Make sure your appraiser is certified, experienced, credible, and familiar with your area.
  • A real estate appraisal is a starting point, not the finish line.