Divorce settlement is a tiring and stressful process for which an important element is the decision as who retains the real estate. Financial experts are of the opinion that divorce remains one of the worst decisions from a personal finance point of view as married couples are wealthier than their single counterparts and managing households in individual capacity are generally more expensive.
However, if splitting is the only option, in such a circumstance, generally two alternatives are explored; either to sell the real estate and split the proceeds, or let one party retain the property and pay the remaining amount to the other party. Hence, the need arises for acquiring the services of a professional real estate appraiser.
Again, it doesn’t necessarily mean that the real estate break-up can not be managed wisely. Although there are numerous measures that can help get a better appraisal value for the reals estate for splitting partners, however, following are a few important pre-appraisal elements to be considered.
Timing is the Essence: In case the real estate market is slow, waiting a few months for the market to stabilize could result in earning a better offer for the property and thousands of dollars in savings.
Take a Look Around: Check the comparable real estate before making the property sale decision. Maybe there’s a way to keep the house or secure a better real estate appraisal value. A Key element is to hire the most professional real estate appraiser.
Consider the Transaction Costs: It is also important to consider the transaction costs associated with selling of the real estate in divorce settlement. If the mortgage has been signed not a while ago, breaking the mortgage may involve heavy fees.