Appraising in Delaware, the Blog...

October 11th, 2023 9:29 PM

Divorce appraisals: What to know

A divorce appraisal is a professional property valuation typically ordered by the court or a family law attorney. It is used to assess the value of a piece of property, whether it's a marital residence, business, or another type of asset, as of a specific date in the past, typically the date of marriage or separation.

What are divorce appraisals also known as?

Divorce appraisals are also known as retrospective appraisals, historical appraisals, or marital appraisals.

Why are divorce appraisals necessary?

Divorce appraisals are necessary to ensure that the division of marital assets is fair. By having a qualified appraiser determine the value of the property, the court can make an informed decision about how to divide the assets between the spouses.

What are the benefits of having a divorce appraisal?

There are several benefits to having a divorce appraisal, including:

  • It can help to avoid disputes between the spouses about the value of the property.
  • It can help to expedite the divorce process.
  • It can help to ensure that the division of marital assets is fair and equitable.
  • It can be used to support the terms of a prenuptial or postnuptial agreement.

How to choose a divorce appraiser

When choosing a divorce appraiser, it is essential to select someone who is qualified. The appraiser should be a member of a professional appraisal organization and should have experience in appraising properties in your area.

What to expect during a divorce appraisal

During a divorce appraisal, the appraiser will inspect the property and compare it to alike properties that have sold recently. The appraiser will also consider the state of the property, its location, and other factors that may affect its value.

Conclusion

A divorce appraisal is an integral part of the divorce process. It can help to ensure that the division of marital assets is fair and equitable. If you are considering a divorce, you should speak with your attorney about whether a divorce appraisal is necessary.


August 23rd, 2017 2:20 PM

10 ways to boost the value of your home.
1. Paint Your Home

Choosing the right shade of paint can actually help you sell your home. A current color scheme adds to its appeal and can prompt a faster sale.

2. Clean Up The Lawn

Another great technique to boost your home value is cleaning up the lawn. Make sure the lawn is mowed, raked, and trimmed. The first thing potential buyers see is your curb appeal.

3. Create Space

A trick of the trade to help you get top dollar when selling your home is creating space. Anything that opens up the space will make the home appear bigger and brighter.

4. Light

Make sure your home feels light and airy. A room full of light feels bigger.

There are many techniques you can use to make a room lighter:

Paint the ceiling white
Choose a color scheme of light
Maximize natural light
Keep window dressing light and simple
Open up shades to let light in
5. Flooring

Consider adding wood, tiles, or natural stones for flooring options to add value to your home. A quick way to boost the value of your home is by adding hardwood floors. The number one thing buyers are frequently looking for are hardwood floor and it can help sell your home faster.

6. Power Wash Paths And Siding

Give the outside of your home an uplift by power washing the paths and sidings. In addition, regular pressure washing can prevent costly future repairs and renovations. Using a power wash will help remove mold, mildew, and algae from your home.

7. Update The Bathrooms

Make sure to fix any damage walls, cracked tiles, and add fresh paint. Updating an old bathroom will help you to sell your home faster and avoid price negotiations.

8. Give Appliances A Facelift

Want to get as much money as you can from your home? Make sure all the appliances are updated. The appliances must be stainless steel.

9. Clean Home

Make sure your home is clean. Get rid of limescale and remove all clutter. If your home is dirty, buyers will have a hard time envisioning themselves in the home.

10. Stage Home

Appearance is everything. Successfully staging is the key to selling your home quickly and making each room appeal to homebuyers.


August 23rd, 2017 2:20 PM

Here Are Just a Few Examples:

Estate Planning
Planning for the future of an estate or collection is important. An appraisal can provide a valuable tool so that owners can plan in advance for tax, distribution or donation. 
Refinancing
Most home buyers know that they need to get a home appraisal when they apply for a loan to purchase a property. However, an appraisal will also be required when a home owner wants to refinance their loan at a lower mortgage rate. Banks will order another appraisal to ensure what the value of the property is.
Prelisting
Some homeowners order a home appraisal prior to putting their houses on the market to determine the best listing price. This is a great idea regardless of whether the homeowner is or isn't working with a real estate agent to sell his/her property.
Divorce
Most state courts require a recent appraisal to determine a home's fair market value. In a contested divorce, spouses often want their own separate appraisals therefore two appraisals will be done. If the two appraisers reach different values, a judge will look over both appraisals to make his/her final decision.


For Delaware, with a 0.56% effective rate, property taxes account for 18.8% of revenue. New Castle County homeowners pay the highest median tax--$1,651--Sussex the lowest--$747.  Read more here ... https://www.forbes.com/sites/samanthasharf/2017/05/01/where-in-your-state-homeowners-pay-the-highest-and-lowest-property-taxes/#32bc9a516cfe

July 19th, 2017 4:28 PM
Interested to learn how appraiser ...appraise?  Read more here ... http://birminghamappraisalblog.com/faqs/appraisers-reconcile-value/

July 13th, 2017 11:46 AM

A home appraisal consists of these three components:

1. A Physical Examination of the Property- 
The physical inspection at the house may take an appraiser as little as 30 minutes to perform or could take as long as two to three hours. This depends on the size of the house, known as Gross Living Area (GLA) and also the design of the home. An artsy Contemporary style home takes longer to measure than a standard rectangular Colonial home. Physical visits are usually brief when a home is in average to very good condition. However the inspection can take a bit longer if the property is in fair or even poor condition as there are more things the appraiser must observe and notate.

2. Selecting Comparables - 
Next, finding the most recent/similar sales that are located approximately within a mile of the property, and that have closed within the past 6 months, are what every appraiser is seeking!!! These properties are used to establish an accurate opinion of value. The appraiser will locate the most appropriate and comparable sales to be included in his appraisal report.

3. Completing The Appraisal Report - 
After a thorough physical examination of the property and locating the best comparable sales available, the appraiser will start entering all of this data into a standard appraisal report form. Once all of the data is entered, the appraiser evaluates all of this information so he can arrive at his final estimate of market value. Fortunately, almost all residential properties require only short form reports, usually 10 pages or less. Appraisers often can complete a report in about 5 hours. Depending on the appraiser's workload and on the complexity of the property, an appraisal report should be completed and delivered to the lender in about seven to ten days


Question: How do appraisers account for a difference in year built? Do appraisers give an adjustment when to comps there is an age difference? 

Read more here ... http://sacramentoappraisalblog.com/2015/06/01/how-do-appraisers-account-for-a-difference-in-age-between-comps/?utm_content=bufferbc904&utm_medium=social&utm_source=linkedin.com&utm_campaign=buffer


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