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Fair market Value

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What is the name of your state? New York

I have been going through a divorce for 2 years now. Part of the problem has been the argument over the marital residence, well quite frankly, i dont want it anymore. The last appraisal was done on the property nearly 1 1/2 years ago, it was valued at 157k. I just decided that i didn't want the house this week, so i contacted a licensed realtor to find the value of the house on the market, and the result was 217k if listed in todays market. So if the soon to be ex was still interested in buying out my share of the residence would it be based on the old appraisal or the new fair market value as determined by the realtor? Also note that the length of time for the other 9 comparible houses was on average 40 days.
Lastly, there is also approx 30k worth of debt associated with the house, (loans that were taken out for remodelling), would i likely also be reimbursed for these funds as well? as the monies were directly responsible for the increase in equity?

Thank you in advance for you help
 


nextwife

Senior Member
A realtor CMA (competitive market analysis) is NOT the same thing as an appraisal. Example: when my house was being prepared for the market, the sellers obtained three CMAs from three different realtors. The values ranged from $150,000 to $185,000.

You need a current appraisal from a licensed appraiser familiar with your area. Or certainly more than one agent's CMA. I have seen realtor pricing all over the board, depending upon experience, and other factors.. A single CMA is NOT an accurate reflection of value.

FYI - I have 28 years in the real estate business under my belt.
 
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nextwife

Senior Member
Lastly, there is also approx 30k worth of debt associated with the house, (loans that were taken out for remodelling), would i likely also be reimbursed for these funds as well? as the monies were directly responsible for the increase in equity?

Thank you in advance for you help
If you and she share liability for the mortgage, you should make sure that any buyout includes payoff and release of any mortgage obligations that carry your name. It should come off the top and you and she split the equity.
 
A realtor CMA (competitive market analysis) is NOT the same thing as an appraisal. Example: when my house was being prepared for the market, the sellers obtained three CMAs from three different realtors. The values ranged from $150,000 to $185,000.

You need a current appraisal from a licensed appraiser familiar with your area. Or certainly more than one agent's CMA. I have seen realtor pricing all over the board, depending upon experience, and other factors.. A single CMA is NOT an accurate reflection of value.

FYI - I have 28 years in the real estate business under my belt.
I certainly understand the above, however, the single CMA may not be an accurate reflection of the value. i believe thought that it is supported by current sales in the neighborhood.

The problems that i have with appraisals, is this...i had an appraisal done in aug. 05 and house was appraised at 160k. in November court ordered new appraisal. and new appraisal came in at 154k. the main difference between the two was that in the one for 160k the interior was listed as average, (i was still living there) on the one for 154K 3 months later the interior was listed as below average ( i moved out in sept.)
Also that i am never allowed to be present when they do the appraisals so i have no idea what my Ex is doing to lower the actual value of the property.

So should i effectively attempt to get a few more CMA's?

Thanks
 
If you and she share liability for the mortgage, you should make sure that any buyout includes payoff and release of any mortgage obligations that carry your name. It should come off the top and you and she split the equity.


I believe that only i am liable for the mortgage, as it is solely in my name, as is the debts associated with same.

I would presume that the buyout would remain the same?

Thanks
 

nextwife

Senior Member
The mortgage should be paid off, if in your name only.

Example: Say the house is worth $170,000, the payoff is $30,000. The equity is $140,000, or $70,000 to each. If she buys you out, she needs a mortgage of $100,000. $30,000 to pay off the mortgage, and a cash out of $70,000, unless there are other assets that can substitute.

You absolutely do NOT want the mortgage to remain on a house you no longer own.
 
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The mortgage should be paid off, if in your name only.

Example: Say the house is worth $170,000, the payoff is $30,000. The equity is $140,000, or $70,000 to each. If she buys you out, she needs a mortgage of $100,000. $30,000 to pay off the mortgage, and a cash out of $70,000, unless there are other assets that can substitute.

You absolutely do NOT want the mortgage to remain on a house you no longer own.


Correct, i completely understand the above. but again using the above example, lets also include a debt of 30K that was directly proportionate to the equity of the house, wouldn't she actually need to get a loan for $130,000? $30,000 to pay of the mortgage, and cash out of $70,000 and another $30,000 to pay off the debt?
 

nextwife

Senior Member
If the second $30,000 is not a lien/mortgage/judgement against the house, then that is up to a judge to decide if it must be paid from the closing, or a matter of negotiation as to how it is paid off..
 
If the second $30,000 is not a lien/mortgage/judgement against the house, then that is up to a judge to decide if it must be paid from the closing, or a matter of negotiation as to how it is paid off..

unfortunately it is none of the above, it is on credit cards and against the vested interest in my 401 k

thank you very much for your insight.

what would you suggest for the value of the property, should i rehire my own appraiser to reappraise the property, to avoid her from corrupting the actual value?
 

nextwife

Senior Member
If negotiations bring an agreement that she'll accept a CMA, or an average of three CMAs, then go that route. If that is unacceptable, get a CURRENT appraisal.

AS to the funds borrowed against the 401K, that is a debt of both? You could negotiate her share of that debt against her marital share of the 401k. And don't forget your marital share of her 401K.
 
If negotiations bring an agreement that she'll accept a CMA, or an average of three CMAs, then go that route. If that is unacceptable, get a CURRENT appraisal.

AS to the funds borrowed against the 401K, that is a debt of both? You could negotiate her share of that debt against her marital share of the 401k. And don't forget your marital share of her 401K.


Thank you very much.

Should the three CMA's be from different companies or could they be from the same company as long as they are different offices?

Unfortunately she doesnt have a 401k only the money that she gets as a gift for having POA over her fathers estate ($60,000/year) but being that it is a "gift" i dont think that i can have it held against her as income
 

nextwife

Senior Member
Thank you very much.

Should the three CMA's be from different companies or could they be from the same company as long as they are different offices?

Unfortunately she doesnt have a 401k only the money that she gets as a gift for having POA over her fathers estate ($60,000/year) but being that it is a "gift" i dont think that i can have it held against her as income
If I were she, I'd want to see how different companies view my value. That is because there are sometimes companies who CMA on the high side so the seller thinks they'll get more money if they list with this company, rather than another who came in with a lower, more closely accurate CMA.

Pay the agents for their work, BTW.
 

Bali Hai

Senior Member
thank you very much, you were a lot of help
You are not "almost done" by any stretch of the imagination. The rosey pictures presented here is NOT reality.

Since you live in New York, I suggest you get a kick ass attorney unless you are a woman.
 
You are not "almost done" by any stretch of the imagination. The rosey pictures presented here is NOT reality.

Since you live in New York, I suggest you get a kick ass attorney unless you are a woman.

i am not a woman and i know all to well the perils of not being one. i have already had two lawyers, which have gotten better and better, i thought that each was "kick ass", the first one got me a temporary order which awarded ex more than i make on a weekly basis. the second took my money for a year and did not progress the case in the slightest

i have my back against a wall and no where to turn at this point

If you know any "kick ass" lawyers i am all ears


Any and all help is kindly appreciated
 
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