Marital Home equity buyout in New Jersey

[PayrollHRGuy]

Just call me "Chopped Liver"

OK, Chopped Liver.

It isn't like he answered my question either.

 

[zddoodah]

Been divorced 4.5 years.
Both parties are on the deed.
Both parties have agreed for me to buy out the equity of my ex.

Please describe the agreement by which you and your ex agreed that you would "buy out the equity of [your] ex." Was this agreement part of a marital settlement agreement that was adopted by the court as part of your divorce decree? Something else?

The question is how is that equity to be valued?

That's a good question. What does the written agreement you hopefully have say about this subject? If your agreement is silent, then the next inquiry would be to determine the parties' mutual intent, so what did you think, at the time you made the agreement, that this meant, and what did your ex think?

The ex had two RE agents come in and price the house - the figures that they came up with were astronomical and unrealistic.

What is your basis in fact for thinking these figures are "astronomical and unrealistic"? Have you discussed your concerns with these two RE agents to find out why they valued the property as they did? If not, why not? If so, what did they tell you?

I asked for a certified appraisal - which she refuses to have done.

I take it that means your ex lives in the home and has said she will refuse access. Correct? If so, why are you buying her out? Is she going to vacate the home? If not, then who cares if she won't agree? You don't need her permission to get an appraisal done.

How much different could a certified appraisal be

Given that we have zero information about the property or the numbers the RE agents gave, there is no possible way to answer this intelligently.

what factors does a certified appraiser use in determining a homes value?

You can get this by googling or calling one or more appraisers.

is there any legal basis for valuating the equity based upon the price paid for the home or the fair value of the home as of the date of the divorce?

In this context, "legal basis" has no meaning. What matters is what your divorce decree or other agreement says. Unless your decree/agreement says that the value of the property is fixed as of the date of the divorce (which would be quite normal), then it's going to be based on the current value.

 

[adjusterjack]

That is what I am trying to understand...who decides how much her equity is worth? I just do not think it is fair for her to determine the value by accepting an inflated guess by a hungry real estate agent?

Fair is where you go on rides and eat cotton candy. Fair has nothing to do with divorce.

If you don't like her figures, get your own appraisal. If you both can't agree on a buyout, force the sale of the home and split the real proceeds.

 

[Zigner]

If you don't like her figures, get your own appraisal.

Yes

If you both can't agree on a buyout, force the sale of the home and split the real proceeds.

No. That's the point at which the OP asks the judge to order a method by which the value is determined - like the average of multiple appraisals, as mentioned above. A "forced sale" should be a last-ditch plan.