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What’s the difference between a mortgage appraisal and a divorce appraisal?

On Behalf of | Jul 11, 2022 | Divorce, Property Division

During the divorce process, one of the most important assets is the marital home. Because of that, it’s important to ensure you have an appraisal for this Washington property. An appraisal lets a divorcing couple know how much the home they shared is worth. To solve this problem, you’ll need to obtain either a divorce appraisal or a mortgage appraisal.

How does a divorce appraisal differ from a traditional appraisal?

Chances are, you’re somewhat familiar with the mortgage appraisal process. To do this, a professional comes to the home in question and appraises its value. When it comes to property division during a divorce, the appraisal process looks a bit different.

A divorce appraisal doesn’t require anything having to do with lending or financing. This means that this type of appraisal doesn’t have to comply with traditional mortgage-related guidelines.

Should you choose a comparative market analysis or an appraisal?

The type of appraisal to choose depends on what you and your ex-spouse agree to do with this property. Also, keep in mind that no two appraisals will give your property the same value. If one spouse plans to keep and refinance a martial home, appraisals are often the smartest moves. Should you and your ex decide to sell this home, consider a Comparative Market Analysis.

To summarize, both parties in a divorce need to know how much their marital home is worth. It could take some time and effort from both parties to agree on what to do with their marital home. But getting a fair appraisal for this property will save you and your ex-spouse a lot of stress in the future.