In my pending divorce the real estate has been appraised by two sources with a $20,000.00 dollar difference. The first appraisal had a few inaccuracies as to description,, building size as well as condition.The first was of course the higher. This is compounded by the fact the town currently has the higher square footage that I am currently in dispute with the town about. I was advised by a mediator that a judge would simply split the difference and not take into consideration the obvious innacuracies. I was under the belief that if only one point is inaccurate the entire appraisal can be considered inaccurate.
Divorce / Separation Lawyer
I suggest that you contact the appraiser and point out the mistakes on the appraisal and ask the appraiser to update and correct the final appraisal report. If you are considering the town's assessed value as an appraisal or the fair market value, be careful.
Assessed value can be far off from the actual fair market value. Also, the current real estate market can make it tougher on appraisers, and I have seen more disparities in appraisals than was the norm in year's past.
I am not so sure a Judge would just split the difference, but it is certainly possible. Instead, it seems that it would be better to have the deficiencies addressed on the appraisal, then reconsider the two figures. if you are in mediation, then perhaps you and your spouse can agree on the fmv once the 2nd report is updated, etc.
Steve McDonough, Esq.
1 lawyer agrees