occupying the home until it sells. By keeping emotions at bay while making important decisions and focusing on what needs to be done to sell your home, you and your ex-spouse can move on faster.
REASONABLE AND REALISTIC EXPECTATIONS
Since the home is one of the most valuable marital assets, dividing the property between a couple in the throes of divorce can be a major source of contention. If you have other properties, such as a vacation home or investment properties, those will also have to be assessed and assigned a monetary value. In order to divide equitably, or equally, as the case may be, you will need to know the precise value of your property. When it comes to the marital home, there are several common valuation methods available to determine the value of your home. These are used in property settlements and may differ from what you perceive as your home’s worth.
COMPARATIVE MARKET ANALYSIS
Your real estate agent will provide you with a comparative market analysis, or CMA. This is an in-depth review of your home’s worth in the current market based on the recent sale prices of comparable homes. Any differences, such as the size of the lot or value-added items like a swimming pool, are taken into consideration and the value adjusted accordingly.
BROKER PRICE OPINION
The broker price opinion (BPO) is another type of estimate, produced by a real estate agent in response to a request from a mortgage lender.
A few years ago, when real estate sales around the country were
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