Hi Guys,
My wife and I are in the process of separating and we have agreed to do so out of court via consent order.
Our sticking point is in determining the value of the property we live in, I would like to buy out her half.
We have two bank valuations, one for $1m, one for $1.1m. However my wife doesn't want to take either as believes the bank valuation is conservative, fair enough I'm happy to look at other options.
So I would like to get a professional/licensed valuer to do the valuation. However the wife says that it would still sell for more than any valuer would give it, she believes the house is worth alot.
The wife believes it fairer to get real estate agents to value it. I tried to explain that agents will appraise the property and probably have a higher value i.e. what they HOPE will sell it, or at least will sell us their services.
So I'd like to find out what is the official method of valuing property in separations and divorces that the court uses? The wife thought it was a real estate agent, although I explained this is extremely unlikely I need proof. Common sense says it would be a licensed valuer, but is this documented anywhere that someone can point me to?
Second question is there a list of approved valuers that the NSW family court uses so that we can hire some of them to give a range of valuations in order to resolve this?
Thirdly, any advice on what I should do if she doesn't accept any of these valuations or wants to go for a way high price? Neither of us want court.. at the moment I can only think of one other option if she refuses my offer price and that is to sell. If the agent appraisals come in higher, I could offer to give her 2 months for the agent to get that price, if they don't get the price ask her to take the official valuation maybe... anybody been in this situation before?
Many thanks
My wife and I are in the process of separating and we have agreed to do so out of court via consent order.
Our sticking point is in determining the value of the property we live in, I would like to buy out her half.
We have two bank valuations, one for $1m, one for $1.1m. However my wife doesn't want to take either as believes the bank valuation is conservative, fair enough I'm happy to look at other options.
So I would like to get a professional/licensed valuer to do the valuation. However the wife says that it would still sell for more than any valuer would give it, she believes the house is worth alot.
The wife believes it fairer to get real estate agents to value it. I tried to explain that agents will appraise the property and probably have a higher value i.e. what they HOPE will sell it, or at least will sell us their services.
So I'd like to find out what is the official method of valuing property in separations and divorces that the court uses? The wife thought it was a real estate agent, although I explained this is extremely unlikely I need proof. Common sense says it would be a licensed valuer, but is this documented anywhere that someone can point me to?
Second question is there a list of approved valuers that the NSW family court uses so that we can hire some of them to give a range of valuations in order to resolve this?
Thirdly, any advice on what I should do if she doesn't accept any of these valuations or wants to go for a way high price? Neither of us want court.. at the moment I can only think of one other option if she refuses my offer price and that is to sell. If the agent appraisals come in higher, I could offer to give her 2 months for the agent to get that price, if they don't get the price ask her to take the official valuation maybe... anybody been in this situation before?
Many thanks