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State Specific Community Forums >> Washington Issues

wanorm
recently joined

Reged: 12/01/05
Posts: 7

How to value Real Estate

12/01/05 05:21 PM

My wife and I are working on an 'agreeable' divorce. Our house is completely paid for and I would like to keep it and she would like to maximize the money she gets which is understandable. Of course she would be paid half it's value from our other community assests. The question is: What is the value? We had it appraised and got the market value from that. But, it's 'cash' value is less because to 'convert' it to cash, ie sell it, there would be selling expenses (RE sales commisions, RE Excise tax, title insurance, etc) AND significant Federal Income tax due on the capital gain. All this adds up to about 15% of the sale price of the house. So it would seem fair and appropriate that the value of the house is its equivalent cash value. It just does not seem like we are comparing apples to apples when we talk about spliting the money in bank accounts and splitting the house based on its full appraisal value.

I have searched through all the Washington State Courts websites I could find and could not find any definitive answer to this.

Unfortuantely due to our total finacial situation (too long to explain here) if we use the full appraised value I would likely be unable to afford to keep the house and it would have to be sold anyway and then we truly would only be spliting the net sale proceeds, so she (and I) only get half of the actual cash value anyway.

Anyone know what the court would use for the value of a house if it is not sold and given to one spouse?

Norm

Post Extras

Entire topic
Subject	Posted by	Posted on
How to value Real Estate	wanorm	12/01/05 05:21 PM
Re: How to value Real Estate	RJP	12/01/05 09:04 PM
Re: How to value Real Estate	wanorm	12/02/05 06:31 PM
Re: How to value Real Estate	HHLoanOfficer	08/30/06 11:20 AM
Re: How to value Real Estate	Rights	10/30/06 02:11 AM

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