Friday, December 3, 2010

Home Inspections During Divorces

If the home is inspected then the unexpected surprises will be minimized. It is just not fair for one party to get stuck with a money pit of a home.
by JENNIFER SARANOW SCHULTZ
from http://bucks.blogs.nytimes.com/2010/10/27/home-inspections-during-divorces

"Paying for a home inspection isn’t just for potential home buyers. There are good reasons that those going through a divorce would also want to hire a home inspector.

Traditionally, divorcing spouses have tended to rely on appraisals to determine the value of their home, if they try to revalue it. But, according to divorce lawyers, appraisals tend to focus on how a home’s features and square footage compare with comparable properties.

Appraisers don’t necessarily take into account the repairs a home may need – whether, for instance, it will need a new roof or has mold that has to be removed — that can lower its value. Home inspectors, on the other hand, would include such information in their reports. That information could then be provided to an appraiser to get a more accurate estimate of a home’s worth or simply be used in divorce negotiations. Then, when the assets are being split, the inspector’s report will give a better sense of what the home is worth. That, in turn, can help ensure that the party getting the house is getting a fair deal."

That’s why lawyers are increasingly encouraging divorcing couples to make sure a home inspection is part of the divorce process.