Legal Question in Real Estate Law in Indiana
Appraisal from Home Value
Reviewing an appraisal of my home from 3 years ago for refinancing, it was noted within, '' if better comparable sales had been available, the value estimate of the subject would be higher. The cost approach was considered accurate, but not used to establish value due to the comparable sales available within the past year in the subject area.''
My question is, how accurate can this appraisal be for a true home value ? My spouse has served me with a dissolution of marriage and plans to use this appraisal as a negotiating tool to distribute the equity between us.
Also, can you give me an idea of what the annual appreciation rate of a quality custom home in rural Indiana might be for the past 3 years ?
Please advise and thank you.
1 Answer from Attorneys
Re: Appraisal from Home Value
I would recommend that you have your appraiser testify at trial to explain the comment and/or have a new appraisal either by the same person or someone else. The appraiser familiar with your location is in a better position to answer the question you have posed.
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