May Divorcing Spouses Use A Lender’s Appraisal For Settlement Purposes?
The answer to that question is no. Per the Uniform Standards of Professional Appraisal Practice (USPAP), an appraisal is ordered for an “intended user” with an “intended use”. For example, when you buy a home and obtain a mortgage, the lender is the intended user and mortgaging financing is the intended use.
Divorcing couples may not use a recent lender’s appraisal for settlement purposes. If an appraisal is necessary, a new one would be required.
Debbie Murray is a Certified Divorce Real Estate Expert, and she understands the nuances of selling divorce listings, and the importance of working with a divorce lending professional. Divorce can be a difficult transition. Call a neutral, unbiased CDRE like Debbie Murray at Allie Beth Allman & Associates today at 214-558-1004.