Comparative Market Analysis vs an Appraisal During Divorce
Mia Poppe, Esq.:
Hi, I’m Mia Poppe, a matrimonial attorney with the law firm of Poppe and associates`. And today I’m joined by a professional colleague and dear friend William Bolls of the Corcoran group.
Hello Mia. Mia Poppe, Esq.: I’m excited to be here with William. So in my business, matrimonial law or divorces, in the disposition of real property appraisals have to be done. And frequently, post the appraisals, either one or both parties, will not agree on the appraised value and therefore they’ll request a comparative market analysis. So William, please, can you shed light? What’s the difference between an appraisal and a comparative market analysis?
I love this question. I get it a lot. So an appraisal is done by a licensed appraiser, licensed by New York state. That appraiser is going to look at past sales and data only, right? A comparative market analysis is when you’re bringing in a real estate agent who’s on the front lines of real estate and is seeing what’s going on in the current market. Not only are we looking at closed sales data, which appraisers look at, we’re also looking at those properties that are in contract and in some cases, those that are on the market and what the competition is, right? We’re also, for example, if something sold in the exact same line or the exact same apartment a couple of months prior and it was a low sale, we’re giving color to why that sale may have been lower. Maybe that was in a state condition department needed a full renovation and the apartment that your family has that is being disputed. Maybe it’s in mint condition. We make those adjustments much more than an appraiser actually would. Just looking at the raw data.
Mia Poppe, Esq.:
Thank you. Thank you for that enlightenment. That’s a great answer. So if you are going through a divorce and you need a matrimonial attorney, my contact information is below. Likewise, if you’re looking for a home or a comparative market analysis, William’s contact information is below. Thank you.