House Value ?

K

Krissy233

New Member
Jurisdiction
New Jersey
Hello
Me and my fiancé (now ex) bought the house together. However, we broke up couple months ago. He left the house I staid with our daughter. Now he wants to sell the house and I want to buy him out but we disagree on value on that house. How to determine fairly the value of a house. The case is already in the court probation but it takes forever. Will the court determine value of the house less than the market ? Thank you
 
Krissy233 said:
Hello
Me and my fiancé (now ex) bought the house together. However, we broke up couple months ago. He left the house I staid with our daughter. Now he wants to sell the house and I want to buy him out but we disagree on value on that house. How to determine fairly the value of a house. The case is already in the court probation but it takes forever. Will the court determine value of the house less than the market ? Thank you
Click to expand...
Did either of you have a appraisal done?
 
Krissy233 said:
Will the court determine value of the house less than the market ? Thank you
Click to expand...

Once you become involved in a lawsuit, it will ALWAYS take more time.

Relax, wait patiently for the wheels of justice to grind the grain into flour.

A NJ lawyer explains the partition process in The Garden State:


What to do with a house bought by an unmarried couple when the relationship ends. Monmouth County New Jersey Family Court judge grapples with palimony and partition claims, and gets it right! — New Jersey Divorce Lawyers Blog — June 18, 2020


Another view:


How to Divide Equity When You're Not Married
 
Not really we compare prices on the Zillow but could not agree. How to do appraisal? I should find some appraisal company or relator ?
 
Krissy233 said:
The case is already in the court probation
Click to expand...

Did you mean "partition" or is something else going on in court?

You've posted in the estate and probate section.

Krissy233 said:
Not really we compare prices on the Zillow but could not agree. How to do appraisal? I should find some appraisal company or relator ?
Click to expand...

If you both agree you can start with a realtor who can give you a market value analysis. It's not a formal appraisal but it's free if you can get a realtor to do it when they aren't going to be listing the property.

Otherwise, just google real estate appraiser for your city. You should both agree in advance to the choice of the appraiser and to abide by the appraiser's valuation.
 
Krissy233 said:
Yes partition Sorry
Click to expand...

So...one of you sued the other for partition?

If so, what's the point of your question? A partition lawsuit results in a court ordered sale of the property, and it doesn't matter what either of you thinks the value is. The court won't determine the house's value. The house will sell for whatever it sells for. If you want to put a stop to the litigation and buy out your ex, have your lawyer approach his lawyer about getting an appraiser to value the house. You have a lawyer, right?
 

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