Market vs appraised value ?

You are both partly right, which is why this argument is not resolving. You are right that appraised value and market value are different concepts. An appraisal is a supported opinion of value as of a specific date, and it is built almost entirely from closed sales. Closed sales are history. In a market that is moving upward, closed sales lag behind what is actually happening, and what buyers are paying today can genuinely exceed what an appraiser can support with last quarter's data. That is a real effect and it was a very large effect in 2021 when you asked this. He is right that in a buyout, the appraisal is usually the number that governs. Here is why, and it is not arbitrary. Market value is what the property would fetch after being exposed to the open market, marketed properly, with multiple buyers competing. In a buyout, none of that happens. There is no listing, no showings, no competition, and no buyer pool, just one person purchasing from another. So there is no market event to observe, and the appraisal is the closest defensible substitute. That is why attorneys and courts lean on it. There is also a cost point worth being honest about: if you sold on the open market instead, you would pay commission, closing costs, and possibly repairs and staging, and you would take on time and uncertainty. A buyout has none of those. So even if the true open-market number were somewhat above $142,000, your NET from a sale might not be, and the net is what actually reaches you. How this usually gets resolved when the parties disagree: Order a second appraisal, from an appraiser you select. If the two come in close, the argument is over. If they are far apart, that itself is information. Or agree in advance to average two appraisals, or to have the two appraisers select a third. Or ask a local agent for a comparative market analysis alongside the appraisal. It is not a substitute in a legal proceeding, but it can see pending sales and current competition that a closed-sales-only appraisal cannot, and it will tell you whether your instinct about the market is grounded. One thing specific to your situation that nobody has raised: with a 2018 manufactured home, the single biggest value question is whether the home sits on land you own and is permanently affixed, or whether it is on leased land. If it is on owned land and titled as real property, it is valued and financed like a house. If it is on leased land, it is often titled as personal property, financing is much harder for any future buyer, and both value and the buyer pool are different. Make sure the appraisal you are relying on treated it correctly, because that classification can move the number substantially. Two practical things. Confirm the appraisal was ordered for this purpose and is recent, and check its effective date. And run all of this past your divorce attorney, because how value is determined for a buyout can be governed by your state's rules or by your agreement, and that overrides anything either of you thinks is fair. I am a real estate professional, not an appraiser or an attorney. And note this thread is from 2021, so if you are reading it now, a $142,000 appraisal from then tells you nothing about today. I work in Los Angeles and the South Bay, and I am glad to connect you with a good local agent for a second opinion. Zoltan Peresztegi, Los Angeles and South Bay real estate professional

Market value is what a buyer is willing to pay and a seller is willing to accept in an open market. Appraised value is an objective, professional estimate of a property's worth generated by a licensed appraiser. Market value drives negotiations, while appraised value protects the lender's loan. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Your spouse is wrong. Appraised value and market value are not always the same number, though they can be close. An appraisal is one person's professional opinion of value on one specific day, based on comparable sales and the condition of the property. Market value is what a willing buyer would actually pay in a competitive sale on the open market. In a divorce buyout situation, there's no competitive bidding, no multiple offers, and no market pressure driving the price up. The appraisal gives you a baseline, but it doesn't account for what you might net if you listed the home and let the market decide. That said, in a divorce buyout, the appraisal is typically how courts and attorneys determine fair value for dividing assets. If you believe the appraisal is low, you have the right to get your own independent appraisal. If the two appraisals differ, the attorneys or the court can work from an average or order a third appraisal. Keep in mind that selling on the open market has costs too. Agent commissions, closing costs, repairs, and the time it takes to sell all reduce your net proceeds. If the appraised value is $142K and you'd net $125K after selling costs on the open market, the buyout at appraised value might actually put more money in your pocket. Get your own appraisal so you're not relying solely on one number. Then compare the buyout offer to what you'd realistically net after a market sale. Make a business decision, not an emotional one.

An appraisal is one person's professional opinion of value and is primarily used by lenders to ensure they aren’t lending more than a property is worth. It’s based on recent comparable sales, square footage, condition and features. Market value, however, is what a willing buyer and seller agree to in an open market. In a strong market, homes can sell above the appraised value, and in a softer market they may sell below. For a divorce buy-out, you and your spouse are effectively negotiating a sale between yourselves. The appraised value of $142k gives you a data point but doesn’t necessarily reflect what the home would bring if you listed it publicly. Manufactured housing can fluctuate widely based on location, land value and buyer demand. If you believe the property would command a higher price, you could seek a second appraisal or request a comparative market analysis from a local real estate professional to see what similar 2018 manufactured homes in your area are selling for. Keep in mind that if you were to list the home on the open market you would incur selling costs such as agent commissions, marketing expenses and possible repairs. There is also the risk that it doesn’t sell for significantly more. Ultimately the price you agree on for the buy-out is negotiable. Using multiple sources—appraisal, recent sales data and input from a local real estate agent—can help both parties feel confident that the value is fair. A mediator or attorney can also assist in structuring the agreement so that the buy‭out meets any requirements in your divorce settlement.

Hi Tamara, it just depends on who you hire, the agent needs to know the market. Right now it's time to sell, buyers are paying over the asking price click on my bio if you need more hello I can answer questions more in-depth.

Nothing surprises me in this market. What city/state is your home in? How much land? Is it a single, double, or triple wide? Have you made any upgrades to your home? I am happy to send you site-unseen offers from 3 large investment firms. Honestly, I believe you would receive more by listing on the MLS....but you just never know. Amy Quimby 817-564-3878