341 Meeting and property valuation

[nycdk]

Hi,

I had 341 meeting yesterday and everything went well except couple of documents the trustee required. One of them is property valuation. To meet this requirement, I went on-line, and found home valuation service from www.mls.com at very minimal cost($14.99). The service includes the following:

Up to 20 similar recent sales
Bank-owned sales identified
Summary statistics for similar recent sales
Property details on each recent sale
Neighborhood information
Market trends
Estimated market value for your property
Property details including:
owner information
tax assessor data
sales history and more

Do anyone know about this service? Will the trustee accept this report?
Or do I need to pay extra $300+ for the valuation? Please advise. My disctrict is New Jersey.

Thanks.

[nycdk]

Well, I purchased this service and found it is a garbage. Do not use this.

[Pandora]

You could've gotten all of the above information for free just by searching the local listings in your area - as well as using your tax assessment as a guideline - and most of the information you can obtain by going to your county courthouse or if they have records online (real estate tax, personal property tax, assessments, etc) - its available for free that way.

you can also look at http://www.trulia.com/ - it has the same info that MLS has... and its free, but dont use it as a basis for valuation of your home. You can however use it for CMA's on other homes in your area.

Sorry you had to find out the way you did

[hcl]

I had the same situation (in NJ). I provided CMA report from the local realtor. It's free. You can call several agents and ask for CMA, just mention that you need sale price, not listing price.

[sah2]

I had a CMA (comparative market analysis) from the Realtor who sold me my house. It was free. The couple at the 341 meeting ahead of me had a Zillow report. The trustee would not accept this. He said only professional appraisals. Oops. I was worried, but when it was my turn he didn't say anything about the CMA, so I guess it was OK.

[sah2]

To clarify, I approached the Realtor who originally sold us our house several years ago and asked him to do a CMA for me. I didn't want to tell him the real reason, so I said we were trying for a loan modification and we had to prove the house was worth less. If you don't have a relationship with a Realtor you can pretend you are considering selling and they will do a CMA to give you an idea of what you should ask for.

[nycdk]

Thanks for the information. I now have a CMA from a realtor that I know. She also gave me a pricing opinion as a cover letter. I will try with these. Also, I contacted the www.mls.com for a refund and they agreed to give it back.