market analysis?

[brokeNconfused]

my attorney is requesting a market analysis of my home and property what is this? Is it just done through a realestate agent? does it cost?

[mcdulph]

From what I understand, sometimes it does cost money to get that formal appraisal or whatever. I think it depends on how much of a hard-*ss the trustee is. But there are some free alternatives, if your local trustee will accept them.

In our case, we had a very recent certificate of property valuation (from the county assessor) and we just used that figure. It was accepted without question.

Also, are you able to access your county property assessments online? If anyone had asked for it, I could have pulled up the current tax valuations (to include recent sale prices) for every single home in my subdivision. Getting this info would not have cost me one cent, either. If you can't find the info online, you might want to call your county clerk's office.

[brokeNconfused]

the paperwork says Current marke analysis and has to be done by a real estate agent. also asks for most recent billing statement which i plan to use my bank statement since it is automatically deducted from there. I hope this works

[253BK]

what state are you in??? I would try and use the county assoser form since that is closer to true value If you are in WA I can pull comps for you have been in real estate for years!

[HHM]

He is probably just referring to Comps (comparable sales). Basically a real estate agent will pull the records from MLS (multiple listing service) of all the sales in your area of similar homes.

[mcdulph]

Just for reference, in case it would help...we had to get a full-blown appraisal of my late grandfather's house in 2006 to value it for the probate court. This was in New Jersey; it might be cheaper elsewhere.

As I recall, it cost something like $350. But this was for the whole nine yards, using a certified appraiser: two men came out and inspected, photographed, measured, etc. in addition to doing the online market analysis. Then they sent us this beautiful binder with all of the info, drawings, photographs, etc.

It doesn't sound like you need all of that, so hopefully your costs will be much lower if not free. Good luck!

[MOMof3]

We just told a RE agent we were considering selling our property--he didn't know that we meant 5 years from now when we were finished with our BK. He did a CMA and prepared a book that we gave to our attorney. Basically it was comps and details about our house and a section on what our house would sell for "as-is" and what it would sell for if we made minor improvements. It came out higher than our tax assessement, so if you can use your tax number you may be better off---but the way the market is in most areas, a CMA might get you a lower value, I'm not sure.

We didn't pay a dime.