Question Home Value Exemption Trustee wants a written market analysis or broker price opinion.

[Swagstuff]

Trying to file a Chapter 7 in Wisconsin. We were right at the exemption value for the house using the new 2024 county tax listing value. I thought this value was high for our little 3/1 ranch that needs work at $292,000.00. Now the trustee is seeing a value of $344,000 at Zillow and $359,000 at Redfin. So the lawyer says I need to get a written market analysis or broker price opinion. Who do i contact for this and what will be the cost? Do I even have a chance of proving the value is not what they are saying. There is no way i could sell this house for that much. Im so stressed! Thanks!

[despritfreya]

You contact a local real estate agent for the BPO/CMA. Cost not known but it is way, way less than an official appraisal.

If you think a BPO/CMA is going to be too high since it does not take into consideration the actual condition of the home, then spend the money and get an appraisal.

Either way, as your attny indicated, get it done and go from there.

Des.

[justbroke]

With the number so close, I might pay the $300-500 for a full appraisal.

[IllBeDamned]

Easiest way is to get an appraisal and include that information in your filling documents. I don't remember the exact form but its the one where you declare property values. The lawyer added a comment, "Appraised 04/2024 with Appraiser Name". During my 341 I was asked how I came up with the values of other things I own but not the house.