Value of Home

[flower]

I am looking at filing chapter 7 bankruptcy soon and have appreciated the help of this forum.

Another question I have is, how do I find a good estimated value of my home without paying to have it appraised? Someone told me that the State Recorder's office keeps records of home sales in my area, and that I could get an approximate value that way. Would that infomation be enough to give an attorney?

If I go through Chapter 7, do I have to have my home appraised? I know that would be expensive.

Thanks for your help.

[SinkingFast]

About the easiest, cheapest way is to call some Real Estate Agents. Tell them you are thinking about selling. Get them to do a walk thru and give you their opinion of the asking price for your house. I'd suggest 2-3 Competitive Market Analyses from Realtors from different agencies. Then average the values.

Realtors will do much the same thing Appraisers do. They pull comparable homes that have recently sold and closed, within a certain distance of your home. They add $$$'s for things you have the other houses don't. They deduct $$$'s for things the other houses have that you don't. That's how realtors determine the asking price and how appraisers determine a value.

[flower]

I contacted some real estate people over the internet and they gave me an outrageous figure, way too high, from a house that sold in 2003. I'm guessing the house was a block or two away. The homes in that block are expensive homes.

I have a disabling illness and would rather not have realtors here in my house. Could the recorder's office help me? The house next door was sold a year ago. Maybe I could find out the price through the recorder's office, or does my attorney need an exact amount for my home from realtors or an appraisor? The house next door is the same as mine, but in a little better shape.

Also, how much has the housing slump lowered the value of homes? Quite a bit I hope.

[JollyGG]

I'm sure this varies by locality. However, here, our trustee likes to use the tax assesed value of your home. That can be found on your statement from your property taxes.

[flower]

Thanks Jolly GG. I will look there.

[brainless twit]

You should also be able to call the local Property Valuation Administration (PVA) office and ask for the tax value of your home, as well as surrounding homes. This will only give you the value at the time the home was purchased, but it's a start and could provide you with an average.

[flower]

Thanks Brainless Twit. I appreciate all the help I can get.

[onlineuse]

Just use zillow.com It will give the property tax value of all homes in your area, an actual estimate that I know the US Trustees have accepted in the past, and will show you all the sales in your area.

[flower]

Thanks onlinuse. Will look it up now.

[lisac77]

Hmmm... I initially estimated our house at around $170,000, meaning that we had a substantial amount of equity and our lawyer was nervous about us putting more money into the equity of our home. However, zillow.com gives a slightly lower estimated ($155K). I wonder if we could put some of our cash into our home equity? I need to talk to the lawyer and see if this will make a difference.

[onlineuse]

I love zillow.com It's really one of the most useful sites on the web when it comes to homes.

[lrprn]

Just use zillow.com It will give the property tax value of all homes in your area, an actual estimate that I know the US Trustees have accepted in the past, and will show you all the sales in your area.

Zillow is great **IF** they are covering homes in your area. Not all cities in the US are covered currently, but more are added on all the time.

[niteflytes]

I used the county tax assessment. My house wasn't listed on Zillow. I also had the advantage of the house being assessed at almost the price I paid for it and I've only had the house about 1.5 years now so I have no equity to worry about.

niteflytes

[JollyGG]

You might also call your local Property Valuation Administration (PVA) office and ask how property tax values are calculated in your town. For example in my town they use estimated home value. Some towns use purchase price. Either way should be pretty close, but it might make some difference.

[anonymuse]

I wonder if we could put some of our cash into our home equity? I need to talk to the lawyer and see if this will make a difference.

If you're thinking about taking out a home equity loan to decrease the value of your equity, that's a big no-no.