Real Estate Appraisal Question

[momof4angles]

Can you use an online service for the appraisal or do you have to have someone come out to your home??

Thanks!!

[Lajazz947]

Can you use an online service for the appraisal or do you have to have someone come out to your home??

Thanks!!

Are they asking for an appraisal or are you anticipating it? In my case I expected that they might question the value so I used a personal in person appraisal and made sure that he was certified.

I viewed the cost as insurance so that it could not be questioned.

Better to check with your attorney but that's my take.

[momof4angles]

THe appraisal is in the list of docs requested by the lawyer.

[SobStory]

On line valuations are notoriously unreliable. I wouldn't use it. You should check with your attorney to see what is acceptable.

[PoorGrammyinBK7]

I would not pay for a certified appraisal just yet. Maybe if the trustee wants one, he will pay for it. We used "zillow.com" (yes its online and not perfectly accurate, but for some trustees its okay). They asked at my 341 how we valued our home and we told them we used zillow and the most recent tax assessment (which were about the same with the tax assessment being a bit lower). The mortgage lender was there and they seemed satisfied. You could also have a realtor do a CMA (comparative market analysis). This is the closest you can get to an actual appraisal and should only use comparables in the last 3-6 months. Usually this is free (or low cost).

[StartingOver08]

Most CMA's are free. Make sure they only use closed sales within the past 90 to 120 days. Zillow is too high (that is why the Trustee's like it!!)

[Lajazz947]

Most CMA's are free. Make sure they only use closed sales within the past 90 to 120 days. Zillow is too high (that is why the Trustee's like it!!)

Exactly right about Zillow. The TT's love high values.

I had a realtor do an analysis for me and I told him " if you can sell my house for more than $200,000 more than what Zillow says it is worth I will pay you double the comission".

He never called back. More Real estate Agents want your business so they will value your house high to get that listing.

My appraisal came in about $120,000 less than what Zillow valued and although I might get more, the NET might be about right on with the appraisal after fees, comissions, etc.

If I had used Zillow I would have barely qualified for the exemption.

Just my opinion but I am all about worrying and anticipation.

[vicmost]

Most CMA's are free. Make sure they only use closed sales within the past 90 to 120 days. Zillow is too high (that is why the Trustee's like it!!)

I used Zillow and one of the other internet sites that charges $30. In my case Zillow was far more accurate! Zillow came in 60k less!!!! In my area it is very accurate...All you have to look at is the houses that actually sold and they came in a bit lower than the zestimate...I'm still going to get a professional appraisal though. I just use zillow as the barometer of when to do it..

[BKorbust]

Zillow is not accurate at all on my house. Zillow value $431,000. Certified appraisal $345,000.

[Overmylimit]

Its funny because Zillow at one point was way too low on appraisals. The last (good) appraisal I had in 2007 showed 975k from an actual appraiser pics, walk through the whole nine. Zillow showed 459k the same day..

[PoorGrammyinBK7]

Its funny because the bank where we have our HELOC used the zillow estimate. And it was (I felt) slightly high at the time - maybe 3-5K over what it should have been. I wish we would have sold it back then!!! That was in 2006.

When we filed the "zestimate" had come down by about 35%! And it was just $1,000 more than the latest the tax assessment. Then 2 weeks AFTER our 341, the new tax assessment came. Guess what? DOWN another $10K!!! Yikes!