Trying to estimate value of Home

[willbfree]

I think the proper terminology to explain your home value is "not fit for human habitation". I would list the value of the land and include a full explanation. "Home not fit for human habitation" and add details as you did here- "no kitchen I do dishes in bathtub. Living room would also be considered bedroom at this time because nothing has been touched in the room that will be the bedroom. In fact when you open the door you are stepping into partial dirt floor and holes to the outside of the house. Windows boarded up and broken out. If you see the pics it is the bottom story of the 1 1/2 story part of the house. No ceilings in the kitchen and bathroom yet. No sheetrock taped or mudded yet. Just subfloor in the kitchen and dining room area. No furnace, all electric heat that is not enough yet. 40 degrees in here mornings this winter. Had to supplement with portable lp heaters this past winter. No new siding up yet on outside of house and nothing at all touched on the story and half and it is rotten siding. Wiring has to be all redone, only getting started on that. We have minimal electricity."

I think those details would back up your valuation that anyone else would bulldoze the house. Beauty is in the eye of the beholder and if you see a diamond in the rough doesn't mean the trustee or the bk court will see the house in the same light. Good luck!

[willbfree]

jb300 I reread my post and please understand I was not judging your home. I was trying to assist you with a method that would help you explain to the bk court and trustee the value of your home. We rebuilt our first home basically from the studs up so I can understand your remodeling position. If I offended please accept my heartfelt apology. My post was not meant to offend.

[jb300]

No offense taken. We didn't have a lot of options and I know very few people would do what I am doing and live like I am living right now especially at the age of 51.

When you have just started a business, my BF's house was going to be foreclosed on and we had to have a place to live when we found this house on contract for 3 years and then it would be paid for we jumped at it.
I had great credit, great... it was over 800 a few years ago and then I made a couple stupid decisions and here I am. Even over 700 when I was trying to refinance his house for him and it wouldn't go through. So here I am.

[fltoo]

Hey, you must be a very young 51. I give you a lot of credit.

[jb300]

I feel every day of 51 sometimes! You should have seen me put together Thanksgiving in this house with my very limited kitchen....

[fltoo]

Looks like you did just fine.

Anything you need, any questions you have Jo, post here or just pm me. Will help you in any way I can.

[jb300]

Thank-you, I am sure I am going to need more help. I have a mess and I am dealing with a small business too as a sole prop.

[jb300]

Just heard back from the attroney I didn't like...

I had went in there last Thur. I didn't like the guy, he had a terrible attitude but I have gotten some more information.

He was checking with an the attroney that handled the contract sale of my house to see if there was a lien attacehed to it. Here is what I got back from him today.

Jolene and ***** purchased the property on contract from Mr. and Mrs. *******. ****earlier this year conveyed his interest in the property to Jolene. See copy of contract and deed attached.



The above response was from the attroney I used for the house.

This is what I got back from the attorney I saw last week.

*****(my house attorney) emailed me the deed today, attached, I see it was filed. As long as that file date is within 30 days of the sale you are good to go.

Then I asked...The date on the 6/16/08 is within a few days of the sale. So does this mean that the house is protected no matter if I had debt before I bought the house or do I still have to be concerned about that?

His reply....I don't see the trustee pursuing that angle since they would have to pay off the note and the house just is not marketable in its present condition.


So is it awful for me to take this information and move on to another attorney that I like better? I think I have read on here that people get information from several attorneys sometimes before they pick one. I just feel guilty not using him after he got that information but I just didn't like him.

[chad9162]

I also own a small business and its included in personal Chap 7. I had to do Profit and Loss reports for last 6 months. Not really a big deal.

[jb300]

I have it all ready to go. I have YTD by the month and year and all of 2008 by the month and by the year. Sales and Expenses each month.

My big concern has been this house.