Value of Possessions

[crescentmoon]

I have a quick question about value of our "stuff". When we bought our house (that we are keeping), we had to purchase all the appliances for the house (we bought a foreclosure that had essentially been stripped).

We are filing for Chapter 7 and are putting a value on our "stuff". I know that we have to put a value for our washer and dryer, but are the other appliances "ours" or a part of the house? Specifically, the stove, the refrigerator, the dishwasher, etc.

Thanks so much!
KBB

[AngelinaCat]

You said you bought a foreclosure that had essentially been stripped. What does that mean?

If it means that you had to supply ALL of the appliances necessary to make the place livable, then in my opinion, those appliances are YOURS and do not go with the house.

Please say that you have kept every bit of paperwork and receipts!!

[crescentmoon]

The house was stripped in that the previous owners (when they foreclosed) took out all the appliances, light fixtures, etc. They even ripped out the floors and all the landscaping. When we moved in, we put in laminate floors, put in appliances, light fixtures, etc. The house was actually valued well above what we paid for it until the market tanked and the plumbing went bad. I just had an independent appraisal done, and the house is only worth about $5K more than what we paid (it had been worth about $25K over what we paid).

The appraisal mentions that there are appliances in the house, so I don't know if I have to put a "garage sale" value on them or if they are a part of the house, and therefore, I don't have to value them specifically.

KBB

[mamaluv]

I believe OP is asking if they have to count the stove/dishwasher etc as assets and assign a value to them for the schedules.

[AngelinaCat]

I believe OP is asking if they have to count the stove/dishwasher etc as assets and assign a value to them for the schedules.

I understand that, but it is necessary to understand actually how much they put back into this house. It sounds like they did an almost total rebuild on the inside.

[AngelinaCat]

The house was stripped in that the previous owners (when they foreclosed) took out all the appliances, light fixtures, etc. They even ripped out the floors and all the landscaping. When we moved in, we put in laminate floors, put in appliances, light fixtures, etc. The house was actually valued well above what we paid for it until the market tanked and the plumbing went bad. I just had an independent appraisal done, and the house is only worth about $5K more than what we paid (it had been worth about $25K over what we paid).

The appraisal mentions that there are appliances in the house, so I don't know if I have to put a "garage sale" value on them or if they are a part of the house, and therefore, I don't have to value them specifically.

KBB

It sounds like you essentially rebuilt the house and put the lighting, flooring, and things necessary to make the place livable back in. I do not think you have to price everything separately, as most everything will stay with the house.

Typically, a stove and dishwasher are considered part of the house. A refrigerator can be a 'wobbler', meaning it can either stay or go. The same goes for the washer and dryer. Although I have seen builder's models with places cut for those appliances meaning that they expected to buyer to supply their own appliances.

This why I said that I hope you have your receipts for all of this.

[crescentmoon]

We didn't have to fully rebuild (all the walls were still up and the plumbing/electrical all worked). We did have to make it livable though, with new floors, lights, appliances, etc.

KBB

[AngelinaCat]

It is hard to say what should stay and what you can take. All of these variables depend on the neighborhood you are in, etc.

That's an idea: are you in a neighborhood of similar homes where you can go ask what came with the home, and what you brought in?

[LSUTiger32]

The fridge is a personal asset, the rest of the stuff should be included in the value of the house. Basically anything that you would take with you when you move (in a normal situation) is personal assets. The rest is calculated in the value of the home.

[want2save]

Anything attached becomes a part of the real estate. Anything not attached i.e. a refrigerator, a free standing stove, a portable spa, is considered personal property.

Real Estate Broker in 2 States

[FloridaFiler]

Personal Property SW FL

Had a court approved appraiser to the house to value our property prior to our filing our 7 and she included all the appliances in the total package and gave them a used retail value.

We are in SW FL where my Atty said that the TT almost always (95%+) sends an appraiser out to check valuation so he suggested we do it prior to filing. We did so and the appraiser's valuation, in our case, came in about $6K higher than ours, which we based on garage sale, ebay, Craig's list etc.

We filed Wednesday the 26Th and we are now on the BK rollercoaster ride for the next 6 months.

All the best!

FLfiler

[RainMoM]

The house was stripped in that the previous owners (when they foreclosed) took out all the appliances, light fixtures, etc. They even ripped out the floors and all the landscaping. When we moved in, we put in laminate floors, put in appliances, light fixtures, etc. The house was actually valued well above what we paid for it until the market tanked and the plumbing went bad. I just had an independent appraisal done, and the house is only worth about $5K more than what we paid (it had been worth about $25K over what we paid).

The appraisal mentions that there are appliances in the house, so I don't know if I have to put a "garage sale" value on them or if they are a part of the house, and therefore, I don't have to value them specifically.

KBB

I did value everything at garage sale prices, and nothing was ever said to me, e.i. washer & dryer, $50.00 each., bedroom set $100.00.. My attornery told me that's how he wanted me to value my items.. good luck to you ~