Just had an appraisal completed

[sal425]

I was hoping it would come in less than it is currently assessed for...no dice.

It came in $10k higher.

Should I throw this appraisal away and just give the trustee the assessed value?

Thanks

[NoMoreCards]

Wouldn't that be dishonest?

I am not passing judgement, but please remember that if you provide inaccurate information, you can get in trouble. The courts do not mess around.

I wish you the best, whatever you decide.

[sal425]

What if I had another appraisal done because I thought the first appraiser's 'opinion' was wrong? And the second came in lower, would I be obliged to give the Trustee both appraisals?

[Chowder]

You could call a Realtor for a market analysis. Ask them what you could expect to get for it if you wanted it sold in a few months.

Around here, the trustees accept Zillow.

[aljohnson007]

In Florida, assessed value is full current market value and courts generally accept it. However, the TT can always have it appraised so you don't have much, if anything, to risk by using assessed value. JMO.

[sal425]

Thank you for your replies. I will ask my lawyer and post reply, but I feel like I just wasted $300

[markdel16]

I've found Zillow to be pretty useless. For instance, it lists my home at $180k, I'm lucky if it's worth $100k.

[RGMLM]

I've found Zillow to be pretty useless. For instance, it lists my home at $180k, I'm lucky if it's worth $100k.

Zillow is not accurate - do what I am doing - call three different realtors and get three different values and take the average. there is no charge for this. Just tell the realtors you are considering a short sale and want to get an idea of the value of the house. Be sure to get their responses in writting or an email so you have supporting documentation.

[fooked]

have you read the appraisal? what was the exposure period and marketing time? Chances are it was 12 months...

if that's the case, I'd call the appraiser and request a liquidation or "quick sale" addendum to be added to the report...

[NoMoreCards]

In Florida, assessed value is full current market value and courts generally accept it. However, the TT can always have it appraised so you don't have much, if anything, to risk by using assessed value. JMO.

In Michigan this is not true. The assessed value is 50% of the approximate sale value. So this is dependent on the state in which you live and the laws of that state.

[justbroke]

If you don't like the appraiser's value, you can have another appraisal performed. However, a Judge (or Trustee) might take the mid-point of the two.

Why do you want it so low? Are you worried about equity? Are you worried about Exemptions? What State are you in?

[sal425]

I am in Mass, and I was hoping to use some of the home exemption as a wildcard. My lawyer thinks I should use the assessment but then I turn into an asset case.

[frogger]

have you read the appraisal? what was the exposure period and marketing time? Chances are it was 12 months...

if that's the case, I'd call the appraiser and request a liquidation or "quick sale" addendum to be added to the report...

fooked is probably right on about the exposure/marketing time. A quick sale value would probably be low enough to work for you.

[bklawn]

I've found Zillow to be pretty useless. For instance, it lists my home at $180k, I'm lucky if it's worth $100k.

Yes zillow does not update as often to reflect the true market.. try cyberhomes.

[sal425]

Zillow $699k
Cyberhomes $492k
Appraisal $605k
Assessed $596k

Seems to me the online values are useless.
I asked my Appraiser to add a liquidation value to my report.

Thanks for the responses!