Feeling a little better after first CMA report on house

[Worriedmom4]

Happy Monday All.......Well we are still waiting to hear from our trustee regarding the house. Hearing is set for this Wednesday. In the meantime, we decided to get several CMA reports on our house. We received our first report this past Friday and even though it is not from a licensed appraiser, I am feeling much less anxiety. Our trustee believes our house is worth more than what we listed it for. Why he believes this, we still don't know. He has done nothing to prove his reasons. The realtor priced our house at 15 to 20 thousand less than what we had thought. He printed several comps in the area supporting is report and this alone has made me feel a little better. We sent it off to the attorney who stated it was great news. He is going to forward the report to the trustee and we will have to wait to see what happens. I swear, this waiting part is for the birds! I know we still have months of waiting but my fingers are crossed that we will not be one of the "normal", long, drawn out cases and this ends quickly. Hope is all I have.

Anyone send off a report like this to a trustee and have a good outcome?

[PANSYFACE]

Hi Worriedmom4 -

Glad your CMA is coming in at what you thought it should!

I have the same problem - I have a CMA from a licensed real estate agent which is quite a bit less than what it is assessed for. My attorney suggests that I print out a value from Zillow which is notoriously unrealistically high!! My meeting is Thursday. I am scared to death!1

Best of luck with your home!!!

[Worriedmom4]

Hi Worriedmom4 -

Glad your CMA is coming in at what you thought it should!

I have the same problem - I have a CMA from a licensed real estate agent which is quite a bit less than what it is assessed for. My attorney suggests that I print out a value from Zillow which is notoriously unrealistically high!! My meeting is Thursday. I am scared to death!1

Best of luck with your home!!!

I believe Zillow is what started this mess. Trustee looked at Zillow in our 341 meeting and questioned why we put our house so low. I told him the price DID come from Zillow and was listed as that amount months prior. He simply smiled, showing his devil horns, and indicated our house was worth more. We are still waiting for him to show some kind of proof. I need to clean up my home! Looking at the CMA report was kind of like a "Ah Ha" moment for me.

[stray]

Zillow is a nightmare. They have my detached garage (no elec/plumbin) listed as a single family home. Maybe I should rent it out for $1,122/mo as they say? I provided a CMA to atty at filing, but I don't think the trustee saw it until the 341. Six months from filing, I still haven't heard the trustee's decision regarding our house. Good luck to you both. A comprehensive CMA is good to provide, I wouldn't provide anything from Zillow.

[keepsmiling]

Some tt's still live in the good old days in their minds, when homes appreciated and brought them windfalls.

Perhaps you can invite him over for a cuppa and point out the leaky roof, ancient plumbing, and cracked steps.

You'll be fine in the end. Even if he decides to take it and try to sell it, he'll eventually give up when it finally hits him that it's a losing proposition. I'd be willing to lay money on it.

Glad you are feeling better, and hang in there.