Motion Filed to appoint Real Estate Agent

[Worriedmom4]

Okay, I really need to stop looking at Pacer because it is going to give me an ulcer.

Today I see that a motion was filed to appoint a Real Estate Agent. My guess is the trustee will have the house appraised to see it's value which I figured was going to happen. My worry is this: Do the agents that trustee employ come back with an outrageous amount to benefit the trustee? We just had a CMA done, the amount came back well below what we thought.

What is the normal events after an agent values a home? I thought we had the option to buy back the equity, if any. I am again terrified the house will be sold out from under us probably because I am not fully educated on our options. We do not want to lose our home. Do we still have the option to convert to a 13 as well?

Yes, my attorney said the trustee does not want our home, only the money. I hope this is the case.

[keepsmiling]

I don't know... but I would think the agent has a fiduciary duty to come up with a very realistic number so as not to waste the tt's time.
Remember that if something outrageous occurs, a judge will make a final decision.
Crossing fingers and toes for you... keep us posted.

[Worriedmom4]

Thanks keepsmiling

I am so angry right now. I just reviewed the real estate agents "comps" and the homes he has listed don't even come close to my home. I think the whole trustee/attorney/agent is a big racket and there is a lot of double dipping going on.

[keepsmiling]

Do you mean to tell us that this appointed realtor did not walk thru your house?
You aren't in Washington State are you? Some nonsense going on there with short sales and "carve outs"

[Worriedmom4]

Nope, in Illinois and no one has ever viewed our home. Just got his comp listing and I find it strange that all the houses he lists as comps have extra bedrooms and/or baths and are $50k more than our CMA came out to be. Funny how he didn't list the house that sold across the street from me for $80 less than his comps. I am at a loss here.

[keepsmiling]

And your attorney's response is...???

[keepsmiling]

If it were me, I'd consider calling that agent, tell him you want to list your house at that price and take a pic of the response

[Worriedmom4]

LOL...I don't want to sell my home!!! but would love to see his response.

As for my attorney's response, he said he would call me so we could discuss our next course of action tomorrow. What next course of action!!! This is why I am flippin' mad. No one has been to my home other than the guy I called....

We would never, in a million years, filed for chp 7 if we had any thought of our house being an issue. We did our research before filing. Now I am second guessing everything as I wait for my attorney to call.

[keepsmiling]

I KNOW you don't want to sell.
But this guy's bluff needs to be called.

[keepsmiling]

You WILL be ok.
Last year someone had their car taken by an overly ambitious tt. He had to give it back when he found out he way overestimated the value.
Greed sometimes outweighs common sense. Your attorney will help.

[Worriedmom4]

You have been very kind keepsmiling and I thank you for your posts. I am obviously a nervous nelly and not the gambling type at all. My husband feels the same way you do, the calm, cool, level headed guy.

We'll see what my attorney's "next course of action" is and I'll update tomorrow.

[PANSYFACE]

I feel your pain - we are probably facing the same thing tomorrow - We will both hang in and pray!!! Hugs!!!

[Worriedmom4]

I feel your pain - we are probably facing the same thing tomorrow - We will both hang in and pray!!! Hugs!!!

You hang in there too. Ya know, when someone said bankruptcy was stressful I didn't believe it. I was so wrong to think that! Good Luck tomorrow...post an update.

[keepsmiling]

Just to recap... remember that the tt must cover not only your mortgage amount but also your homestead exemption. Unfortunately IL has a crappy exemption- 30K for you and dh. But add that to the balance plus 10 per cent of estimated selling price or so for costs... what do you get? and how does that compare to your new quote? I don't know if you can stack the 4K personal wildcard on that or not.

[stray]

I'm sorry you have to deal with this 2nd comp, worried. At my 341 the trustee threatened to take our house and it was a complete to shock to me -- ours is way under water. After the meeting, my atty told me not to worry. He said that if we don't agree with the trustee's valuation, we go before the judge and present our CMA/evidence.

So just hang in there and see what your atty says. Good luck to you. It's completely understandable that you are stressed, but it's good that you are here. This place has helped to ease my palpations over the last few months.