Negotiating Buy Back

[Worriedmom4]

Has anyone ever had to negotiate the $$ amount to buy back equity from a trustee? How was your situation?

[keepsmiling]

Did you get your appraisal?

[frogger]

Yes. It was a negotiation between us and the trustee, just as it would have been with anyone else. You can bet the trustee has a $$$ figure in mind. Your job is to figure that out.

[helpmeout]

Has anyone ever had to negotiate the $$ amount to buy back equity from a trustee? How was your situation?

Did you get a professional appraisal of your house? If not, get one. You don't want to negotiate based on what the Trustee thinks the house is worth (especially if s/he is using Zillow). Personally, I would just walk away from the house and let the Trustee sell it. Of course, s/he will have to give you your exempted portion. And may end up not being able to sell it for the price that s/he thinks it's worth.

[TBA]

We paid about 2k less than the ttee appraised for.

[Worriedmom4]

Did you get your appraisal?

This is the problem and I really don't understand. My attorney says to NOT get an appraisal and just let the trustee list it. Again, the trustee or any representative of the trustee has not been to my home to view it. Now he wants to list it. And on top of that, the trustee has a $$ amount in mind as to the amount of equity is in it and wants us to pay that back.

I am really not understanding why an appraisal won't work. My attorney says in the end the judge won't look at an appraisal and will side with the trustee to list it. Really at my wits end today.

[brokeinfl]

We were discharged on 1/17, case is still listed no asset but are anticipating negotiating a buy back soon. One stupid question though, is it all or nothing with asset buy back, or can you pick and choose, so to speak?

[keepsmiling]

This is the problem and I really don't understand. My attorney says to NOT get an appraisal and just let the trustee list it. Again, the trustee or any representative of the trustee has not been to my home to view it. Now he wants to list it. And on top of that, the trustee has a $$ amount in mind as to the amount of equity is in it and wants us to pay that back.

I am really not understanding why an appraisal won't work. My attorney says in the end the judge won't look at an appraisal and will side with the trustee to list it. Really at my wits end today.

OMG. You must have Alorth's hanging judge.
Has your attorney been pretty much on the money up til now? He should have a feel for the way the tt and judge work. Or he could just be uneager to do battle. Hard to say.
I'd strongly consider getting one for my own peace of mind.
Steel yourself for battle. If the house truly is not worth what the tt says, the truth will come out.
Care to share your numbers again? We can bang them around a little here.

[Worriedmom4]

OMG. You must have Alorth's hanging judge.
Has your attorney been pretty much on the money up til now? He should have a feel for the way the tt and judge work. Or he could just be uneager to do battle. Hard to say.
I'd strongly consider getting one for my own peace of mind.
Steel yourself for battle. If the house truly is not worth what the tt says, the truth will come out.
Care to share your numbers again? We can bang them around a little here.

Nothing in this case, regarding the house, has gone the way our attorney has said it would. We STUPIDLY (wish I could turn back time I would have had an appraisal done for our 341 meeting) used Zillow when we filed. House was listed at $178. At the 341 meeting, trustee pulls up Zillow and it was listed for $211. OMG what an increase! This is when he smiled and said you have equity in your home. The trustee told the attorney he wouldn't touch us if the house was $215 or under. We did a CMA with a price range of $190 to $200 and gave that to the trustee. In turn, he used his own RE office and had comps printed of every single house that sold in our area for $250 or more. Not one house on his comp is comparable to ours and he left off all the houses that did sell for $170 to $200. His comps included houses with more beds/baths, more square footage, houses on a golf course. Now he says there is $9,000 in equity in the house and would like us to pay that back. Where did he get this amount from you ask? I asked too and really don't have a clear answer nor have I seen it written down.

I believe at this point my attorney is not wanting to battle. He has suggest we pay him more attorney's fees to battle this out but then says the house will be listed in the end anyway. What??? I really don't understand. I thought getting a professional appraisal was a piece of cake. I also believe the trustee and the Judge are getting along quite well since any motion that the trustee files in granted, in chambers, without having a hearing on it. I think this is a lucrative game for the trustee and the law is on his side.

I would rather pay a few extra bucks for attorney's fees than pay one dime to the trustee however, my attorney feels we would be back at square one in the end. What really frosts my behind is we go from no appraisal whatsoever from the trustee to listing the house. Don't they have some standard they have to follow? He hasn't even said what our house is worth. I don't mind paying for an appraisal. He should be required to get one as well. Yes, yes, I know. Let the trustee try to sell it. That will drag this out 6 to 9 more months. Ugh....happy Friday to me. Sorry for such a long response....I am venting.

[Worriedmom4]

We were discharged on 1/17, case is still listed no asset but are anticipating negotiating a buy back soon. One stupid question though, is it all or nothing with asset buy back, or can you pick and choose, so to speak?

We are negotiating a price. We made a low offer, the trustee countered with a high one. We go back and forth until there is an agreement. Feels like I am car shopping.

[keepsmiling]

what's your mortgage balance?
these guys are full of it. truy. all of them.

[Worriedmom4]

what's your mortgage balance?
these guys are full of it. truy. all of them.

Mortgage is $165

[LadyInTheRed]

I believe at this point my attorney is not wanting to battle. He has suggest we pay him more attorney's fees to battle this out but then says the house will be listed in the end anyway. What??? I really don't understand. I thought getting a professional appraisal was a piece of cake. ...

...I would rather pay a few extra bucks for attorney's fees than pay one dime to the trustee however, my attorney feels we would be back at square one in the end. What really frosts my behind is we go from no appraisal whatsoever from the trustee to listing the house.

This is a really stressful sitation and you are welcome to vent all you want. Let me see if I can help you understand.

The only way to know for sure what anything is worth is to put it on the market and see what it sells for. That is probably why a judge would prefer to let a house go on the market instead of trying to decide which value is correct. As you can see from the CMAs, comps can be manipulated to pretty much come up with the value you want. Even two licensed appraisers can come up with two very different values. Each side will present an appraisal that supports their argument. The judge may not feel qualified to decide what value is correct. I know it seems unfair. But, from a neutral perspective, putting a house on the market is the fairest, and really the only way to determine its true value.

Your attorney is giving you options and giving his opinion on the likely outcome of your choices based on his experience with the judge and trustee. He cannot tell you for sure what will happen and he is right to tell you what it will cost for him to fight. It sounds like your attorney is doing his job and is willing to fight, but he doesn't want you to go into a fight with unrealistic expectations. It is up to you to decide wether to spend the money to pay him to fight, put that money towards a settlement with the trustee, or call the trustee's bluff and let him put it on the market. It's a tough decision and one that only you can make.

What motions have been granted in chambers? Was there any opposition filed to the motions?

[Worriedmom4]

Your attorney is giving you options and giving his opinion on the likely outcome of your choices based on his experience with the judge and trustee. He cannot tell you for sure what will happen and he is right to tell you what it will cost for him to fight. It sounds like your attorney is doing his job and is willing to fight, but he doesn't want you to go into a fight with unrealistic expectations. It is up to you to decide wether to spend the money to pay him to fight, put that money towards a settlement with the trustee, or call the trustee's bluff and let him put it on the market. It's a tough decision and one that only you can make.

What motions have been granted in chambers? Was there any opposition filed to the motions?

Yes it is stressful and thank you for your reply. You are correct and I do hear what you are saying. We are torn with fighting, listing, paying...this can make anyone crazy! I really don't want to move, we love this house. Wish I could put my emotions aside but I can't.

Trustee has filed motions to appoint his law firm, to hire a real estate company, to list the house, etc. All have been granted in chambers. My attorney did object one, the listing of the house since there was never a value placed on it. This was talked about in chambers, objected in chambers, then went before the judge and it was granted.

[LadyInTheRed]

Trustee has filed motions to appoint his law firm, to hire a real estate company, to list the house, etc. All have been granted in chambers. My attorney did object one, the listing of the house since there was never a value placed on it. This was talked about in chambers, objected in chambers, then went before the judge and it was granted.

All sounds like typical court procedures. It is up to the parties in a case to object to motions. If there is no objection to a motion, a judge will usually grant it unless there is something glaringly wrong. In many courts, there isn't even a hearing if there are no objections. Your objection to listing the house was heard and the judge ruled. As long as your attorney partcipated in the conversation held in chambers, there is nothing wrong with it. The judge probably thought he could have a more frank discussion in private. If your attorney didn't tell you what happened in chambers, ask.