using HomeGain to get a rough idea

[Rumpole]

I'm considering BK7 and I would like to keep my home. I've tried using this
http://www.homegain.us/ to get a ball park idea. I've read that these kinds of sites usually come up on the high side.

it comes back with a value of 51,000 to 59,000. I owe 69,000.

How and who values the home? Your lawyer or the trustee?

[BKParalegal]

The easiest and the most accepted value outside of a recent appraisal is the county tax record. Most counties have it online and you can search by name or address.

Good Luck

[Rumpole]

Bk

Unfortunately the tax appraisals in my area are truly inaccurate. When I reviewed similar homes that sold in my area they sold for 40K to 50K less than their assessed tax value. I suppose I'll only be able to get an accurate answer when I see the attorney.

[BKParalegal]

You can also have a local real estate agent, do a CMA or it is called a BPO (basically a market analysis) on the home. Most do it for free, with the idea, that they may get the listing out of it. Just let them know you need a quick sale value. Is your concern about this, because you are near the exemption limit in equity? If not don't sweat it, the courts don't care about assets with no equity.

Good Luck

[Rumpole]

I am concerned because there is such a wide swing between my assessed tax value and what similar homes in my area have sold for.

5 years ago my home was appraised for approximately 75,000, and I paid 75,000 for it, recently my tax accessor sent me a new valuation for 109,000. Similar homes in my area have sold for 68000 and less.

[walkthaplank]

I just tried the HomeGain site and it is about 35K to 150K over what cyberhomes and zillow have for my homes expected value. I think I'd steer clear of them

[LuciluS]

Go to www.realtor.com. There is a place that says something like 'what is the value of your home'. Type in your address and it will show your home along with others homes in your neighborhood.

There is also a place on the same screen where you can click on it and it will show the most recent homes sold in you area.

Not filing for 6 months, but I printed off the 1st page only. Added up the sq. ft. and the Dollar Sold of all the homes sold and divided it to get an sq. foot average. Then, I took that figure and multiplied it by our square footage. This is exactly what a CMA is. BTW, last home sold in our area was 10/08 and we live in a Subdivision where they are still building new homes.

This is what I will base our home value on, unless the Trustee request an Appraisal.

Luci