When figuring out your home value (Homestead exemption) does closing cost's come into the equation at all? Or just take home value minus the mortgage loan?
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Hi Dylan, to figure out your equity you would just subtract the loan amount from the current market value of your home. No need to consider closing costs, etc.Originally posted by DYLAN150 View Post
There are several ways to come up with current market value. Which method you use will depend on the conventions in your area and how close you are to the exemption amount. If you're not close at all then you would be safe using your county tax assessor value, or an online valuation model like the one here: http://realestatecenter.bankofameric...value-_-102910.
If you are really close to the exemption amount (either above or below), or significantly over, you might want to have a real estate agent do a free CMA, or pay for a BPO or hire a certified appraiser. In exchange you get a piece of paper that provides an accurate house value and may keep your property out of the trustee's clutches.There are two secrets for success in life:
1.) Never tell everything you know. -
He's not asking how to determine market value. I think he's asking if bankruptcy exempts from the gross value, or the net value after sales commission, etc.Comment
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Hi willdufauve, I agree with you!Originally posted by willdufauve View Post
I answered the OP's question when I typed this: "to figure out your equity you would just subtract the loan amount from the current market value of your home. No need to consider closing costs, etc."
The rest of the information I put down on a hunch. It's never a waste (even if the OP didn't specifically ask for the info) because someone else researching the thread will come along and may find the information useful.
Welcome to bk forum!There are two secrets for success in life:
1.) Never tell everything you know.Comment
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