Home value

[oldrocker]

Getting conflicting opinions on how my house will be valued. Tax value is the lowest (alot) also have an apraisal from 02 when we refinanced. Will we need a new apraisal or will one of the above figures work?

[HHM]

In most states, tax value is not accurate. and your 2002 appraisal is too old. For purposes of BK, you need CURRENT market value.

You don't necessarily need a full blown appraisal, but you will probably need to get someone to do a current comparable sales analysis.

[oldrocker]

In most states, tax value is not accurate. and your 2002 appraisal is too old. For purposes of BK, you neee CURRENT market value.

You don't necessarily need a full blown appraisal, but you will probably need to get someone to do a current comparable sales analysis.

Thanks HHM, yeah the tax value is 85, last appraisal was 102. Do I need an actual appraiser to get current market value or...

[HHM]

Real estate agents can do a market analysis. Some people on this forum have suggested simply calling a real estate agent, tell them you are interested in selling the home, and have them do a market analysis (but you will have to sit through their sales pitch and be pressured to sign a listing agreement).

If you happen to know a real estate agent, that would be ideal.

Or, just drive around your neighborhood, see what houses are for sale and look-up the asking price. The only time you need to have an accurate CMV is if you are going to be borderline on your homestead exemption, or you need to do a cram down on your 2nd mortgage.

[monkatom]

I had used zillow.com to do mine but the trustee I got does not accept zillow so I am getting a brokers appraisal for 50 bucks through my lawyer

[southernbelle]

I planned to do my own research of comparables in my area on my own, but calling a real estate agent might be best. Do they take into account the repairs that are needed that might affect selling price or just go by comparables?

[HHM]

I planned to do my own research of comparables in my area on my own, but calling a real estate agent might be best. Do they take into account the repairs that are needed that might affect selling price or just go by comparables?

Comps are just that, Comps. They are merely going to look at houses of comparable size in the area, and what those houses listed and were solf for, and make an estimate of the CMV off of that printout. They do take into consideration amenities and upgrades, but it is not a full blown appraisal.

You would need an appraisal if you want the CMV to reflect the "condition" of the house.