I had a quick question regarding house appraisal during the bankruptcy process. We had it appraised several years ago and I know that is not correct anymore. We also have a letter from the county tax auditor's office on their appraisal. How is this done during the process? Do we have to hire someone to appraise it?
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That is going to depend on your district and your trustee. Some will allow the prices or appraisals of similar properties currently up for sale in your area to be used, some will not. This is a good question to run by your prospective attorney.
Good wishes to you.
"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed." -
Zillow.com is used in some districts. Getting a Comparable Mortgage Analysis (CMA) is what my DH and I did here. I paid a local Realtor $25 to come over take a look through my house and send me a written report about my house's value vs comparable houses nearby. Some Realtors will do this for free. Zillow was overpricing our home by about $25k compared to the local Realtor's report and our tax assessment was even further overpriced!! Your attorney will know best how to value your home for your local Trustees/Judges. Good luck!
~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~Not an attorney - just an opinionated woman.Comment
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If it's critical to have a low appraisal, don't mess around. Call someone in and point out any problems and make clear it would be for a quick sale.
Keep On Smilin'Comment
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Whether you need an appraisal depends on the purpose for which you might need it.
Is there anything you are trying to accomplish with the house, in short, what is the concern or goal?
e.g. Are you trying to strip a 2nd mortgage in chapter 13. Whether you need a full blown appraisal depends on how close to the line you are. Generally, a market analysis is sufficient.
or, are you concerned you might have too much equity in your home above your state's allowed exemption.
If there are no issues or goals related to the house and it is simply a matter of having a number to put on the petition, then Zillow is fine or the tax assessed value assuming it is fairly recent.Comment
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Im in OH, too. They appointed an appraiser to come do it and the cost was rolled into our chapter 13 plan. We did not have a choice.$124,000 unsecured debt
$700 a month for 36 months.
Case completed 6/15/12, waiting on papers!Comment
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Thanks for the replies everybody! This is now added to my list of questions when meeting with prospective attorneys.Comment
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