Home value

[iloveoliver]

How do I go about determine my home's value? Is it based on the homes currently on the market that are similar to mine or is it what similar homes have sold OR is it the assessed value?
It appears I have vastly over valued it.

What do I need to do next?

I am so confused and my 341 is on Monday. The subject of my property value came up today when I gave him my latest mortgage statement and he discovered that he may not be able to use what I did not use on my homestead for other exemptions.

I am so mad at this atty. Was I expected to know how to do all of this myself? He did not provide much direction until day....5 days b4. He is going to ask for an adjournment since it would look fishy to the trustee to...I don't know what I'm saying right now.

[Flamingo]

When was the last time your house was appraised? If it's been a while, you may need to have an appraisal done to get the appropriate value. Realtors also value homes by the selling costs of homes similar to yours in size and other ammenities that have sold recently in your area. Just picking a figure out of the air as to its value just doesn't work. Many are surprised at how low their home's value is and they believe it is worth more.

When you filled out your BK papers, did you provide the value of your house? It was then that that figure should have been gone over with between you and your attorney as to how you figured that value. Property values have dropped dramatically over the past few months so the figure you may have given them is probably way higher than what the actual value is. Without an actual recent appraisal, an exact value of your home would be impossible at any time so let your attorney handle the situation as he sees fit and see what happens at the 341. An appraisal would be your responsibility and can cost anywhere between $200 to $400+ to be done.

[justplaintired]

If you were to call a local realtor, they can give you a fair market value for your home and they will do this for no cost. I would call some realtor's in your area and tell them what you are wanting. Tell them you need it asap, if they ask why, it's up to you what you say. We got a fair market value from a local realtor and it was very close to our appraisal from '03, which did not surprise me with the real estate market being what it is.

I am not sure if it's possible to get an appraisal on such short notice and there is the matter of having the money to pay for it. Alot depends on how much equity you have, are you close to the exempt amount you're allowed? If your way under, I am not sure a full appraisal is actually necessary. If you're boderline, then most likely you will need one.

The accessed value won't work from my understanding. But getting a fair market value from a local realtor is not hard and will probably be very close. Hopefully, you can find a realtor who will be willing to do this quickly and my guess is if you're able to take in more then one estimate to the trustee that would be even better, especially if they are all very close. Hope this helps and good luck!

[gophermn]

Yes, the above two are correct. If your 341 is Monday you prob won't have enough time to get an appraiser over there.
- As mentioend above, call a realtor and get comps
- Your insurance agent should have what the coverage is.
In a nutshell, the trustee might ask what your house is worth and how did you come up with tghose figures. So make sure you say that the amounts came from an state licensed realtor or Ins agent. Obviously an appraisal would be best but for $300 to write one up, not sure it is worth it.

[iloveoliver]

Ok thanks so much for answering my question. My attorney did NOT review how I arrived at my property value. And no have not had an appraisal done. I purchased my home as a new build in 2002.

Also did I need that in writing?

I do have a relative in real estate who could probably help out.

This board is saving my life. I have had many q's answered more than what my atty has done. If I didn't have this board I would have gone into the 341 very unprepared and if I would have found out after that I would be extremely pi$$ed.