Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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My Web Research on Real Estate Valuation

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  • My Web Research on Real Estate Valuation

    This is an area where I haven't found a lot of information so I've been doing a little research for myself and thought I'd share it.

    How to Value Real Estate for Bankruptcy Purposes

    An issue that often arises in Georgia bankruptcy court - how does a bankruptcy debtor accurately calculate the value of his or her house. If you own real estate, you will be asked by your lawyer to estimate a value - and you need to be as accurate as possible. The exemption rules contained in the Georgia bankruptcy exemption law only permits you to shelter the first $10,000 of equity in your home ($20,000 of equity can be sheltered for a married couple).

    Written Evidence of Real Estate Values a PlusBank of America Tool



    Formal Appraisals Sometimes NeededProblems Arising from Inaccurate Valuation

    Significant errors in real estate valuation can create problems in your bankruptcy.

    If you list a valuation that is too low, you run the risk of a trustee objecting to your scheduled valuation and asking the Court for permission to seize your home.

    In addition an obvious under-valuation will call your honesty, truthfulness and credibility into question in future dealings with your Bankruptcy Judge, your trustee and opposing counsel.

    If you list a valuation that is too high, you may miss out on the availability of Chapter 7 or you may pay back more than is necessary in a Chapter 13.


    Summary: if you own real estate and you are considering bankruptcy, take the time to research the value of your home or any other real estate you may own. Whenever possible, obtain written documentation from a reliable source to support your estimate of valuation.


    Each state has a homestead exemption that protects a certain amount of equity in your residence from both the bankruptcy court and other creditors. The amount of equity you have in your home is calculated by subtracting the mortgages and other liens on the house from the current fair market value of the home. A bankruptcy attorney will help to determine whether the applicable exemptions can protect the equity in your property and will take the cost of selling the property into account when calculating the equity that is protected. If the equity is all exempt, you can generally keep the house, as long as you are current on all real estate taxes, utilities, and the mortgage(s) payments. Of course, you must continue making your monthly mortgage payments to avoid a foreclosure in the future.


    My posts represent hours of research on and off the web, these forums, my experience, and my opinions.

  • #2

    Operation of Michigan Bankruptcy Laws

    Value in Michigan bankruptcy courts is determined based upon the fair market price, less amounts owed. "Fair market" is not a retail value expected by professional sellers or advertisers Likewise, forced liquidation values are not representative of a fair market. The value of property is an estimate of an agreement reached between a willing buyer and a willing seller under current market conditions. .Creditors may file objections to the calculation of equity which may be subject to disbursement.

    Michigan Bankruptcy Laws - Real Estate Value

    11 U.S.C. Section 522(d): "The following property may be exempted under subsection (b)(1) of this section: (1) The debtor's aggregate interest, not to exceed $18,450 in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor."

    Value allowed is determined by equity, based upon a fair market price which may be received by a non-professional seller in the open market. The full text of 11 U.S.C. 522 - federal bankruptcy statutes - is available online through the Cornell University Law School. Values are an opinion based upon subjective analysis, and therefore provide fertile ground for objections filed by trustees, creditors, and parties in interest. In the event of disputed value, after notice and hearing, the court determines a "reasonable value."
    Last edited by anonymuse; 05-06-2006, 01:05 PM.

    My posts represent hours of research on and off the web, these forums, my experience, and my opinions.


    • #3
      Excellent research...In addition, don't be afraid to hire a home building inspector (as used by many real estate buyers) to go through your house. Their report can be leveraged into knocking thousands off an appraisal as a result of needed repairs.............
      NOTE: I am not a lawyer...any advice I give is for entertainment purposes only. Legal questions should be directed to competent counsel. I am just a troll. Or a Toad.


      • #4
        Hello, I would like to know the process of raising mortgage chattanooga for a property bought at auction. I know that a 10% deposit is required on the day of the auction.
        Is it a case of obtaining a mortgage in principle, purchasing the property and then applying for the mortgage after the sale? Any information on this would be appreciated. Thank you so much.


        • #5
          Originally posted by steavejbs View Post
          Hello, I would like to know the process of raising mortgage chattanooga for a property bought at auction. I know that a 10% deposit is required on the day of the auction.
          Is it a case of obtaining a mortgage in principle, purchasing the property and then applying for the mortgage after the sale? Any information on this would be appreciated. Thank you so much.
          Hey Steave, welcome to the forum!

          You have posted to a VERY old thread; and I'm not sure it's even the right topic lol. I'd strongly suggest starting your own thread with this question instead. You'll have a better shot at an answer.

          Should be an interesting and useful discussion tho!

          Keep On Smilin'


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