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341 Meeting and property valuation

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    341 Meeting and property valuation

    Hi,

    I had 341 meeting yesterday and everything went well except couple of documents the trustee required. One of them is property valuation. To meet this requirement, I went on-line, and found home valuation service from www.mls.com at very minimal cost($14.99). The service includes the following:

    Up to 20 similar recent sales
    Bank-owned sales identified
    Summary statistics for similar recent sales
    Property details on each recent sale
    Neighborhood information
    Market trends
    Estimated market value for your property
    Property details including:
    owner information
    tax assessor data
    sales history and more

    Do anyone know about this service? Will the trustee accept this report?
    Or do I need to pay extra $300+ for the valuation? Please advise. My disctrict is New Jersey.

    Thanks.

    #2
    Well, I purchased this service and found it is a garbage. Do not use this.

    Comment


      #3
      You could've gotten all of the above information for free just by searching the local listings in your area - as well as using your tax assessment as a guideline - and most of the information you can obtain by going to your county courthouse or if they have records online (real estate tax, personal property tax, assessments, etc) - its available for free that way.

      you can also look at http://www.trulia.com/ - it has the same info that MLS has... and its free, but dont use it as a basis for valuation of your home. You can however use it for CMA's on other homes in your area.

      Sorry you had to find out the way you did

      Comment


        #4
        I had the same situation (in NJ). I provided CMA report from the local realtor. It's free. You can call several agents and ask for CMA, just mention that you need sale price, not listing price.

        Comment


          #5
          I had a CMA (comparative market analysis) from the Realtor who sold me my house. It was free. The couple at the 341 meeting ahead of me had a Zillow report. The trustee would not accept this. He said only professional appraisals. Oops. I was worried, but when it was my turn he didn't say anything about the CMA, so I guess it was OK.

          Comment


            #6
            To clarify, I approached the Realtor who originally sold us our house several years ago and asked him to do a CMA for me. I didn't want to tell him the real reason, so I said we were trying for a loan modification and we had to prove the house was worth less. If you don't have a relationship with a Realtor you can pretend you are considering selling and they will do a CMA to give you an idea of what you should ask for.

            Comment


              #7
              Thanks for the information. I now have a CMA from a realtor that I know. She also gave me a pricing opinion as a cover letter. I will try with these. Also, I contacted the www.mls.com for a refund and they agreed to give it back.

              Comment

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