Real Appraisal for rental property or CMA? Please help

[Brokester]

I have spoken to two different attorneys. I have a rental property that will not sell. So unfortunately I must keep it. During this process I am wondering if I need a real appraisal or can I just have my agent draw up a Comparable market analysis? I am confused and I don't have the 400 bucks to throw away. I am really frustrated because the equity is so low in the property, do the trustees figure in a commission if they were going to sell it themselves since I am keeping it? Any suggestions would help! Thanks again

[Tbornetun]

I would do a CMA for the purposes of the value for schedule A. If the trustee feels that it is not accurate, they can order an appraisal.

Also, it is not a MUST that you keep the property. If you would like to unload it along with the debt that goes along with it, you can as part of the bankruptcy. If you don't want the property and it isn't selling, now is the time to get out of the situation.

[frogger]

Ask your attorney. In our area, they like to use the county appraised value.

[HHM]

CMA is usually sufficient. The only time an appraisal is necessary is if you are on the bubble for something (i.e. covering equity with an exemption, doing a 2nd mortgage lien strip, etc).