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    Possible Assets

    Just days before our case close date, The Trustee filed "Report of Possible Assets" based on Zillow and what it suggested to be a fair price for our home. Not based on actual home stats of what's been sold and comps. Though, she's grossly overpriced on her estimate, and our home would never sell for it, as our home was just on the market a year ago. They want to sell our home to distribute. Anyone else go through something similar? How long till she abandons or tries to sell? So stressed out about this! Hoping for insight!

    #2
    I think if you get comps, maybe even an appraisal if you have to , also taxed value to dispute their numbers they would have to back off, Zillow is not facts. They under over value all the time .

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      #3
      Yes, agreed. Do I contact her on our own or have our attorney? We had our home listed a year ago. We didn't get any offers to close to what Trulia or Zillow priced it at. She's estimating about 25k more based off of those sites. Don't really have the money for an appraisal right this moment! Is there a time limit to when she decides what to do?

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        #4
        Your attorney has to do the communication with the trustee. What were you selling for last year? Is that number lower Or close to trustees value ? It didn’t sell , must have been over priced for the market? What were comps at that time? If those numbers were all lower it helps your case too. A realtor will give you comps if you call one and ask . Just say I’m considering selling and I’d like to know what I’d possible sell for. They would probably email them to you, hoping you’ll list. You have to find numbers everywhere you can to dispute her Zillow estimate.

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          #5
          What do the other home value sites like redfin or trulia say? Need the actual numbers (not just 25k over) so we can calculate selling costs like broker commissions. Can you get an updated broker price opinion from your last agent and pretend you might want to try again? If you have some non-exempt equity after factoring in closing costs from trulia and the BPO, you may have to pay for a bankruptcy friendly appraiser that can get rid of the last bit of equity for you so you don't have to pay the trustee anything. A good lawyer will have some good BK friendly appraisers for you to hire.

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            #6
            Originally posted by Mojo119 View Post
            Just days before our case close date, The Trustee filed "Report of Possible Assets" based on Zillow and what it suggested to be a fair price for our home. Not based on actual home stats of what's been sold and comps. Though, she's grossly overpriced on her estimate, and our home would never sell for it, as our home was just on the market a year ago. They want to sell our home to distribute. Anyone else go through something similar? How long till she abandons or tries to sell? So stressed out about this! Hoping for insight!
            In Florida, some Chapter 7 Panel Trustee's have sold homes just to get a $10K carveout on an underwater home. Did you exempt the home?

            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.

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