How to determine value of home.

[AreSoonParted]

Hi All,
I'm wondering how people out there determine the value of their home? Can you get a realtor's market analysis, or do you have to pay for an appraisial from a licensed appraiser? I'm in colorado if that makes any difference.

Thanks a lot.

[HHM]

A Realtors market analysis is fine; you can even make an educated guess.

If your well within your state's homestead exemption, it won't really matter...but you do need to use current market value as the gauge to value.

The only time you get an appraisal is if your on the bubble of your State's Homestead exemption and are going to have to duke it out with the trustee, otherwise, an educated guess on your part by simply seeing what other homes are selling for in your area is sufficient for the purpose of completing your BK petition.

[SinkingFast]

Personally, I would call 3 noted Real Estate Agents in your area. Act like you're thinking of selling and want to get a market analysis of your home.

Good Real Estate Agents will give you a value very close to what an appraiser would come up with.

Save the Market Analyses as back-up for the basis of your value if the Trustee should happen to ask.

On your own, you can check Realtor.com for similar properties in your neighborhood. See what the asking prices for those homes are currently at. Maybe print out those listings and save them as well.