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Timing of appraisal

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    Timing of appraisal

    I'm pretty sure I can exempt my home, just based on the mortgage and exemption. But I'm not entirely sure. I'm confident an official appraisal will show it's definitely below market due to needed repairs.

    I can go in using the property tax valuation and note that it needs repairs. That may be enough and would save the cost of an appraisal. Or, the trustee might look on Zillow, get excited, and . . . then what happens? Would I just get notice to move out? Would I get a chance to get an appraisal and document that it's exempt? What happens if it comes back slightly unkempt? Anything I can do then?

    If the house isn't an issue, I can qualify for Chap. 7 and want to try to do that.

    Thank you!

    There is no need to get an appraisal now. Do your best to estimate the value. If your state adjusts the value each year so that tax value resembles market value, that's a good place to start. If the trustee thinks you valued it to high, then he will probably ask you about it at your 341 and you can explain the repairs that are needed. It would be helpful to have written estimates for the repairs. If the trustee objects to your exemptions based on the value of the home, then you can get an appraisal. Don't waste your money until you know an appraisal is needed. If it turns out the house is worth too much to exempt, the trustee may allow you to buy the non exempt portion. If that isn't an option, you can convert to a Chap 13.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


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