And another question--

[fatherhill]

I know, I'm full of 'em--

In thinking about what little we have in actual assets, little--if any--equity with two mortgages, how does the court look at an above ground pool?

We put it in in '02, built a deck around it in '03. Total cost (very roughly) $6-7k.

What made me think of this was when I did the last mortgage, it was considered personal property--I even argued with the appraiser--who's going to drag a 5'x24' pool with them if they move?

To me, it's permanent and part of the house value.

How will the bk law/trustee/atty look @ it do you think?

Thanks.

[SinkingFast]

While many people don't take an above ground pool, some do. So the appraiser's decision to consider it personal property was accurate. As is your contention that the pool is part of the property that would remain if you sold the house. It can really go either way.

The thing to keep in mind is,............... While it cost you $6K-$7K to install the pool and deck, as an improvement, the pool contributes very little, if any, to your property value.

Decks add back, in value, about 50%-75% the cost to install the deck. Pools on the other hand, can actually repel buyers. Pools are expensive to maintain and a liability risk.

http://loan.yahoo.com/m/living5.html

http://www.realtor.org/rmomag.NSF/pages/2006CostvsValue

[fatherhill]

Trust me, know all about the expense--and the deck we built over Labor Day weekend in '03 (or whenever it was)--three day sunburn--ouch.

And I realize it doesn't add the value of the money put into it; I'm just curious when I have an appraisal done for the 341 meeting, and I got my list of personal property and cars and such--where it the pool going to fit into the picture?

Question for the attorney perhaps.

[SinkingFast]

You don't have to pay for an appraisal.

Call 2-3 Real Estate Agents. Act like you're thinking of selling. Tell them the pool stays with the house.

Real Estate Agents will run a Competitive Market Analysis, or whatever your area calls it, for you. They'll give you an asking price to sell and list out all costs to sell. You'll have all your numbers in one neat, tidy package. Make sure they note the pool on their estimates.

Generally speaking, good Realtors are all gonna tell you approximately the same asking price. Within $1K-$2K, give or take. Then you just average and you have a Fair Market Value for your home.