Quick Question

[Mom2one]

We had the realtor that sold our house come in to do an appraisal on Thursday. I get the paperwork today and he gave us a competetive market analysis not and appraisal. He listed our house's fair market value and subtracted commision taxes etc. He also included a listing of a house comparable to our that he sold a few months ago.

Is this enough for the trustee or do I have to get an actual appraisal done. We are so tight with money right now.....

So much going on My Nana was diagnosed with stage 4 rectal cancer, ended up with a colostomy now awaiting chemo . My friends hubby died last month, And now I get a letter from another of my friends that her son died 2 days ago at 14 years old he has muscular dystrophy. I am just stressed.....

UGH
Chrissy

[AngelinaCat]

So much going on My Nana was diagnosed with stage 4 rectal cancer, ended up with a colostomy now awaiting chemo . My friends hubby died last month, And now I get a letter from another of my friends that her son died 2 days ago at 14 years old he has muscular dystrophy. I am just stressed.....

UGH
Chrissy

Dearest Chrissy: You and your family and friends are in our prayers. **HUGGS** to all.

To answer your question; I think the paperwork your appraiser provided will probably be okay. But if you are uncertain, I would ask the person to actually give you the appraisal you contracted for.

All our best, AC and ACH

[Never_Again]

My lawyer advised us, since we had not had an appraisal within the last three years, that we could use the tax valuation of our home.

Might want to check, but that might work for you as well. He said that we would be asked, under oath, at the 341, if we had any reason to believe that the actual value of our home was significantly different than that. The answer, of course, is no.

I would think, though, that a competitive market analysis would work as well. It isn't like we all have the extra money laying around for an appraisal...

[JRScott]

Does the estimate include cost of any needed repairs? Otherwise it sounds legit.

Sorry to hear of your nana, I hope all will be well.

[lillaimof2kids]

We used our tax card. No questions from the trustee.

Big hugs to you! Sorry you're having so much thrown on your plate right now! Take care!

[Flamingo]

We had the realtor that sold our house come in to do an appraisal on Thursday. I get the paperwork today and he gave us a competetive market analysis not and appraisal. He listed our house's fair market value and subtracted commision taxes etc. He also included a listing of a house comparable to our that he sold a few months ago.

Is this enough for the trustee or do I have to get an actual appraisal done. We are so tight with money right now.....

So much going on My Nana was diagnosed with stage 4 rectal cancer, ended up with a colostomy now awaiting chemo . My friends hubby died last month, And now I get a letter from another of my friends that her son died 2 days ago at 14 years old he has muscular dystrophy. I am just stressed.....

UGH
Chrissy

I am so sorry to hear of what you are going through as to family and friends...

As to the appraisal - it depends on what your trustee wants/requested - call your attorney and ask if what you have will work; if it doesn't, you will have to get a full appraisal.

[Frogge]

Sorry about your nana and others, that's tough to go through at this time as well. ((HUGS))

I'd use the tax card if I were you, and submit the market analysis if needed.

[Mom2one]

I hate to sound like a dumb blonde, but what is a tax card???

Chrissy

Thank You to everyone for the good wishes for my Nana.

[PoorGrammyinBK7]

I am a realtor and a comparative market analysis (CMA), when done properly, is pretty much an appraisal, but we can't call it that, since you usually have to be licensed to be an "appraiser". An "appraisal" will usually cost between $250-$300, maybe more in some states. A realtor can charge for a CMA, but they often do not. I don't know why this would not be good enough for the trustee, since it is usually more true than the tax assesment or online instant appraisals, but it would depend on what they allow in your district.

Man, we just got the newest tax notice - and the "value" of our condo has gone done by $17,000! It is now $5,000 less than we paid for it 5 years ago - and about $20,000 less than we owe, with 1st and 2nd. Good for taxes I guess - but NOT good if you want to sell your house. It is looking like we will be giving it up.

[AngelinaCat]

Your notice of the PROPOSED Property Taxes. You should get a notice about 3-4 months ahead of when your property taxes are due, so that you have a chance to contest the determinations. There will be dates and times of meetings you can attend. Things included in your property taxes include things like Waste and Garbage pickup; School Board; Water Managment Board... things like that.

It will also list your proposed property tax, and any exemptions like Homestead, Widows, Head-of House, any of those kinds of things.

Good luck.

[paintinrosesred]

We just did a market evaluation ourselves. Attorney said that was fine.

[Mom2one]

Hey everyone~

Heard from the attorney today. He said what we got is just fine...So on to worry about other things for now...

Chrissy