CA - Another question about home..Help needed.

[LiveStrong]

[2manybills]

When you say "retail value" what do you mean by that? The appraisal I got came in at about what the foreclosures were coming in at. What have homes sold for in your area, i.e., the foreclosures and short sales?

[LiveStrong]

When you say "retail value" what do you mean by that? The appraisal I got came in at about what the foreclosures were coming in at. What have homes sold for in your area, i.e., the foreclosures and short sales?

I live in a pretty rural / specialty area. Their are not many comps or comparables to go on out here so I will need a full blown appraisal done again.

Well, if I were to try and sell my house using conventional methods such as hiring a listing real estate agent, listing it on the MLS, advertising it...etc. I would be attempting to sell it at "full market value" or "retail" as opposed to selling it "wholesale" at an "auction" that usually takes place on the steps at your local court house.

I'm just trying to figure out what "value" number the court would go on. Would they hire an agent and list it "conventionally" and possibly wait for that one perfect buyer that may come in 4-6 months?
Or, would they want to off it fast at an auction?
They would get two totally different amounts using the two totally different methods.

[2manybills]

From what I understand they are not looking for that. Right now no one's house is going for "retail". It's pretty close and I'm sure you'll be okay. An attorney will advise you the best on that and be able to help you get some kind of appraisal. I think there are also online appraisals that may help too.

[eddiep]

you live in CA and have equity?

What are you basing your estimated value on? Was it a recent valuation?

[LiveStrong]

From what I understand they are not looking for that. Right now no one's house is going for "retail". It's pretty close and I'm sure you'll be okay. An attorney will advise you the best on that and be able to help you get some kind of appraisal. I think there are also online appraisals that may help too.

Thanks 2many.....you have been extremely helpful since I started posting here....I appreciate it.

[LiveStrong]

you live in CA and have equity?

What are you basing your estimated value on? Was it a recent valuation?

5 months ago it appraised for 440k....I'm not exactly sure where it's at now.

[2manybills]

You'll be fine! I haven't seen any prices going up. They are still around the "short sale - repo" pricing and we live 4 miles from the beach.

With State employees getting pay cuts, I can't see our housing changing any time soon. All of the Southern California Courts close 1 day a month now and that is without pay for the State and County employees.

[LiveStrong]

You'll be fine! I haven't seen any prices going up. They are still around the "short sale - repo" pricing and we live 4 miles from the beach.

With State employees getting pay cuts, I can't see our housing changing any time soon. All of the Southern California Courts close 1 day a month now and that is without pay for the State and County employees.

I hope you're right..I just wish I could know for sure before I file. If I knew they would try to foreclose my house I probably wouldn't file and if I decided to stop paying on all my debt I would just let judgements stand for a while and hope that values continue to decline. Thanks again!

[2manybills]

Have you tired online appraisals. They are a few that will help you out.

[LiveStrong]

Have you tired online appraisals. They are a few that will help you out.

I looked at Zillow...anywhere else?

[2manybills]

Some of them want too much info, but realtor.com is free and will give you average selling prices in your area.

[LiveStrong]

Some of them want too much info, but realtor.com is free and will give you average selling prices in your area.

Okay...I'll look at that