real estate value question

[PyroGuy]

ok...now, let's everyone make a guess as to what the appraisal is going to be.

My guess....if it was worth $107,000 in 2007, it will be worth $89,000 now.

Your guesses??

[jdcat]

Wow good guess justbroke!

[jdcat]

Hi pyroguy, I chickened out. I didn't call my old neighbor, lol! I just made an appointment with an appraiser I found in the phone book. It's going to cost us $250, and my hubby is going to flip his lid, but this is something that shouldn't be taken lightly and I'm just going to have to convince hubby that this *has* to be done.

He's coming by Friday and I'll have the results by Monday.

I'll post the results when I get them just to let everyone here know how far off or how close our guess was!

I'm terrified. If the house appraises for more then 107K we'll be over our exemption.

[justbroke]

If the place is only $100K, you should be able to get an appraisal for under $250, and probably for like $200. Shop around!

[PyroGuy]

YES...spend the few bucks and have a piece of mind and get the appraisal!

With today's market, you can have 2 homes exactly the same....except one is a Bank Owned property, and the other is being sold from an individual. There can be as much as $50,000 difference between the homes....

I needed a good value (below my first mortgage) to be able to strip the 2nd and 3rd in my ch. 13 that I will be filing....I hinted to the appraiser what I needed, and "Boom", there was a value that was lower than my first mortgage. I even asked if the appraiser would be willing to go to court to back this up, and the answer was "I wouldn't have signed it otherwise"....

This is a CRAZY market right now!

[jdcat]

Thank you for the replies everyone. I think I'm just gonna bit the bullet and have an appraisal done then. I'd rather know for sure than sit here worrying everyday.

I can't shake the feeling that an appraisal would hold more water with a trustee than a cma.

My old neighbor is an appraiser and I've thought of calling him up several times over the past few months but I so didn't want to have to explain the situation. I guess I'm just gonna have to suck it up and do it. Not looking forward to it.

[justbroke]

I concur with the above assessment. My appraisal from 2008 has no bearing on my home price, just as my 2006 and 2005 appraisal are irrelevant as well. At least get a CMA for the place.

[StartingOver08]

An appraisal from 2007 has no relationship to today's value.

As stated, get a CMA from a local realtor. They are free. Use comparable sold properties within the last 90 days. You will then have a much more accurate and defensible value if the Trustee questions it. In our area our values are still dropping. You can not measure the market without seeing what has actually closed recently.

[newbie2]

We had our home appraised back in 2007. It appraised for 107K. We met with our attorney yesterday to go over our petition and this part of the petition we were very unsure what to put. We all discussed it and decided to go with a value of 100K which is about a 6 percent drop in value. We thought that since real estate prices peaked around 2006 and our appraisal was done shortly thereafter that our estimate and the 6 percentage drop was not unreasonable.

I did tons of research on homes in my area and think this price is very fair for the age and condition of our home (99 years old and needs work). I'm a little nervous about this though. If the trustee asks us how we came up with the value of our home will telling him/her how we came up with our number fly?

We do have money set aside for an appraisal in case the trustee asks for one.

Did any of you do the same when estimating the value of your homes?

We are a below median no asset chapter 7.

Thank you for reading.

I would be hesitant to base your current value upon a 3 year old appraisal and then deducting 6%. The real estate market has been so crazy just within the last year that you may be selling yourself short.

Pick up the phone and call a couple of local real estate agents and ask for a free market analysis. Most are happy to do that for you. Then look at the current value they give you and go from there.

[jdcat]

We had our home appraised back in 2007. It appraised for 107K. We met with our attorney yesterday to go over our petition and this part of the petition we were very unsure what to put. We all discussed it and decided to go with a value of 100K which is about a 6 percent drop in value. We thought that since real estate prices peaked around 2006 and our appraisal was done shortly thereafter that our estimate and the 6 percentage drop was not unreasonable.

I did tons of research on homes in my area and think this price is very fair for the age and condition of our home (99 years old and needs work). I'm a little nervous about this though. If the trustee asks us how we came up with the value of our home will telling him/her how we came up with our number fly?

We do have money set aside for an appraisal in case the trustee asks for one.

Did any of you do the same when estimating the value of your homes?

We are a below median no asset chapter 7.

Thank you for reading.