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What do trustees use to get fair market value of your house?

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    Question What do trustees use to get fair market value of your house?

    To determine the value and equity in my house and hoping that I don't have to pay for an apprasial what are some sources that I can use, and what sources do the trustee use?

    Thanks

    #2
    I don't know what the trustees use, but I used Zillow, and Cyber Homes, looked at the recent sales and then came up with a number from there. Zillow isn't accurate, but if you go to recent sales in the area and look for similar properties sold within 6 months and 1 mile, you can get a very good idea of what your house is worth. I would imagine the trustees probably start with an AVM and then order a CMA or an appraisal if they believe theres equity there.

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      #3
      A Trustee will use a variety of sources including, but not limited to, automated valuation methods (AVMs), comparative market analysis (CMA), tax records, and even a full appraisal.

      Some of the AVMs, that professionals have access to, are actually pretty good.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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        #4
        Originally posted by Hlc View Post
        To determine the value and equity in my house and hoping that I don't have to pay for an apprasial what are some sources that I can use, and what sources do the trustee use?

        Thanks
        Our bk attorney, who is also a Trustee, had us get a BPO (broker's price opinion). The BPO was 33% higher than zillow.com's value opinion.
        Filed Chapter 7 July 2010
        Attended 341 September 2010
        Discharged November 2010 Closed November 2010

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