Ch 7 Filing questions

[stinastina]

How do I know what my home is currently worth ?

How do I know what my car is worth ?

Thanks for your help.

[MileHigh96]

---

@stinastina wrote:

How do I know what my home is currently worth ?

How do I know what my car is worth ?

Thanks for your help.

---

For your car value, you can use Kelly Blue Book (www.kbb.com) and that will give you a pretty good idea.  As far as home value, just use Zillow and Redfin and go with the average of the two.  The trustee at my 341 meeting was doing just that for the people that went ahead of me that owned homes.  So that will get you pretty close there as well.

[stinastina]

Thank you.

I checked my county records and found the value on there. If I were to use Zillow or Redfin, the value would be more than my allowed exemption. Is there anything wrong with using my county's assessment ? Did the trustee change what people reported as their home value based on zillow or redfin ?

[MileHigh96]

---

@stinastina wrote:

Thank you.

I checked my county records and found the value on there. If I were to use Zillow or Redfin, the value would be more than my allowed exemption. Is there anything wrong with using my county's assessment ? Did the trustee change what people reported as their home value based on zillow or redfin ?

---

The trustee did challenge a couple of people based on what Zillow was saying.  Believe me, I know Zillow and Redfin are overpriced, but it's pretty close to what the market is doing in the area.  County records are usually behind when it comes to home values unfortunately.  The only other thing you could do is get a real estate agent to do a comp report for your neighborhood and hope those numbers come in lower than what Zillow says.  That's what I did and even though Zillow said my home was worth waaaaay more than I think it actually is, the trustee didn't challenge our valuation that we listed based on the comp report.

[despritfreya]

---

@stinastina wrote:

Thank you.

I checked my county records and found the value on there. If I were to use Zillow or Redfin, the value would be more than my allowed exemption. Is there anything wrong with using my county's assessment ? Did the trustee change what people reported as their home value based on zillow or redfin ?

---

Your tax assessed value is not the value of the home.  The value is what you could sell it for.  If Zillow is too high, maybe contact a real estate agent and get a Broker's Price Opinion.  Remember, the value you state is not binding upon the Trustee. 

Des.

[jmw1]

Before the pandemic, I would suggest that to hire an appraiser recommended by your bankruptcy attorney if you need a lowball value by a super nitpicky appraiser. A lowball appraisal by a certified appraiser is great because it costs trustee's counsel money to contest it in court vs Zillow or the trustee's inflated BPO from his agent.  But this only works in slow markets. The appraiser won't lie if he knows buyers today will buy dilapidated property at asking these days. I think Zillow and Redfin are getting pretty spot on on valuation lately they factor recent sales quickly while AVMs are very slow to update. You may have to pay the trustee some serious money to keep your house. 

The county tax assessed value doesn't mean a thing. Nobody uses it to determine today's true value of the house.

[stinastina]

There's a huge difference between Zillow and Redfin. One is $175k and the other is $215k. Either way, my home would be sold for the creditors. The inflation is solely due to the pandemic.

[Anonymous]

Based on inflated equity value where I am, I actually paid for an appraisal myself which came in about what I figured but almost 100k less than redfin or zillow so my attorney submitted the value of my appraisal along with the full appraisal report.  I guess I will find out soon enough if that satisfies trustee

[jmw1]

---

@Anonymous wrote:

Based on inflated equity value where I am, I actually paid for an appraisal myself which came in about what I figured but almost 100k less than redfin or zillow so my attorney submitted the value of my appraisal along with the full appraisal report.  I guess I will find out soon enough if that satisfies trustee

---

An appraisal from a certified appraiser is real good. Appraisers don't lie because they like keeping their job. Perhaps Zillow and Redfin are still very inaccurate in your area. This should be the end of the trustee's inquiry.

[Anonymous]

I hope so, according to redfin & zillow I have 300K in equity in 2 years 😂😂😂  if only that were true lol