Have you ever wonderered how a bankruptcy sufferer finds the value of their home? It is imperative that you get an accurate value of your property when your attorney asks you to estimate your home’s worth. Most of the time attorneys will ask their clients to contact a local real estate appraiser to get an appraisal on the home to accurately determine its current market value.
A home appraisal gives you an accurate market value of your home. Discrepancies in home values can create huge problems during bankruptcy proceedings. If the value is shown too low the debtor runs the risk of the trustee objecting to their valuation and potentially requesting the court’s permission to take your largest asset, your home.
Additionally, an obvious attempt at a low value will question your honesty, integrity and credibility in future proceedings with the judge, trustee, and opposing counsel. If a value is too high, the client could be prevented from filing a Chapter 7 and/or end up paying a lot more back than necessary in Chapter 13.
Real estate appraisers perform a vital function in the bankruptcy process. They usually estimate the asset collateral of secured and unsecured creditors, as well as debtor-in-possession financings and help to identify and value all sale/leasebacks, licensing and other re organization opportunities; and are often involved in structuring as well as valuing restructured debt and equity instruments and assessing the fairness of proposed re-organization plans.
Bankruptcy professionals often hire, work with, and rely on experienced, local real estate appraisers. Our Certified, licensed and experienced appraisers at Sammco Appraisal Group understand the complexities involved in determining the value of a property under those difficult circumstances and work hard to provide you with the information needed to insure a smooth transition.
Call us today with your questions and also check out our ‘Praise’ page and see what people are saying about Kevin Howell and Sammco Appraisal Group.