Ever wonder how a bankruptcy debtor calculates the value of their home? You need to be as accurate as possible when your attorney asks you to estimate your home’s value. In fact, often times an attorney will recommend their clients contact a local real estate appraiser to perform an appraisal on the home to accurately assess its current fair market value.
A home appraisal provides you with an accurate assessment of your home’s fair market value. Significant discrepancies in the value of your home can create potential problems in bankruptcy. If the value is listed too low, the client runs the risk of a trustee objecting to their scheduled valuation and potentially asking the court for permission to seize your home.
In addition, an obvious ‘low ball’ value will call your honesty, truthfulness
Real estate appraisers, therefore, perform an integral function in the bankruptcy process. Bankruptcy professionals quite often need to hire, work with and rely on experienced real estate appraisers. Our team at Everest House Valuation Services understands the complexities involved in assessing the value of a property under these difficult circumstances and will work hard to provide you with the best possible experience.
Give us a call today with any questions you might have.
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