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 a real estate appraisal on the home to accurately assess it’s 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 to 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 honestly, truthfulness and credibility into question in future proceedings with the Bankruptcy judge, trustee, and opposing counsel. If a value is listed too high, a client may miss out on the availability of a Chapter 7 and/or end op paying back more than necessary in a Chapter 13. Real estate appraisers therefore perform an integral function in the bankruptcy process.
For these reasons, bankruptcy professionals quite often need to hire, work with and rely on experienced real estate appraisers. Our team of certified and experienced real estate appraisers at Premier Appraisal Services of Tallahassee understands the complexities involved in assessing the value of a property under these difficult circumstances and works hard to provide you with the best possible experience.
Give us a call today with any questions you might have and also check out our Testimonial page to see what others are saying about Premier Appraisal Services of Tallahassee.
Kevin Silver, Cert Res RD4320, is one of the leading real estate appraisers in the area as well as a real estate consultant, expert witness and more.