Delta98 Posted January 14, 2008 Report Share Posted January 14, 2008 I have found myself in the position where I must file bankruptcy. I want to file Chapter 13 so I will be able to stay in my home (a townhouse in Florida). They want me to place a value on my home and I am a bit confused as to what determines this value. I went to Zillow.com and the value is 130,500, the tax assessment is 146,000, there are other units on the market from 125,000 to 151,900. I honestly don't feel that I could sell this unit for more than 125,000 in less than 6 months. To make matters worse there was a unit in the complex which has been totally renovated with a brand new kitchen and all bathrooms redone that sold to a family member of the unit beside it for 164,000 in April of 2007. my unit in no way compares to that unit as mine has all original equipment and has not been updated at all. Where do I start in determining the value? Do I go with a "quick sale" value, do you deduct the cost of the sale, like sales commissions and what about exsiting liens for taxes and homeowners association dues? Do these liens affect the value in any way? Thank you for your help Link to comment Share on other sites More sharing options...
YoUrFrIeNdMiKe Posted January 14, 2008 Report Share Posted January 14, 2008 there is a thread on here kinda about zillowyou ask a difficult question because there are no buyers in Fl at the moment, at any price. residential housing most common method to guage current value and likely most accurate 3 comps. look at three homes that recently sold as close to your home in type size age ect see what they sold for do an average. the posters here gave some insight about the pros and cons of zillow. not a good time at the moment for FL real estate. Link to comment Share on other sites More sharing options...
LadynRed Posted January 14, 2008 Report Share Posted January 14, 2008 Call a real estate agent and get a quote on the 'quick sale' value, as a Trustee would be looking for a fast sale. Do NOT rely on Zillow and the tax assesments aren't always close enough to true market value either. Subtract from the quote from the RE agent the costs of selling and the cost of any needed repairs. Link to comment Share on other sites More sharing options...
Delta98 Posted January 15, 2008 Author Report Share Posted January 15, 2008 Thank you all for your help. I will call an agent tomorrow to get this thing started. Link to comment Share on other sites More sharing options...
fred333 Posted January 15, 2008 Report Share Posted January 15, 2008 Make sure to keep us posted. Link to comment Share on other sites More sharing options...
Core Posted January 16, 2008 Report Share Posted January 16, 2008 Since I had never heard of Zillow I went off to take a look... all I can say is, yea, it's not accurate... not even close in my neighborhood.... It estimated my home at 100K, off by about 35K fair market value, while estimating the empty lot behind me at 154K. Once, long ago, there was a modular home on that lot, but even then it wouldn't have been worth 154K. It estimated my neighbor at 100K as well, a brand new home, which they just paid 160K for... they'd be upset to know they were ripped off according to Zillow... Link to comment Share on other sites More sharing options...
parsoc Posted January 21, 2008 Report Share Posted January 21, 2008 The original message said he chose Chpt. 13 instead of 7 in order to keep the propery; I was told that Chpt. 13 would be the option ONLY if you were behind in mortgage payment....Is that right?Unfortunately we are, by one payment so have to come up with that along with attnys. fees...but if we can file our taxes and get the refund prior to filing we'll be ok Link to comment Share on other sites More sharing options...
LadynRed Posted January 21, 2008 Report Share Posted January 21, 2008 I was told that Chpt. 13 would be the option ONLY if you were behind in mortgage payment....Is that right?No, it isn't. Anyone can CHOOSE a Ch 13 for any reason they might have, protecting property is one of the primary reason people file Ch 13. Link to comment Share on other sites More sharing options...
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