Bankruptcy

Appraisal – Bankruptcy Understanding Appraisals in Bankruptcy Proceedings

If you're planning on filing for bankruptcy and have a home, you more than likely will need to provide proof of the value of your real property aka your home. This is normally done by having your home appraised by a certified bankruptcy residential appraiser. The bankruptcy appraisal is a report that is for court purposes for determining the market value of residential real property in a bankruptcy proceeding.

Given the unpredictable and ever-changing real estate market, you most definitely would want to have an independent bankruptcy appraisal from an appraiser who is adept at providing bankruptcy home values. And keep in mind if you hire a local appraiser who is experienced with bankruptcy appraisals as they relate to your home’s value, you lessen the likelihood the appraisal report will be challenged or rejected by the bankruptcy court. To determine the value of your home, the property appraiser will look at the size and type of the home and property, the condition of the property and the overall real estate market in the area. The appraiser will make note of a list of certain things including any shortcomings to the property, the area around your home and noting any deferred maintenance. The appraiser is doing research to determine the fair market value for your home, so most anything that would lower or increase the value of your home will be considered in the appraisal for the bankruptcy court. Having your home appraised is a necessary and crucial step in the bankruptcy process. You and your bankruptcy attorney should review the report very carefully. Keep in mind if you are having to file for bankruptcy and your home is part of the equation, it is truly in your best interest to hire a local certified property appraiser who has the experience and vast knowledge for conducting bankruptcy home appraisals in our area. He or she will know exactly what it is that is mandated by the courts.

We are experienced with bankruptcy, foreclosure, short sale and liquidation appraisals. Feel free to contact us for a consultation and we will provide a needs analysis to better understand your situation and determine if we can further assist you. You may contact us here. The law surrounding bankruptcy law is complicated and the facts of each case are unique. This article provides a brief, general introduction to the topic. This is not legal advice. Please contact a bankruptcy attorney to provide legal advice. As with any legal matter, we highly recommend consulting with an attorney.