Obtain a Property Valuation Report for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy
Do you ever wonder how a bankruptcy debtor calculates the value of a home? It is important to be as accurate as possible when conducting a house appraisal. In fact, an attorney will often recommend that his or her client contact a local home appraiser to perform a house appraisal in order to accurately assess its current fair market value and to obtain a property valuation report.
Significant discrepancies in the house appraisal can create potential problems in a Chapter 7 bankruptcy or Chapter 13 bankruptcy case. If the value of the home is listed too low, it poses the risk of a trustee objecting to the scheduled valuation and potentially asking the court for permission to seize the home. In addition, an obvious ‘low ball’ value will call the debtor’s honesty, truthfulness, and credibility into question in future proceedings with the bankruptcy judge, trustee, and opposing counsel. Obtaining a property valuation report from an independent home appraiser can help to avoid this sort of situation.
If the value is listed too high, a client may miss out on the availability of a Chapter 7 bankruptcy or may end up paying back more than necessary in the case of a Chapter 13 bankruptcy. Obtaining a house appraisal is an integral function in the bankruptcy process. A home appraiser: It is important to be as accurate as possible when estimating a home’s value. In fact, an attorney will often recommend that his or her client contact a local real estate appraiser to perform an appraisal on the home in order to accurately assess its current fair market value. Significant discrepancies in the value of a home can create potential problems in a bankruptcy case.
- estimates asset collateral values of secured creditors and debtor-in-possession (DIP) financings
- helps to identify and value sale/leasebacks, spin-offs, licensing, and other reorganization opportunities
- is often involved in structuring and valuing restructured debt and equity instruments
- assesses the fairness of proposed reorganization plans.
In order to assure an accurate house appraisal, bankruptcy professionals often hire, work with, and rely on an experienced home appraiser. At Aspen Appraisal Group, our team of certified and experienced appraisers understands the complexities involved in assessing the value of a property under the difficult circumstances surrounding bankruptcy. We work hard to provide the best possible experience. Call today with any questions you might have or schedule an appointment. You can also receive a free quote by clicking here. If you aren’t sold yet, see what others are saying about Aspen Appraisal Group by clicking here.