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, oftentimes 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 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 of paying back more than necessary in a Chapter 13.
Real estate appraisers, therefore, perform an integral function in the bankruptcy process. Appraisers usually estimate asset collateral values of secured creditors and debtor-in-possession (DIP) financings; help to identify and value sale/leasebacks, spin-offs, licensing and other re-organization opportunities; and are often involved in structuring and valuing restructured debt and equity instruments as well as assessing and opinionating on the fairness of proposed reorganization plans.
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 appraisers at MD Appraisal, LLC. understand the complexities involved in assessing the value of a property under these difficult circumstances and work hard to provide you with the best possible experience.
Select your Appraisal Based on the Size of Your House
*Waterfront Homes, Properties over 5 Acres or Complex Properties must select Jumbo
Don't know your Properties Square Footage?Look-up Your Property Tax Record
We boast a 48-72 hour turn times from order to delivery. No other appraisal office in our area can do that without cutting corners. We can promise it, and we do not cut corners.
With 14 years in the business, we know the local market better than any other appraisal company. Knowing the market means knowing the true value of your property.
We put a top priority on quality of product. We realize that the value of your property is not a haphazard idea. We cross our "T’s" and dot our "I’s". You can trust that accuracy is our number one aim.