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Have you ever wondered how a bankruptcy debtor calculates the value of their home? It is essential to be as accurate as possible when estimating your home’s value. In fact, an attorney will often 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, there are certain risks, such as a trustee objecting to the scheduled valuation and potentially asking the court for permission to seize your home. On the other hand, if a value is listed too high, it is possible to miss out on the availability of Chapter 7 and/or pay back more than necessary in 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. Appraisers also help to identify and value of 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 CMP Appraisals 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.
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