Means of proving real estate valuation
Posted: Tue Aug 21, 2012 1:32 pm
Jay
I tell the client to get three broker's price opinions. When I was a trustee I had a broker set up a network of local real estate agents with whom the broker could colist properties. Then I gave the broker a list of properties for bpo's. Many of the current trustees use that broker and his net.
Only a local sales agent/broker can give one a real market value.
Once we have the three price opinions, I explain the risks of sale to the debtor and let them decide if we file.
D
Sent from my iPhone
On Aug 21, 2012, at 12:05 PM, "Shannon Doyle" wrote:
> Yes I may advise client to get an appraisal but in those situations where the property value is very close to being non-exempt, the only real way a Trustee will verify value in a Ch7 situation is to list the property. In those situations I dont risk it.
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> Shannon A. Doyle
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> Attorney at Law
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> 100 N. Barranca Avenue, Suite 250
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> West Covina, CA 91791-1600
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> Tel: (626) 646-2555
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> Fax: (626) 332-8644
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> www.blclaw.com
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Jay Fleischman
> Sent: Tuesday, August 21, 2012 11:16 AM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Means of proving real estate valuation
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> Shannon, do you typically do a full appraisal in that situation? Again, we usually do those for both 7 and 13 purposes - but local practice rules, of course.
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> Jay
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> On Tue, Aug 21, 2012 at 10:20 AM, Shannon Doyle wrote:
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> For what purpose? If there is a possible Ch7 liquidation of the property, Zillow is not a reliable source.
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> Shannon A. Doyle
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> Attorney at Law
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>
>
> 100 N. Barranca Avenue, Suite 250
>
> West Covina, CA 91791-1600
>
> Tel: (626) 646-2555
>
> Fax: (626) 332-8644
>
> www.blclaw.com
>
>
>
Jay Fleischman
> Sent: Tuesday, August 21, 2012 9:10 AM
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> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Means of proving real estate valuation
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> How do local trustees in the Los Angeles court verify real estate valuation? In my previous universe we had consumers get proper appraisals; is that the usual procedure here, or do trustees take printouts from places such as Zillow?
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> Thanks in advance.
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> -------------
> Jay S. Fleischman, Esq.
> Shaev & Fleischman, LLP
>
> I help people with overdue bills, credit reporting problems, and debt collection harassment. Questions? Just hit REPLY or check out my website here: http://www.ConsumerHelpCentral.com
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JayI tell the client to get three broker's price opinions. When I was a trustee I had a broker set up a network of local real estate agents with whom the broker could colist properties. Then I gave the broker a list of properties for bpo's. Many of the current trustees use that broker and his net. Only a local sales agent/broker can give one a real market value. Once we have the three price opinions, I explain the risks of sale to the debtor and let them decide if we file. DSent from my iPhoneOn Aug 21, 2012, at 12:05 PM, "Shannon Doyle" <
(626) 332-8644www.blclaw.com From: cdcbaa@yahoogroups.com [mailto:
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