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In chapter 7 , these websites whether it be e-apprasals or Zillow, are good
only to see if further inquiry will be necessary. (Putting people on notice
that there might be equity). There is a view that bankruptcy valuations are
more to put the trustee on notice about the debtors assets. A perfect
valuation on every item would be great but it is unrealistic. [see 1991
Advisory Committee Notes to the Form 6 Schedules (A-J)] There are some
trustees that use zillow in order to see whether or not they need to hire a
real estate agent. There are sites that check multiple websites (yahoo).
My view is that Epprasials and Zillow are usually inaccurate and outdated,
but it is useful for understanding what the trustee might think the value of
the property is going to be and whether it might be worth it for the debtor
to hire an actual appraiser and/or talk to a real estate agent. I do not
like debtors being worried about whether their home will be exempt. If the
property value becomes a court issue then these sites are inadmissible.
David Jacob
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On 2/21/10 10:09 AM, "
robert90701@aol.com" wrote:
>
>
>
>
>
> Dear Larry:
>
> No but it doesn't matter if anyone heard of it. Can it be shown to be reliable
> evidence? There is a duty of reasonable inquiry.
>
> Good Luck starts with a strategy and a plan. Form a strategic alliance with
>
> Robert J. Suhajda, MS,CPA
> 17721 Norwalk Blvd. #43
> Artesia, CA 90701
> 562-924-8922
>
> Income Tax for Attorneys, Bankruptcy, IRS representation,
> Fiduciary income tax returns, Estate and Gift tax returns,
> Trust Protector, Independent Trustee, Court Accountings
>
>
> In a message dated 2/20/2010 10:56:29 P.M. Pacific Standard Time,
>
go@gobklaw.com writes:
>> I've never heard of eppraisals but if they're like zillow, they're
>> equally inadmissible in court. You need to introduce an appraisal
>> with a declaration from a qualified individual, e.g., a duly licensed
>> appraiser.
>>
>> On Saturday, February 20, 2010, Alik Segal wrote:
>>> >
>>> >
>>> > I think they are like
http://www.Zillow.com. Sometimes the two
>>> > websites have very different values. Both use computer algorithms to
>>> > come up with valuations.
>>> >
>>> > Alik Segal
>>> >
>>> > On 2/19/10, Larry Webb
>>> wrote:
>>>> >> CH7 Client has sent me an appraisal for his residence from
>>>> eppraisal.com
>>>> >>
>>>> >>
>>>> >>
>>>> >> Has anyone used or heard of eppraisal.com ?
>>>> >>
>>>> >>
>>>> >>
>>>> >>
>>>> >>
>>>> >> Larry Webb
>>>> >> email
Larry@Webbklaw.com
>>>> >>
>>>> >>
>>>> >> Law Office of Larry Webb
>>>> >> 484 Mobil Ave. Suite 43
>>>> >> Camarillo California 93010
>>>> >> 805 987 1400
>>>> >> Fax 805 987 2866
>>>> >>
>>>> >>
>
>
>
>
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Re: [cdcbaa] Appraisals
In chapter 7 , these websites whether it be e-apprasals or Zillow, are good only to see if further inquiry will be necessary. (Putting people on notice that there might be equity). There is a view that bankruptcy valuations are more to put the trustee on notice about the debtor’s assets. A perfect valuation on every item would be great but it is unrealistic. [see 1991 Advisory Committee Notes to the Form 6 Schedules (A-J)] There are some trustees that use zillow in order to see whether or not they need to hire a real estate agent. There are sites that check multiple websites (yahoo). My view is that Epprasials and Zillow are usually inaccurate and outdated, but it is useful for understanding what the trustee might think the value of the property is going to be and whether it might be worth it for the debtor to hire an actual appraiser and/or talk to a real estate agent. I do not like debtors being worried about whether their home will be exempt. If the property value becomes a court issue then these sites are inadmissible.
David Jacob
This e-mail is from an Attorney and may contain information that is
privileged and/or confidential, including, without limitation,
attorney-client privileged communication(s) and/or confidential attorney
work product. If you are not the intended recipient, any dissemination,
distribution or copying is strictly prohibited. If you believe that you
have received this e-mail message in error, please e-mail the sender and
delete all copies.
On 2/21/10 10:09 AM, "
robert90701@aol.com" <
robert90701@aol.com> wrote:
Dear Larry:
No but it doesn't matter if anyone heard of it. Can it be shown to be reliable evidence? There is a duty of reasonable inquiry.
The post was migrated from Yahoo.