Why is an appraisal needed during bankruptcy? (Greater Sacramento Region)

Why is a real estate appraisal needed during bankruptcy? During bankruptcy the debtor is required to show the worth of his/her assets to the court. Simply put, an appraisal by a qualified and professional appraiser in the State of California is the official means of verifying the true value of your property (or properties). It is the job of the appraiser to provide thorough and reliable research to demonstrate with clarity what your home is worth so that your proceedings can move forward. It is very likely that your lawyer will ask you to hire an appraiser, so it is important to make a good selection.

Tips for Selecting an Appraiser During Bankrputcy:

1.  Choose an appraiser who understands your local market.

2.  It may be a good idea to ask the appraiser about his/her experience in general as well as knowledge about your area of town.

3.  Let the appraiser know exactly what you need and why you need it. Is the appraiser going to need to go to court? (probably not, but if you know in advance, that is helpful information).

4.  Let the appraiser know when you need the completed report by.

5.  Most appraisal fees will probably hover around the same level because there is usually an acceptable price standard in the market (just like with any other product or service). My fees are very reasonable and I do a fantastic job with bankruptcy appraisals. This is my own philosophy, but I would strongly suggest that you not hire someone who is willing to do the appraisal for vastly less than everyone else. Like the saying goes, “you get what you pay for” (I’ve certainly learned this lesson, especially when hiring contractors).

Please let me know if you have any questions about the appraisal process during bankruptcy. I offer my bankruptcy appraisal services throughout the Greater Sacramento Region in multiple counties such as Sacramento, Placer, Yolo, El Dorado and San Joaquin among others. I can be reached at 916-595-3735, www.lundquistcompany.com or LundquistCompany@gmail.com. Your circumstances may be very difficult understandably, so the hope is that at least the professionals around you can help to smooth over some of the details like this so you don’t have to think too much about them.