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BOBBYGINE

Thread Starter
Sophomore Member
Joined
Nov 26, 2007
Professional Status
Licensed Appraiser
State
California
I just got a request from a client to do an appraisal on a property that I did a year ago and they are wanting it for a bankruptcy court proceeding.
Has anyone ever had a request like this?
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Sure, many times. What's up ?
 

Mary Tiernan

Senior Member
Joined
Dec 16, 2003
Professional Status
Retired Appraiser
State
Michigan
A friend filed bankruptcy a couple years ago. The house value had to be a certain amount in order for them to keep it. Don't know the exact percentages, but it was a big question as to how the bankruptcy was filed.
 

Jim Buckner

Sophomore Member
Joined
Dec 30, 2004
Professional Status
Certified General Appraiser
State
Arkansas
Obviously the bankruptcy judge and trustee are interested in knowing the asset values and debts involved. The purpose of the report and the client may be a little different than usual but the process is the same - arrive at your opinion of market value. You might want to keep in mind that your value could be the final measuring stick for the court and they might not allow any sale at a price less than the appraised value.
 
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