Why is a real estate appraisal needed during bankruptcy?
Unfortunately, you filed bankruptcy. While it’s not the end of the world, you still need to
follow up on a few things…..like an appraisal of your real estate. During bankruptcy the debtor is required to show the worth of his or her assets to the court.
In most cases, you’re attorney will likely hire the appraiser after approval from the court. Our experience in these matters means that Bell Ferris will provide the reliable valuation services for your residential or commercial real estate.
Below is a list of items we will need to consider that could affect to the appraisal:
1. When does the appraisal need to be completed?
2. What is the effective date of the report? Is it in the past ? This is the date on which the value is based upon. Generally, the court sets this date.
3. Local Market – what is happening in your immediate area ? In your subdivision ? In your office park ?
4. Who is the report for ? Most of the time, it’s for the court and both counsels.
5. Is a trial scheduled, will we need to appear in court?
6. Fees are generally hourly for valuation work, conference calls and meetings. Hourly fees for depositions and court testimony are a different rate. Sometimes, the appraisal report can be a flat fee with testimony on an hourly basis. Who will be responsible for the appraisal fee ?