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How to estimate house value

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outofcontrol

Guest
What is the name of your state? TX

I thought you used your tax asessemnt value minus the costs to sell it. When I first went to an attorney my valuation was low then 2 months later new assesment came in at 20k higher which changed the picture. I thought I would be still OK because after selling costs of 6% the equity was still within federal exemptions.

I check with my attorney and he says NO I have to use the tax assesment value.

Am I screwed or do I have an alternative.

The reason I am going federal is to use some of wildcard for a 50% ownership in property overseas. Now I can't even use the selling costs for that, and it would cost more than I have in equity to coordinate a sale overseas even if I could get the other owner to aggree.

Any help would be appreciated. Sue wish my attorney had told me this 3 months ago.
 


Ladynred

Senior Member
Bigun just answered a similar question in another thread. You don't use the tax value. How much could you reasonably sell it for, right now ?? Read his other post :)
 
A

a neighbor

Guest
Outofcontrol

The way I approached the house is I had a real-estate agent come in and give me the walk-away-value of this house. I pointed out EVERYTHING wrong and that needed fixing. He valued it at 50K less than the tax value. He gave it to me in writing, and I used this for BK. I didn't explain I was considering BK, I just told him I may walk away from the place and give my brother half of the money.
 

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