It is important to list all of the personal property and their value while filing for bankruptcy. The property value or an item value is not its purchasing price. In fact, it is the replacement value, which a retailer would be charging depending on the condition and age of the property. It is the price you would be paying during filing for bankruptcy. The replacement value depends on many factors, and there are different ways to analyze it. In general, the property or the item will be majorly determining its value.
Whether you are planning to buy a property from a Bankruptcy or you are completing the bankruptcy norms, it is important to assess the accurate value of the property. In this article, you will find ways to find out the rough estimate of the property.
Methods of assessing value of different properties
The value of motor vehicle depends on many factors. However, age and condition are the major factors.
If the vehicle is new and there are almost no loan and no equity on it, then you can consider its retail value. However, you should also get a glance on its mileage, model, and the running condition for determining the exact value.
If the vehicle is old, then it will be better if you approach local classifieds and online marketplace for the used vehicle, and see what other people are offering for similar vehicles. You can compare the price and determine its value.
There are lots of household goods and furnishings that together can make some serious bucks like TVs, computers, audio, video equipment, etc. It is tough to analyze their price because you have to go through the lots of items to figure out the combined amount. A better way will be approaching an online used product marketplace such as eBay, Thriftshop, Craigslist, OLX, and others.
One thing you should keep in mind that there is a trivial value of household items that are very old and worn-out. However, if a very old household item has some historical importance, then you might have to consult an expert for its value.
You should approach a licensed appraiser for valuing Jewels.
You can get a written appraisal from them. You will find estate property dealers licensed for the appraisal process. Their written appraisals will ensure trustees about the values. The local pawn shops can also be helpful.
Art pieces can be highly valuable or sometimes can get the value of peanuts. The amount one paid for it can give a clue. However, if it belongs from some popular artists or it has something unique that can make it costlier, then you must approach a reputable art dealer or auctioneer for an appraisal.
It is important to know the value of the property as well as the market condition while dealing with a bankrupt seller or valuing property for filing bankruptcy. If you play smart, then buying a property from a bankrupt seller can be a superb deal. The best part is there are minimum chances of a fraudulent transfer.