Re: re: homestead exemption to WhyChat, experts

Posted by Why Chat (209.240.205.61) on November 25, 2003 at 16:08:01:

In Reply to: re: homestead exemption to WhyChat, experts posted by GF of CA on November 25, 2003 at 03:38:57:

You are probably figuring appraised value for your determination of equity. You need to figure the value if it were sold at auction minus normal selling costs and legal fees.

If your current mortgage is within the last 5 years, and you are basing your equity on what you bought your house for minus the balance due on the mortgage,- sales costs of 8%,you MAY possibly be correct. But if you are figuring the increased sales value, that is not what is considered.

It is the same as a car, you figure the wholesale value,not the retail to arrive at an equity figure.

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