How To Find “Comps” To Assess Equity and LTV

When a homeowner is trying to figure out a solution to foreclosure, it is almost always necessary to know if there is any equity in the home. The value of the home and the equity above any liens to be paid off is very important regardless of which solution is considered. Lenders cannot evaluate a refinance without knowing the LTV, or loan to value ratio. Bankruptcy Trustees need to know what the value of the primary asset is in order to assess whether unsecured creditors are entitled to receive 100% (in addition to considering other factors). Buyers and investors will want to know the value as well before they make an offer.

For those in New York City, there is a site that we have linked on the NY Foreclosure Law Blog called the Automated City Register Information System or ACRIS. The site is searchable by address or by block and lot number. Keep in mind that the City’s viewpoint on the value of your property may not reflect the reality of the current market. In addition, improvements and renovations (or, conversely, damage to the property) need to be considered as possible adjustments to reflect the true fair market value. Needless to say, any certified appraisal will be based on comps (comparable sales in your neighborhood in the last few months). But ACRIS is a very good starting point for most people.

For those living in Nassau County, there is also a site called My Nassau Property. And for almost anyone, there is another useful valuation site called Zillow, although in my experience, Zillow tends to overstate some values. Here are the links –

Zillow.com Property Valuation
New York City Property Information – ACRIS
Nassau Property Valuation

For future reference, all of these links can be found in the lower right sidebar of this blog.