We currently own a house, but I am in the middle of building a house.
How do I value the house under construction for my application?
Wow, good question. If you own the real estate and the incomplete structure, I would say to make an educated guess as to the fair market value of the property, whatever condition it’s in, as of the day that you complete Profile.
What have you spent on it so far, less any debt?
In some circumstances, a lot with a barely begun structure on it could be worth even less than a vacant lot without the structure. In the event of a fire sale, it could limit the buyers’ ability to do what they want with it, without undergoing the expense of demolition.
You can’t value the property contingent on a potential fire. You have to value it on what is there the day you file your Profile.
Fire sale means quick sale…not an actual fire.