<p>I am completing the CSS Profile for the first time - just what do you do to document a decrease in your home's value for purposes of equity, etc that would be defendable if you were audited? A statement from an appraiser/realtor perhaps? I know if I put my home on the market today, I would definitely not get what I paid for it a decade ago or what it is assessed for for taxes, if I can sell it at all! Any suggestions would be much appreciated from this newbie!! THANKS!</p>
<p>My family didn't provide any documents. My entire area is rather new and the price of homes have declined greatly. We are actually in the negative for home equity. And if any school were to ask, I would just show them the prices of our neighbors homes who are being forced to sell.</p>
<p>I would definitely not get what I paid for it a decade ago or what it is assessed for for taxes, if I can sell it at all!</p>
<p>that sucks. :(
I think zillow and other web sites can give you a figure ( although zillow may be high), that represents local sales.</p>
<p>I did the CSS Profile on December 28th & it actually let me enter the numbers showing we owed more on the house than what it is worth. Last year it did not! In all the years I have done the Profile, none of the schools have ever asked for proof of the fair market value of our home. I do consult every year with the real estate agent who sold us the house about 29 years ago & she provides me with comparison numbers of other homes that have recently sold in our area. So I have that backup to put in my child's financial aid folder, just in case anyone should ask! Hope this helps!</p>
<p>Ya I was excited that they allowed negative numbers, bcuz on all of the EFC calcs they do not allow for negative numbers and the value of homes in our area has dropped significantly, I wonder what effect of having a negative home equity will have on your fin aid package? I doubt they will give you more just cause its negative but rather ignore it.</p>