Compare, e.g., In re Mountain Side Holdings, 142 B.R. 421, 423, 23 B.C.D. 282 (D.Colo. 1992); In re Coby, 126 B.R. 593, 596 (D.Nev. 1991); In re Figueroa Ruiz, 121 B.R. 419, 422 (D.P.R. 1990); In re Weber, 140 B.R. 707 (Bankr.S.D.Ohio 1992); In re Robbins, 119 B.R. 1, 4, 20 B.C.D. 1688 (Bankr.D.Mass. 1990); In re Boring, 91 B.R. 791, 795 (Bankr.S.D.Ohio 1988); In re Richardson, 82 B.R. 872, 873 (Bankr.S.D.Ohio 1987); In re Claeys, 81 B.R. 985, 992 (Bankr.D.N.D. 1987); In re Parr, 30 B.R. 276, 277-78 (Bankr.N.D.Ala. 1983); In re Ward, 13 B.R. 710 (Bankr.S.D.Ohio 1981) (hypothetical sale costs considered); with, e.g., Wiese, 980 F.2d at 1285-86; Brown Co. v. Balbus (In re Balbus), 933 F.2d 246 (4th Cir. 1991); In re Case, 115 B.R. 666, 670 (9th Cir.B.A.P. 1990); Dinsmore, 141 B.R. 499, 510, 27 C.B.C.2d 785; In re Landing Assocs., 122 B.R. 288, 294 (Bankr.W.D.Tex. 1990); Bellamy, 122 B.R. at 862-63; Cobb, 122 B.R. at 26; In re Spacek, 112 B.R. 162, 164 (Bankr.W.D.Tex. 1990); In re Usry, 106 B.R. 759, 761, 22 C.B.C. 190 (Bankr.M.D.Ga. 1989); In re 222 Liberty Assocs., 105 B.R. 798, 804 (Bankr.E.D.Pa. 1989); In re Bellman Farms, 86 B.R. 1016, 1019 (Bankr.D.S.D. 1988); In re Courtright, 57 B.R. 495, 497 (Bankr.D.Or. 1986) (am
11 U.S.C. § 506(a). See Montgomery Court, 141 B.R. at 338, adopting the reasoning of In re Weber, 140 B.R. 707 (Bankr.S.D.Ohio 1992). Peoples acknowledges these decisions, but urges this Court to reconsider them based on recent decisions by courts which hold otherwise.
In valuing the property, the Court notes that it must consider the purpose for valuation and that the appropriate valuation date is the petition date. In re Adams, 2 B.R. 313 (Bankr.M.D.Fla. 1980); In re Weber, 140 B.R. 707 (Bankr.S.D.Ohio 1992). By January 29, 1992, Order of this Court, the value of the Virginia property was $474,000.00.
In Debtor's Chapter 13 plan, she proposes to keep her house and, thus, the "costs of sale" are purely hypothetical. The bankruptcy court, on the authority of its earlier decision in In re Weber, 140 B.R. 707 (Bankr.S.D.Ohio 1992), sustained the Trustee's objection and held that Creditor had an allowed secured claim for $13,687.02 and an allowed unsecured claim in the amount of $5,499.79. The district court, relying on In re Overholt, 125 B.R. 202 (S.D.Ohio 1990), affirmed.
This issue has been batted around this district for some time. Recently, Judge Sellers issued her opinion in In re Weber, 140 B.R. 707, entered April 8, 1992, in which she permits the subtraction of the 10% cost of sale regardless of the intended use or disposition of the property. In order to facilitate uniformity on this issue for the practicing bar in this district, this Court chooses to follow In re Weber rather than this Court's previous decision in In re Gerhardt, 88 B.R. 151 (Bankr.S.D.Ohio 1987).