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Should we sell or rent out our inherited condo in Atlanta Georgia?

Condo built in 2002, zestimate 201,000.00 realtor wants to list at 169,000.00. Comps suggest a value of 193,200.00. Rent zestimate is 1495.00. There is no mortgage but taxes and hoa fees are appx. 600.00 to 700.00 a month. Any profit would be split four ways. 
There are four siblings. Two live near the condo and two are out of state. The two near it want to keep it and others want to sell. It has been suggested we form an LLC but then there are tax issues for a gain of 160.00 a month income each. It seems like a tiny amount for all the trouble and not to mention the siblings don't get along. I am one of the out of state siblings and it takes a lot of coaxing to get information about the condo. The sibling executing the estate business wants us to buy in to this but won't give us solid information. I am also concerned that one sibling drinks and has money issues. What if they file for bankruptcy. Sell low now and cut our losses? Or rent it out and hope the market improves?
 
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August 23 2012 - Druid Hills
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Answers (5)

Zestimates are not to be held in high regard. They are often misleading and only give a broad estimate of the market. Atlanta price points have been governed by micro markets. A condo here may sell for a certain amount, however if you were to go around the corner and down the street the condo may sell for a totally different amount. I recommend finding a REALTOR you can trust. It does not hurt to get a second opinion from multiple REALTORS. In fact I recommend it.
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August 28 2012
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Thank you all very much. All great answers and all the same day! 
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August 23 2012
Are you and your siblings able to get along for another 2 - 3 years while the market is improving to allow the home to be rented?  If so, renting is a very viable option (if the condo has not reached its rental capacity yet) that many elect and have great success with (the key is to screen, screen, screen!).  However, if the relationship between you and your siblings is so strained that even a couple of years will bring out the worst in your relationship, then selling now and just splitting even a lower profit is probably worth your peace of mind!  Like the old Mastercard commercials, you can assign price values to renting and selling but having peace is priceless!
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August 23 2012
Number one FYI - Zestimates in Atlanta can be way off! The real estimate should be done by an appraiser if you are thinking about truly selling your portion like the other agent said.  No matter what kind of market, the resale market on condos is not always great.  You should ask not just one agent, but multiple agents to help you with a Competitive Market Analysis(CMA) to figure out what price to initially ask.   This will be based on actual sold condos in the building and area like you have seen.  Sometimes you can only go by just the building for values.  You can call an agent yourself and ask their opinion.

Maybe you knew this already - but the main thing is to get more than one opinion.  Go find another agent who already has sold some in this building!
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August 23 2012
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I would volunteer to sell  my portion to the siblings who wish to keep it and rent it.   I would set the sale price from  paid for appraisal, not a Zestimate nor CMA.
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August 23 2012
 
Related Questions
Should we sell or rent out our inherited condo in Atlanta Georgia?
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Latest answer by Tyler Willis
August 28 2012 | 5 answers
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