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Answers (6)
- Roxana Garcia, "Roxgarcia"
- Contributions:122
The best way to pay a fair price for your estate would be to hire appraiser that specializes in the area where the estate is located. Look at comparable properties and come to an agreement with your sister.
- Rich Bosselmann, "rbosselmann"
- Contributions:37
I would order an appraisal and both you and your sister sit down with the appraiser and go over the comparable sales when it is finished. If an appraiser just hands you the report, you will never understand the system of adjustments used to determine final value. Drive by the properties that the appraiser used to compare with yours if you are familiar with the neighborhood. If you are both comfortable with the value, great. If not, you may want to order a second appraisal and meet in the middle. Lenders order multiple appraisals all the time. I can almost guarantee you that two appraisals from different appraisers will not have the same value. Depending on the neighborhood, and property, they might be very different.
- Dan, "the_country_hick"
- Contributions:4699
Get a genuine appraisal from a genuine appraiser (like from a bank). It will cost a few $$$ to get done.
A broker give an opinion on what they think the price should be, not what it is.
An agent gives a cma and if you get 5 each will be different.
Zillow is not accurate enough to trust for this.
A real appraiser is what a bank uses to determine real value. That alone defines how large a mortgage can be gotten for a given property. Then (check with bank for more correct details it may need to be THEIR appraiser) the appraisal stands for the house value. A mortgage is based on real value. An appraisal gives real value.
That gives the market value as of today. What tomorrow will bring as a value (as you stated above) could be very different.
A broker give an opinion on what they think the price should be, not what it is.
An agent gives a cma and if you get 5 each will be different.
Zillow is not accurate enough to trust for this.
A real appraiser is what a bank uses to determine real value. That alone defines how large a mortgage can be gotten for a given property. Then (check with bank for more correct details it may need to be THEIR appraiser) the appraisal stands for the house value. A mortgage is based on real value. An appraisal gives real value.
That gives the market value as of today. What tomorrow will bring as a value (as you stated above) could be very different.
- wetdawgs
- Contributions:26854
If I were in this situation, I'd hire an appraiser (share the cost with your sister) to look at the property and recent solds in the area, and then pay her 1/2. What approach does she wish to use?
County records of tax values and Zestimates are only a starting point, but are not a "fair" value in a situation like this.
County records of tax values and Zestimates are only a starting point, but are not a "fair" value in a situation like this.
- sctprop
- Contributions:182
You should not be using either source to value the property in todays market. Assessments can be up to 5 years old and are not always based on 100% of value, soemtimes less and sometimes more. Zestimates are unfortanately all over the place, they do not necessarily reflect what teh home is worth in todays market. you need to get a professional appraisal to be sure and if you do not want to pay as much, then at least a brokers price opinion to let you know what the market value is.
- Cynthia Bell, "CyndiBell"
- Contributions:329
Best to speak with a local real estate expert and/or attorney specializing in estates.
Zillow pulls from public records, for the most accurate valuation of the property in quesition you need to speak with someone local.
What is the fair price to pay my sister for her half of our estate home?
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