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What to offer on a home when buying out relatives on an estate?

I was recently listed as a beneficiary on an estate that apprasied at 151K.  I would like to buy out the other 2 people, but want to make an offer that is fair for all parties given the current housing market.  Right now, what would a fair offer be on a 151K appraisal?
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December 09 2011 - Richfield
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Answers (7)

Appraisers and agents in our area use comps from the past 6 months.  So your appraisal is well within that time period. 
The appraiser looks at the current home sales to appraise your property.  I think you have a good idea from the appraisal as to the value of the home.  I have appraisers call me from time to time to find out the condition of properties I've listed and sold.  They do try to come up with the best comparison properties they can.
Call a local title company to help you with the sale.  They should be able to tell you where to get a purchase agreement and will help you with the rest of the paperwork.  You've had the inspection and sound happy with it.
Good Luck with your purchase,
Christine

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December 11 2011
Profile picture for sunnyview
I would use the appraisal as a base value. Then, I would ask a local agent for a 30-60 day "as is" with no repairs required and a regular full commission listing price on the house with all inspection items repaired or credited. Those three numbers, the appraisal, as is sale and full repair sale, should give you a basis to find a fair value that makes it easy for the estate and gives you a current value on your market.

It is important to be fair with family and is important to give them enough information so that they feel that you are being transparent and want a square deal for everyone.
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December 09 2011
I agree with Nathan - i would have your own appraisal done and work out a deal at the appraised value. That is about as fair as it gets! It can be win-win for everyone, as it will save the estate the marketing costs and sales costs, and you get a solid deal for the right value.
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December 09 2011
Profile picture for wetdawgs
An offer at the appraisal price seems reasonable as the appraisal is from October, or the estate can recognize that selling to you saves approx 6% real estate commission and give you a bit of a discount.  
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December 09 2011
Profile picture for RodriguezCL
The appraisal was done in October of this year, so quite recently. The house is in Richfield, MN. The house is livable, the only things that will need to be done are aesthetic.  An inspection was also done. My initial feeling was to offer the 151K appraised value, I just wasn't sure if we would be offering the same on the house if it wasn't in the family. This is my first time at this, and just want to make it fair.
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December 09 2011
I second Nathan.  When was the $151k appraisal done?  What's the approximate location?  Condition? What much will you have to put into the home to update it/make it livable?  All of these factors have to be taken under consideration. Your relatives are probably expecting close to a full value, but you are the one who will have to make the repairs.
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December 09 2011

I would strongly suggest having an appraisal done if you haven't already.  That will at least establish a fair market value and a starting point.  That way you will not be burning any bridges with family members. 

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December 09 2011
 
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What to offer on a home when buying out relatives on an estate?
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