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  • 4 Contributions
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Alma Solomon wrote:

real estate sales between family members . what are the guide lines....appraisal verse sell price?

Are you asking what the sales price should be based on - the appraised value or recent sales price (market value)? Since appraised values are typically backward looking and many times the asking price is higher in a market moving upwards there can be a difference. If you're trying to determine the selling price this can be tricky. You may want to have a real estate expert provide you with comps of active, pending and recent sales to come up with a price that is fair and equitable.Good luck!
September 06 2013

Why is the Zestimate so wildly different from the asking price?

Best Answer
This difference seems to be too great so you have to wonder if there is an error. That being said many times there are difference in the asking price and the Zestimate for a number of reasons. Zillow can only pull information from the public records and  data for comparable sold and active listings with like features (e.g. square footage, lot size, number of bedrooms, baths, pool, garage, etc.). There may be other factors that are not taken into consideration for the Zestimate. This could be the upgrades in the home (quality of materials can make a huge difference), how the house sits on a lot (may have more privacy from neighboring homes), landscaping and a host of other factors that are not factored into the Zestimate.In this case you may want to speak to your agent so that he/she can investigate. Good luck!
September 06 2013

My home was recently appraised for $532K. How much should I list it for?

Since the appraiser mostly considers comparable properties that were recently sold, you will want to take into consideration other factors that may or may not affect what buyers are willing to pay for your property. In addition to having a comparable market analysis completed, you will want to take into consideration how well the property shows relative to other comparable properties on the market. For example, will you be able to stage it so that it is appealing and inviting? A small investment in minor repairs, painting, removing excess furniture and personal items can have an impact on price and a positive ROI. Ultimately a home that is priced correctly and appeals to the emotions of the buyer will sell quickly. Good luck!
August 28 2012

I want to help my son buy a house his credit is lousy can I buy the house in myname and he will

You will wnt to make this decision understanding the full risk. I would think about the worst case scenario, which is that he does not pay the mortgage and stays in the house (therefore you are unable to rent it out and you're stuck making payments). On the other hand, if you are mostly confident about his ability to make payments then it can be done by putting both of your names on the deed and co-signing the loan. After a period of time you can quit claim your portion to your son and he can refinance assuming his credit is restored. You should check with a mortgage loan advisor for more details. Good luck with your decision!
August 24 2012