How To Set A Price On A Property?
My problem is that my mother died last week and she left her house to my brother, sister, and me. My sister is interested in buying the property; however, I told her that she would have to pay market price. I don't think she wants the property listed with a broker. Should we pay an appraiser to give us a price or is it fairer for a broker to make a comp and try to get offers and give my sister the option of matching the highest bid? The property is located in South Florida and property values are skyrocketing in this seller's market. I just want to sell the house and get the best possible price for all of us. Any advise would be greatly appreciated. :-?
I'm in sort of a similar situation. My grandfather had a recent major medical problem and had to be put in a nursing home. I have decided to buy his ten acre farm to keep it in the family. We're actually having an appraiser come in tomorrow. I would recommend that approach, especially in a family situation. One of my main concerns in buying my grandfather's property was to be careful about alienating my extended family, especially since they can be very close-fisted in a financial situation. We felt that having it appraised would be the fairest way to appease everybody.
We're also doing a private sale and my grandfather's estate will be holding the mortgage. That's way, we don't have to go through the hassle of working with a bank (something I've done twice before and it wasn't fun either time) and my grandfather will be getting that much more money because of the interest. I don't know if you want one large lump sum now or if you would be happy with a larger amount of money over a longer period of time.
So, that's how I'm handling it. My situation is quite complicated, obviously, because my grandfather is still alive and needs that money for his long term care (though, unfortunately, he doesn't understand anything that is going on around him.)
Thanks for your reply kristinNH. I pray that it works out for the best in your situation. I was asking because I have heard from some realtors that many appriasers in South Florida where setting price ranges that where lower than what the properties were eventually sold for. I personally don't like the idea of my sister or any other family member buying the property because of the conflict of interest involved.
use a "master" appraiser if one available also you can have a broker look a it as well the broker will not charge, in my area that is. then you can compare the two or have several agents look as well.....km
Thanks for the advice kenmax.