mom31257 Posted April 23, 2018 Share Posted April 23, 2018 Our family is ready to sell my grandmother's home. It needs some work on it, so we aren't sure what to ask. Should we get an appraisal so that we don't go too low or too high? Have any of you experienced this situation? Thank you for sharing your insight! Quote Link to comment Share on other sites More sharing options...
Storygirl Posted April 24, 2018 Share Posted April 24, 2018 Your realtor should be able to help you determine a good price, based on comparative sales of similar properties in the area. It's part of what they are meant to do for you. You would need to pay if you sought an appraisal. You can consult with several realtors to get their opinion before deciding who to use, so you can get multiple price suggestions that way. 1 Quote Link to comment Share on other sites More sharing options...
gardenmom5 Posted April 24, 2018 Share Posted April 24, 2018 are you talking more than by multiple real estate agents - who should know your market? you want to get the most for the property - but you don't want to ask more than a bank will lend. 1 Quote Link to comment Share on other sites More sharing options...
mom31257 Posted April 24, 2018 Author Share Posted April 24, 2018 We did talk to one realtor for a few questions, but that is all. We have an extended family member who has asked to see it. The next door neighbor's brother is interested as well. Since we have potential buyers, we were thinking we might not sign it with a realtor. None of us live in the town that it is in, but my sister is just over an hour away as well as my dad. Quote Link to comment Share on other sites More sharing options...
Annie G Posted April 24, 2018 Share Posted April 24, 2018 If you’re thinking of selling without a realtor, an appraisal sounds like a worthwhile investment. ‘Hope it sells quickly! 3 Quote Link to comment Share on other sites More sharing options...
Tsuga Posted April 24, 2018 Share Posted April 24, 2018 In our market, the county appraises all homes for property taxes every year, so you can look at that and then look at what homes sell for compared to the assessed value, and be done with it. It is pretty easy to do using Redfin or Zillow and your local property tax website. So if you have that available, you can do it and see how that works first. If you are in Georgia, here are the counties with that information online: https://dor.georgia.gov/property-records-online We took the five houses nearest ours that sold. We had a column for assessed value and sold value. We took the average % over sold value (we are in a growth area) and added that to our home. We were within hundreds of dollars of the official assessed value. That's one alternative, before you sell. If there is a large variance in the percentage difference between property assessed value and property sale value, that will be a less reliable number. Another way you can get withing $100s of the total is to look at the five or ten closest homes to you that are in the same relative condition at sale. Calculate per square foot price, multiply by your home's square footage. Between those two numbers, if an assessor comes out way off, honestly I'd doubt the assessor, not the number. 3 Quote Link to comment Share on other sites More sharing options...
gardenmom5 Posted April 24, 2018 Share Posted April 24, 2018 you do not have to sign with a real estate agent. I would urge to you to do the standard "talk to three and get their idea of what it is worth". especially if you end up selling to the family member or next door neighbor. you will NOT owe one of those agents a commission if you don't sign. (and especially if they didn't bring you the buyer.) 1 Quote Link to comment Share on other sites More sharing options...
gardenmom5 Posted April 24, 2018 Share Posted April 24, 2018 county tax assessments tend to be much lower than market value. unless you have an overzealous tax assessor. I wouldn't use it for valuation of property for market value. 4 Quote Link to comment Share on other sites More sharing options...
J-rap Posted April 24, 2018 Share Posted April 24, 2018 You can always use the county tax assessment as a starting point, knowing that it will be low but at least that would be the bottom-line asking price. On the other hand, it depends on how quickly you want to sell it! 1 Quote Link to comment Share on other sites More sharing options...
Scarlett Posted April 24, 2018 Share Posted April 24, 2018 It depends on the general value. If it is worth 10K I wouldn't bother getting an appraisal. If it is worth 600K I would. Quote Link to comment Share on other sites More sharing options...
mom31257 Posted April 24, 2018 Author Share Posted April 24, 2018 I'm thinking it's 70K to maybe 100K. We don't want to ask less than we could have, you know? I've been trying to find comparable sales in the area, and there haven't been a lot of recent sales close by. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted April 24, 2018 Share Posted April 24, 2018 12 minutes ago, mom31257 said: I'm thinking it's 70K to maybe 100K. We don't want to ask less than we could have, you know? I've been trying to find comparable sales in the area, and there haven't been a lot of recent sales close by. Look at what is currently for sale which isn't a good an indicator as recently sold, but it is a place to start. 1 Quote Link to comment Share on other sites More sharing options...
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