Home Buying in Oak Park>Question Details

Kateri, Home Buyer in Royal Oak, MI

Help, purchasing home from family member, need to find a realistic offer fair to both.

Asked by Kateri, Royal Oak, MI Mon Jul 2, 2007

A relative of mine is moving out of state. They have done virtually nothing to their home in the 15 yrs they've lived there, and the street is adjacent to a major expressway, with constant traffic noise. Despite these factors, we really want this home. The owner has an unrealistic price in mind, and I need to find the fastest way to show her what she'd be likely to get for it in today's market.

Help the community by answering this question:


The saying goes, "do not mix business with pleasure, you'll lose both."

The only thing you can do, to hold this together, is to communicate!
Tell them what is going on.
Take a Realtor's CMA with you and explain.

Good luck and may God bless
0 votes Thank Flag Link Wed Jul 20, 2011
Can I get out of this mess?
0 votes Thank Flag Link Wed Jul 20, 2011
I have a question I am on mediciation at the time we put the bid in I thought our money would be available but know I find out that have debts to be paid off before they can release the money. The offer was accepted so now I dont have the money what do I do? Please help me.

0 votes Thank Flag Link Wed Jul 20, 2011
I would ask a Realtor to research other homes in the area (that have the same traffic noise) and preferrably find 2 or 3 that also have had little to knoe updating. These homes woulf be good "Comps" to the home you are looking at purchasing. Share these values with your relatives, and if this doesn't help them to understand what their true price should be suggest that an independent appraisal be done and that you would be willing to pay what an appraiser places as a "fair market value" on their home. If you truely are interested in paying a "fair" price for the home, you should be comfortable asking an independent appraiser to value the home to set the sale price.
0 votes Thank Flag Link Fri Jul 6, 2007
You have 2 options. 1st is to get an appraisal done. 2nd option would be to talk to a Realtor and request a CMA. However, the purchase price is always negotiable. Any of these options should help you determine the amount to offer.
0 votes Thank Flag Link Mon Jul 2, 2007
Herman Chang, Real Estate Pro in Palm Beach Gardens, FL
A complete Comparative Market Analysis on the house should show the current owner enough examples to prove the current Market value of the house. This should include houses sold in the area, hopefully within the last 6 months. A realtor can do this for you, then they can act as a transaction coordinator to get the sale closed. The normal charge is about 1 to 2 percent of the sale price to get it closed, the Comparative Market Analysis should be free. Be prepared to explain to the current owner that the homes currently for sale are of little use in the analysis, the price being too high may be the reason they are "For Sale" not "Sold".
You may consider buying one of the several homes on the market at a reasonable price if your relative refuses to listen to reason. It is a great time to buy, interest rates are still very low, and prices are low too!
Web Reference: Http://fredpoehlman.com
0 votes Thank Flag Link Mon Jul 2, 2007
Hi Kateri,

I would call a local Realtor and explain the situation to him or her. Ask them if they can help you by providing a Comparative Market Analysis. They should be able to do that for you free of cost or at a nominal charge.

Having said that, if you do decide to go through with the purchase, you might want to invest in a formal appraisal of the home. THat will give you a professional opinion of value on paper. Also, your lender will need an appraisal if you will be getting the loan for the purchase.

Good luck,
0 votes Thank Flag Link Mon Jul 2, 2007
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