Home Selling in Condit>Question Details

m.janney, Other/Just Looking in Lafayette, CA

I need to set a realistic price an estate would realize for a 1950's 3,100 ft2 home on 1 acre with an adjoining lot . How should I go about?

Asked by m.janney, Lafayette, CA Thu Jan 24, 2013

this. The home has quite a bit of deferred maintenance. This is in Lafayette.

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If the property is held in an estate in probate and there are beneficieries other than yourself, I highly recommend you skip talking with an agent at this point and get an appraisal from a licensed appraiser. If the property turns out to be worth more that $2M, perhaps a couple appraisals (we have a business property in downtown Lafayette and I'm surprised how well its held its value). If you are the executor of an estate you have a requirement to to show a realistic value in the IRS Form 706 filing and to receive the highest possible price when you sell. Check with your attorney to see if the Probate Referree has set a value, but still get an appraisal before you start working with an agent.
0 votes Thank Flag Link Fri Jan 25, 2013
The best any Realtor can do is determine the price for which they would put it on the market. It is the market, that is, the buyers, who determine what the ultimate selling price would be. They offer, we negotiate, and often, even if it doesn't appraise, they bring money to the table, or pay all cash and waive the appraisal contingency altogether.

That is why it is not in the seller's best interests to accept an offer before it goes on the market (gasp!) or after one or two days. The more people have a chance to offer, the higher the price would be in a low-inventory market like this.

For your specific situation, it depends upon the kind of deferred maintenance and what you do to mitigate buyer's concerns about it. Call me and we can discuss ways to assuage their concerns without having to do the work; and perhaps, what work would be recommended that has a big return on your investment and might be worthwhile to do.
0 votes Thank Flag Link Thu Jan 24, 2013
Hi M.
The best way to set a realastic estate price is to have a Realtor that specializes in the area look at the property and the adjoining lot. You want someone who has a thorough understanding of the area and surrounding neighborhood. I can put together a detailed market analysis of property with relevant comparable properties similar in size, location and condition. I can also determine what an "as-is" price might be in the properties current condition, as well as provide suggestions for the deferred maintenance and an updated price for the estate.

Let me know if you would like a complimentary valuation of your property. My office is right in downtown Lafayette.

Bryce Schumacher
Pacific Union International - Lafayette
925.322.0630
0 votes Thank Flag Link Thu Jan 24, 2013
If you would like to speak with a Realtor is not only intimately with Lafayette and Lamoriinda as a whole, but specializes in helping Trustees prepare and sell their estates. We have all the resources you might need from Estate Sale Liqudators to Contractors, Stagers and of course we walk you through the valuation process. We currently are helping The Buelher Trust sell a Frank Lloyd Wright Original, never been on the market before, on 2.3 acres in Orinda. It is currently listed for $3,350,000. If you go to the website and click on the Visual Tour you can see over 100 photos of this one of a kind Estate. We have met many buyers looking in the area but were not the right fit for the Estate, it sounds like you have a good size lot too. Go to http://www.TheBuehlerHouse.com and visit my website at http://www.ScheidHomes.com.

Sincerely,
Todd Scheid
(925) 323-5150
Todd@ScheidHomes.com
0 votes Thank Flag Link Thu Jan 24, 2013
Hi, as the top-producing agent in Lafayette for the past several years, I have a deep understanding of the market and would be happy to meet with you, at your convenience, to provide complimentary counsel and guidance. You can learn more about me and the services I offer at http://www.DanaGreenTeam.com. Thank you, Dana Green
0 votes Thank Flag Link Thu Jan 24, 2013
There are a lot of variables that effect the price in Lafayette. The adjoining lot, for example, could add a substantial amount to the value, or very little. A quick starting point, of course, is to enter the address in Zillow, and see on a map the "Zestimate" value, as well as for the other homes in the neighborhood.
You should contact a Realtor who specializes in Lafayette and knows the area and market well here. Most would be happy to provide a free Comparative Market Analysis (CMA) that will look at comparable properties and provide a good estimated price. The market is improving, with values currently going up in Lafayette, and the current supply and demand is also an important factor.

As a Broker Associate with J. Rockcliff, Realtors in Lafayette, I would be happy to help you quickly pinpoint the right market price, without further obligation. I regularly do such valuations, even for people who are just curious on how their home value has changed, so please don't hesitate to contact me. Troy Feddersen, 925-550-2353
0 votes Thank Flag Link Thu Jan 24, 2013
Hi - If you are not an agent or appraiser, you should contact one. We do these types of things all the time - i.e. opinion of values. Between the MLS and tax records, we are able to come up with the best estimate of value based on the time of passing. If you have any questions, or need more info, please feel free to contact me.

Best of luck,
Brian
0 votes Thank Flag Link Thu Jan 24, 2013
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