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What is a fair price for a house appraised at 220k?
My Grandma past away and my aunt wants to buy the house. The house was JUST appraised at $220, but it needs a new A/C. Also other houses in the area have gone for 180K, 206k, 220K and 250k. All the houses have more square feet and all but the first one has more baths. This house only has one.
Fri May 9 2008, 13:59 - All locations - Home Selling - 2 answers
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| Jennifer Mer… was FIRST TO ANSWER | ||
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BEST ANSWER
Your information brings up several questions. Was the 220 the date of death value and if so when did she pass away? Depending on the time frame the current market value may be different from the date of death value. Are the 4 sold houses you mentioned really comparable to the house your aunt wants to buy? Are any of the 4 sales mentioned distressed sales (foreclosures, short sales, reo sales)? I would suspect differences in comparability or transaction based on the price ranges. You may want to have a current appraisal done to determine the actual current market value, or have a Realtor/Agent provide a CMA for a suggested selling price.
Fri May 9 2008, 14:20
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FIRST ANSWER
The condition of your market will be the strongest indicator of a fair price. When was the appraisal completed, a few days ago or a few months ago? In some markets there are changes in pricing occuring in a short time period. My recommendation would be to pay for a new appraisal and determine a price at that time. Does the air conditioner need to be replaced because it no longer works or is it a personal choice? Theer are many factors that go into determining a fair price.
Fri May 9 2008, 14:06
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