Kate, Both Buyer and Seller in EP

Edison Park values in last 8 months

Asked by Kate, EP Fri Jun 20, 2008

Am in process of a divorce and the original appraisal was done last fall for $335,000 and was updated for mortgage in March 2008 to $325,000. I'm wondering if it would be worthwhile to get a third appraisal, given recent comps in the area. The March appraisal will pass 120 days in early July and if this doesn't get finalized before then it will have to be updated anyway.

After studying the market closely for the last 60 days my guess is that another appraisal might come in at $320,000 /- but if we wanted to actually SELL the property it'd have to list for $300,000. It's a 976 SF, 3BR 1BA raised ranch on a corner lot; new bath, outdated kitchen, finished basement.

Is it better that we sell and each find something else, or should I take a quit claim and sit tight for things to improve. The house needs some work and I'd be mortgaging enough to take care of those items vs. finding something else that'd leave me with the same mortgage.but no repairs.

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Kate’s answer
The deal is done and I took a quit claim deed a few weeks ago; I'd come to the same conclusion Saify offered -- if you don't have to sell, don't. I don't want to uproot the kids from the neighborhood and the only place I'd move is another home in EP so selling right now just didn't make sense. I'm here for the duration so can ride out the downturn. We (as in Edison Park) were on a bubble anyway; prices 12 months ago were a wee bit absurd. But for someone looking to get into EP, there are some really nice deals out there!
0 votes Thank Flag Link Mon Jul 14, 2008
Kate where are you in Edison Park? North or South of Touhy? Near Ebinger School or on the West side of NW Hwy? I have ranchs currently listed in Edison and Norwood Park.
0 votes Thank Flag Link Mon Jul 14, 2008
Sell it asap. You see the trend in your appraisals, they're not going up. What do you think it will appraise for in 2009 or 2010?
0 votes Thank Flag Link Mon Jul 14, 2008
Kate,
My advice to every seller client right now is this: Don't sell unless you HAVE TO. Given the prices of closed properties in Edison Park in the last 5 months, I'd say you'll be disappointed. Getting another appraisal will give you another number - but there is very little chance that you'll sell for the appraised price.
There is also the issue of division of the sale proceeds. I would give that some thought.
0 votes Thank Flag Link Sun Jul 13, 2008
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