Executor informed me of real property value today: $100,000. July 2008 it was $340,000! How's this possible?!?
The home owned by my mother at 11874 Haven Rd in Madera, CA was valued at the time of her death, July 2nd, 2008, to be 340,000.
Today the executor of the estate informed me that after 3 appraisals by licensed real estate professionals, it will likely only fetch in the area of 100,000.
It is a 4 bdrm, 2bth, with mature landscaping on a large lot, in good condition and includes an inground swimming pool.
How is this tremendous decrease in value possible?
Thank you
Dean Cutter
You sound like a friend of mine who's step-mother had this house in LA and exactly the same thing happened to it....as it did with hundreds and thousands of homes. The market price is who is willing and who has the funding to purchase this house. Buyers are the controlling people....you can think what you want when it comes to the value. These licensed appraisers are using comp's that have SOLD.
Although prices have dropped considerably since July of 2008, I would strongly suggest you ask to see a written copy of the appraisals and/or pay for an independant appraisal of your own just to be on the safe side. That way, you can compare.
Linda
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