I tend to agree with Marian. In this case, a formal appraisal probably would be best. That's not only so you'll know the value of the property (which a competent Realtor should be able to provide, as well), but to keep the evaluation as neutral as possible. For the sake of peace in the family--as well as to establish a price that's fair to both sides--it'd be desirable to have a neutral third party provide or suggest the value.

Hope that helps.

Hi Paul,

I'm a RE/MAX agent and I specialize in the Ormond Beach area. Although Zillow.com can offer some good general information about property values, I definately wouldn't rely on it. The margins of error are just too high. Also, when we're talking about Ormond beach side or Ormond-by-the-Sea, the street location of the property is going to make a big difference in its value. I would be happy to provide you and your wife with a complimentary CMA (comprehensive market analysis) that will use like properties recently sold, to give you a fair market value for the property. You can reach me through my web site at http://www.CarynCares.com or email me at Caryn@CarynCares.com.

Best of luck!

Caryn

Getting an independent appraisal may be the best way to handle this situation.
Good luck.

Paul,

Your concerns are real.....regardless of weather or not your purchase is from a family member, or a normal sale, there is no reason to pay more then necessary.

Our advice is for you to do some detective work on your own by checking out http://www.zillow.com. Enter the address of the propert and it will show their Zestimate value. More importantly, if you click on comparables, they provide all recently sold comps that are similar to the subject property and what they sold for.

This should give you a better feel for where you need to be price wise. And since the market may(?????) still be going down, our recommendation would be to adjust your offer price accordingly.

We would be happy to provide additional support at your request.

Good luck,

The "ckler Team"
Michael Saunders and Company
Venice, Fl 34285
941-408-5363

Dear Paul,
I would listen to your gut. The problem is finding resolution without offending anyone. However, useless you have money to give away, you need to first be responsible to "your family". Two ways you can do this, and I recommend that you do both...first takes Lynn's advice and get an independent appraisal. You can use the excuse that you need to do this for insurance reasons. Secondly, get local comp's within the past 4-6 months max. This should give you a better idea. This will all pass unless you in fact pay to much...you don't want to harbor bad feelings over this (but you will!!). Best of luck.
Let me know if you need any help.
Marian Schaffer
The Schaffer Realty Group
877-886-8388 http://www.marianschafferrealty.com
contact my operations manager at terry@marianschaffer.com

I would recommend to get a local appraiser therefore fair to all parties. http://www.lynn911.com