Parents bought land back in 1963, how do we find out its worth now?

Asked by rpandlp, Ranchos de Taos, NM Mon Dec 3, 2012

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7
Ron Thomas, Agent, Fresno, CA
Sun May 26, 2013
I'm surprised that you didn't get a better answer:
Raw land is very, very hard to estimate; because, until it has value due to the oil or minerals on it, it's vale would be determined by the use the owner would put it to: (never end a sentence with a proposition?)
If it was farm or ranch land; that would def affect its value. But you wouldn't value it by buliding a high-rise on it.
Conversely; if it was located in the city, it would make a good ranch or farm.
So when a Buyer want to buy raw land; whether it is 1/4 acre for one building, or 10 acres for a bunch of buildings; they would need to submit a "plan" for what they intended to do with the land. Otherwise, it would difficult or impossible to get a loan to buy the land.

So, if you value the land at $50,000 for a nice big hacienda, someone else may value the land at $500,000 for a Hotel or shopping complex.
0 votes
Cristine Orz…, Mortgage Broker Or Lender, Colorado Springs, CO
Sun May 26, 2013
a market analysis by a local realtor or hiring an appraiser to do an estate appraisal (not used for the potential buyer should you decide to sell the home) are the best ways to get today's market value .
hope this helped
0 votes
ghirjak-busi…, , Delaware Water Gap, PA
Sun May 26, 2013
trying to find land father purchased in 1972, somewhere near Cochiti Pueblo dont even know wher to start looking
0 votes
I suggest you look at the property tax bill, and see what county it's in. Then contact a Realtor who can look at recent sales of similar property, to see what the value might be.
Flag Tue Mar 11, 2014
Barbara Grah…, Agent, Santa Fe, NM
Wed Mar 27, 2013
By now you probably have the answer to your question!

You can get a good idea of the worth of your parents' land by finding out what has sold nearby that is similar, preferably within the last 6 months or less. Also look at the asking prices of similar properties and the days they have been on the market. A realtor or realtors can do a comparable market analysis, and/or you can hire an appraiser to give you an opinion of value as well. More opinions may be better and help you narrow it down. It also depends if you are looking to sell, refinance, or just to have a sense of things---the opinions may vary somewhat.
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Anna M Brocco, Agent, Williston Park, NY
Mon Dec 3, 2012
Any local agent can provide the information, or consider hiring a professional appraiser...
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Steve Phelps, Agent, Las Cruces, NM
Mon Dec 3, 2012
The simple answer is call a local Realtor they would be happy to help you. They you should contact a Realtor in the area where the property is located for the best answer on the value of your property.
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Page Sullivan, Agent, Taos, NM
Mon Dec 3, 2012
Call me and I will do a market analysis for you.

575-758-7890
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