Home Selling in 90713>Question Details

Jenefer, Both Buyer and Seller in California

I recently inherited a home that was appraised at $500k. I want to buy out my siblings. Similar houses in

Asked by Jenefer, California Tue Jun 3, 2008

my neighborhood are going for $475k. What is the protocol? Do I have to pay full appraisal even though we could not list it for that? Can I deduct the fees associated with the house if we were to put it up for sale?

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Harrison K. Long’s answer
Jenefer ... you asked about procedure if you want to buy our your siblings from a home inherited. You need a qualified California lawyer for this. If you are in the OC, we recommend that you contact Tom Peterson, estate planning lawyer, 714-662-7740.

Harrison K. Long, Realtor agent and Broker, Coldwell Banker Previews

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0 votes Thank Flag Link Sat Nov 22, 2008
Are you and your siblings on good terms? If so, present the similar properties to them, get everyone to agree on price, and do an inter-family transfer. Contact a local title company (North American Title, Financial Title, etc) ask to speak to an escrow officer, and find out how much they would charge you to oversee the transaction.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Tue Jun 3, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
I have worked for many years with Probate Properties. In fact I have just sold one that was originally listed by the court appraiser for $474,000 but the value was $385,000 since the market has dropped so much since it was originally listed. We tried at the higher price and did not get any acceptable offers and reduced the listed price to $399,000 when we got an acceptable offer for $385. However, we had to go back to the court to get it reevaluated at the lower price to accomodate this Buyer's offer since it was less than the required 90% of the original court appraisal.

You should talk to your accountant but any fees associated with the sale of the house should be deductible against any gain you make on the sale. If I can answer any other questions about probate sales, please feel free to contact me. at 714-296-7270 or by email at bstrealtor@aol.com. I have also done Broker Opinion Letters of Value for Probate Properties before they are listed to be provided to the court when requested by the Heirs.
0 votes Thank Flag Link Tue Jun 3, 2008

Sounds like your appraisal was done as part of probate. Appraisals are based on a point in time, and depending on the "use" of the appraisal, they may not be representative of what the house would actually sell for.

Your best bet is not to use a comparative market analysis as that would not stand up in court if contested. Consider getting a new appraisal from a licensed appraiser and make sure that you indicate your intended use is for "marketing" the home for sale. The appraisals for probate are typically done at the time of death for the decedent, and since probate typically takes a while, it's very likely your current appraisal is out of date. If more than 90 days has passed in your market, given the deterioration that has occurred of late, I think your appraisal is probably meaningless.

A new appraisal will probably run less than $400. Just be sure your siblings agree to the choice of appraisers, and don't use the one that did the probate appraisal.


0 votes Thank Flag Link Tue Jun 3, 2008
You could ask a realtor in your area to do a comparative market analysis - including recently sold homes - and use that as a basis for negotiating a sale price with your siblings. If you need a recommendation for a realtor, let me know - su@suwesely.com - and I will finds one for you. You will have to pay whatever you can negotiate. I'm not sure what you mean by "deduct the fees" - perhaps you should speak with an accountant about that.
0 votes Thank Flag Link Tue Jun 3, 2008
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