Asked by Ben Thompson, Bridgehampton, NY • Sun Oct 7, 2007
I asked this question earlier in the day, but want to add some details based on the responses received. The house has been on the market since June. We had early offers of $12-13M, but turned them down, thinking the house was worth more. With estate taxes due in mid-January, we recently had it formally appraised. The figure came in at $11.5M. We need to sell the house in order to pay the estate taxes, but can manage to get through the next year or so paying the $30,000 a month we will owe the IRS in interest due to not paying the taxes on time. My sister, who works for a reputable firm, is the realtor.
Should be lower the asking price now, and if so, what do people think the asking price should be? I would like to have the house sold within the next seven months, maximum.
Thanks to everybody who has responded.
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