COMMUNITY FORUM

tomz71ss

02:18PM | 02/16/05
Member Since: 11/13/04
90 lifetime posts
Bvrealestate
hi all. here's the situation, my grandmother is going to try to sell her home within the next year [ grandfather passed away last august, and she has recently 'signed up' for a retirement community, waiting list of 6 months], and i was wondering what i could do to help her out with things [realators/value/repairs etc.]. i think at this point in time, she figures the place is worth what the tax assesment is set at [in a rural area of NY], but i'm thinking this isn't the case. here is the 'layout' as it were, 3 acre parcel +/-, well water, septic tank [repaired/replaced 2 years ago], it's a single wide mobile home with an additional room added on [not sure of dimensions, but avg. livingroom size i'd guess], 2 bedrooms, 2 full baths [the 'trailer' is @ 25 years old, but very well maintained, and if it matters, has 2x6 walls]. also on the property is a pole barn that i'd guess is 24'x40' +/- as a garage with power, and a paved drive with a paved sidewalk to a small front deck, and a paved walk to the rear entrance.

in my novice opinion, the roof needs attention [original shingles, and they look shrunken], and there are a few water stains on the interior ceiling tiles in one bathroom near the vent/light fixture.

i guess my biggest questions are, what is the difference between tax assesment and actual value?

what should she look out for so she doesn't give the place away?

i don't have any experience with this type thing, and i'd hate to see her taken by anyone due to not being informed.

i know it's kind of a shot in the dark here, but any advice would be welcome.

thanks,

t

tomh

05:52AM | 02/17/05
Member Since: 07/01/03
550 lifetime posts
Real estate values are very different from region to region, and locally. Your best bet is to contact several reputable real estate brokers for a market analysis. This will give you a range of asking prices and selling prices for comparable properties. Tax assessment values are based on criteria used by the county or city recorder, and are ususally not reflective of actual market conditions. In most cases, the initial value of a property is established at the time of sale or construction, and is periodically updated. Most likely the house is worth much more than assessed value.

A market analysis does not obligate you to sell and gives a ballpark valuation. An alternative method of estimating value is to pay for an appraisal. Real estate agents or your bank can refer you to professional appraisers. An appraisal has more meaning in establishing the value of a property for legal purposes such as financing or disposition of estates and wills.

tomz71ss

03:00PM | 02/17/05
Member Since: 11/13/04
90 lifetime posts
thanks, i never thought of paying for an appraisal, i think that makes the most sense in this situation. i will pass this along to her, and also mention getting some 'decent' realators out to the place to see where she stands value wise.

thanks again for your input,

t
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