How Do You Determine The Fair Market Value Of An Inherited House?
As a Realtor, and a Broker who invests in Tucson, I am often asked “how do you determine the fair market value of an inherited house in Tucson?” Many times, people think that a simple Zillow Estimate will suffice when selling an inherited home. The truth is however, that it is a poor substitute for determining a home’s true value in the market. Many times, people who rely on Zillow for their home value are sorely disappointed to discover that there are many factors that affect a homes ultimate resale value. If you inherited a home in Tucson that you want to sell fast, this article will help you know how do you determine the fair market value of an inherited house!
What Affects A Home’s Value?
In my experience, nthere are three things that affect a home’s value. First, is the condition of the property. Second is the amount of time you want to wait to close, and third is the desireability of the neighborhood around you. Let’s break each of the three of these items down.
The condition of the property is a critical factor in determining the value of an inherited home. If the home is in poor condition, or needs a lot of updates, then it will be more difficult to sell on the Tucson MLS. The reason for this is because if it needs a lot of work, the home may not qualify for most forms of traditional financing. If you home cannot qualify for VA, FHA, or even a Conventional loan because of it’s condition, then you will have a difficult time selling the home for the most money possible.
In cases where a home is in need of serious updating, or massive repairs, it might be a good idea to investigate selling your Tucson home fast to an investor like myself. KarlBuysHouses is a local real estate brokerage that specializes in buying distressed properties in need of repair.
If you want to close quickly on your inherited home (say within 7-10 days), then you will definitely want to look at an investor who buys homes in Tucson. A cash sale eliminates many of the problems that an appraisal might show, and negates the need for repairs. A cash sale however comes at a cost. In return for a speedy close, in an “as-is, where -is” type of situation, the price is generally going to be lower than you might expect on a traditional MLS sale.
Your neighbors surrounding you also will dictate how much your home will sell for. A look at the Tucson Market Statistics can easily show you that there is a need for quality homes on the MLS. However, the value of your home is also dependent on your neighborhood values. If you are living in a neighborhood that is distant to most areas of town, this can lead to lower sale prices.
Who Determines Value?
While it is true that you could get an appraiser to take a look at your property, if you are wondering How do you determine the fair market value of an inherited house, an appraiser will only get you so far. What many people do not know about an appraiser, is that an appraiser who will give you a value for your home, is using data that is easily obtained from the Tucson MLS.
An appraiser will tell you the value that they determine from your home using the latest comparables found on the MLS. They will tell you what they feel the home is worth prior to a sale. What you need to know is that this value is only for that day, and only in the opinion of that appraiser. What happens oftentimes when an estate who is trying to sell an inherited property in Tucson, is that they spend $300-$500 to get an appraisal, only to discover that the Buyer who buys their home generally has to get their OWN appraisal.
Morever, any money you spend on an appraisal is for your own benefit, as it generally is of no value or consideration by the next buyer. They will come to their own conclusions about the value of your home, independent of what your appraisal said.
Sell Your Inherited Home Fast!
Many of the problems that Tucson homeowners face when selling a Tucson home fast come up in these areas. Between required appraisal repairs, lower appraisal values, and more demanding buyers, it can be tough to sell an unwanted home. That is why I started KarlBuysHouses. So I could help Tucsonan’s like you sell their unwanted homes quickly and without hassle!
If you have an unwanted Tucson home that you are looking to sell fast, contact me at (520) 403-6227. I will make a fair, fast cash offer on your home quickly! As a benefit to this, I also provide recent comparables from the Tucson MLS so you know in advance that you are sellling your home at a reasonable price!
Contact me Today for a fast, fair offer on your unwanted Tucson Home!