Inheritee buying inherited house from the other inheritee

[quincy]

No the agent just gave me the current value of the house. My Sister said she wanted the number for what the house is worth fixed up which is what made no sense to me.



P.S. I think I figured out how to add quotes. I just need to end the quote tag with the end quote tag.

I agree. What your sister wants is unrealistic.

The housing market changes and house prices fluctuate. What the house might be worth in a couple of months or a year, after repairs or renovations are completed, can only be guessed at. And these guesses could be way off base.

You might find the need to get a real estate attorney involved, if for no other reason than to help educate your sister on the real estate market. It would be a shame if you have to sell your father’s house through partition because you and your sister cannot come to an agreement on how to keep it.

 

[adjusterjack]

Although an appraisal is good to have for insurance purposes,

Only if the appraisal was bought for the purpose of determining the cost to rebuild the dwelling in the event of a total loss.

An appraisal to determine the potential sale price includes the land, and other features of the property, and has nothing to do with the rebuild cost of the dwelling for which one buys insurance.

Sale price and rebuild cost could be, and often are, miles apart.

 

[quincy]

Sale price and rebuild cost could be, and often are, miles apart.

Agree.

Here are two links to descriptions of what an appraisal is and what a market analysis is, offered by Investopedia.

https://www.investopedia.com/terms/a/appraisal.asp

https://www.investopedia.com/terms/c/comparative-market-analysis.asp

For gates1928’s purposes, a market analysis should be adequate but, because the sister in Texas is apparently going to argue price, paying an appraiser to evaluate the home might make her feel more comfortable with the resulting property valuation.