-- Answers to Questions About Real Estate Law
Money and real estate news you can use everyday

Real Estate Lawyer
Question of the Week
Tip of the Week
Recommended Books
Contact Sam

Determining The Selling Price Of A Home


By Ilyce R. Glink and Samuel J. Tamkin

Summary: A leery sister thinks that her mother's home was sold for under market value. Ilyce and Sam tell her how to determine the sale price and caution her that the listed assessed value is much lower than the actual market value of a piece of property.

Q: I am involved in a nasty situation. Simply put, I don't trust my sister. We both are co-executors of my Mother's estate.

My mom died and the estate is now in probate. I live in one state and my mom lived in another. My sister sold my mother's house four years before her death. I recently found out from the tax assessor's web site that the sales price for my motherís home was ridiculously low.

How can I find out if the Assessorís office information is accurate and how can I find out the true sales price for the home?
(article continues below useful links)

A. One simple way you may be able to find out the saleís price for your motherís home would be to contact a real estate agent in the city in which you momís house was located and see if they can look it up in their computer system.

In most cases, when a property is listed for sale through a real estate broker or salesperson, the sales information is entered into the multiple listing service (MLS) for future use. If the information is in the system, the real estate agent may provide it to you.

A second way to search for sale information is through the Internet. In some counties, the recording information, including the saleís price, is online.

A third way to obtain the price of the sale for your momís home would be to contact the county recorder of deedís office where the property was located and search the county records. Frequently, the sales price for a home is listed the county records office for public review.

You may find in your search that the information from the tax assessorís web site was the ďassessed valueĒ for the home as determined by the assessor. The assessed value may not have been the same as the sales price paid for your motherís home.

Frequently, the assessed value is much lower than the actual market value of a piece of property. While in some counties, the assessed value is based directly on sales prices in other counties, tax assessors use complicated formulas to determine a propertyís value for tax purposes.

This formula may not reflect the actual value of the home and, in some cases, is just a small fraction of the actual sales price for a home.

Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce R. Glinkís latest book is 50 Simple Steps You Can Take To Sell Your Home Faster and For More Money In Any Market. If you have questions for them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact them through Ilyceís website




RSS Feeds

RSS 0.91 Feed
RSS 1.0 Feed
RSS 2.0 Feed

Home Buying   Using Attorneys to Buy a Home - Earnest Money - Quitclaim Deeds - Easements - Seller Misreprensation - New Construction - Buying with Partners - Home Inspections - Seller Problems - Agent Issues
Home Selling    Using Attorneys to Sell a Home - Seller Disclosure laws - Title Problems - Buyer Problems - Real Estate Agent Issues - Tax Considerations
Home Ownership   Neighbor Problems - Seller Misrepresentation And Fraud Issues - Problems In a Condominium Development - Problems Around The House - New Construction Issues - Subdividing Land
Home Renovation   Architect Issues - Contractor Issues - Problems With Contractors - Inspection Issues - Certificate Of Occupancy - Municipal Inspections - Punch List Issues - Financing Issues - Installment Contracts
Real Estate  
Loan Application Problems - Refinancing Issues - Paying Off An Old Loan - Credit Problems - Seller Recommended Lender - Prepaying A Loan - Prepayment Penalties - Predatory Lenders
1031 Exchanges - Financing Investment Properties - Landlord and Tenant Issues - Partnership and Company Considerations - Tax Considerations - Subdividing Land
Contact Us | Sitemap | Terms of Use | Copyright ©2001-2005. ThinkGlink Inc. All rights reserved.
Reproduction of material from any pages without written permission is strictly prohibited.
Site design by Walker Sands Communications