Home>Discussions>YOUR HOME>Home & Real Estate>Purchasing Home From My Mother's estate, need advice.
5 posts / 0 new
Last post
violet holly
Purchasing Home From My Mother's estate, need advice.

My mother recently passed away and her estate is currently going through probate. We have a minimum of one year to wait until everything is settled. We are contemplating a purchase of the house. We are in Central Massachusetts, the house, a half Cape with two additions was built @ 1880. House was appraised for 190,000.00
My parents did all upgrades to this house in 1975. As that was 38 years ago, it is in need of many updates.
New forced hot air heating system, new bathroom, new kitchen, up grades to electrical as deemed necessary. Perhaps new roof on an "L". Insulation in older parts of the house.

My question...

1. We were told that the appraisal price (for value of an estate) is not the same as an appraisal in order to put a home on the market. Does anyone know what the difference is?

2. As this house needs many upgrades, can the price be negotiated (downwards)
within the confines of an estate sale?

3. Does it make sense to have a home inspector come in to look at the home tell us what he finds wrong, and discuss what needs to be fixed and the approximate cost? I was told that a home inspection cost about 700.00.
Would a home inspector do this type of assignment - give the house a "physical" and tell me the remedy(s)?
If not, who would you call for this type of work?

Many thanks in advance for any insite you may have.

A. Spruce
Re: Purchasing Home From My Mother's estate, need advice.

I would suspect that what you were told is correct, assessed value and market value are two totally different things. I would recommend discussing this with a local appraiser.

Can you negotiate the price of the house, not likely with probate, the place to do this would be with the appraiser when they are assessing it's value for probate. You might want to consult with a real estate attorney as well, just to see what kinds of things you can/can't do in negotiations on a probate house.

A home inspector is NOT who you want to look at the house if you want estimates for repair, you will only get this from a general contractor, who will likely charge you time and materials to do an assessment and written estimate of repairs.

dj1
Re: Purchasing Home From My Mother's estate, need advice.

Number 1: get a probate lawyer. Expensive but what can you do?

Re: Purchasing Home From My Mother's estate, need advice.

Yes, get a probate lawyer. The assessment and estate appraisal have little to do with market value. You could get a local Realtor to do a CMA on the home for a small fee and of course the condition of the home would make it negotiable. Also the age. Antique homes typically take much longer to sell. Sometimes up to a year which effects the value.

Mastercarpentry
Re: Purchasing Home From My Mother's estate, need advice.

With the issue being well over a year ago, I somehow doubt that further comment does any good now.

Phil

TV Listings

Find TV listings for This Old House and Ask This Old House in your area.