Real estate pricing question

[melk]

I hope someone can point me in the right direction. To try and condense my story: DH and I moved into my mom's house in 2003. We did some big renovations to it, never bought it. Now we want to buy it from her, but for the price it was worth in 2003 before the work was done.

Where should I go to find out what the value of the house was in 2003? She's saying houses in her neighborhood were going for about $400,000, I seem to remember them more like $325,000.


Can anyone help me? Thanks a lot!!!!!!

 

[Pugdog007]

Why didn't you buy it from her prior to doing all the renovations? That could get sticky... because if you did not have some type of contract she could ask for what the house is worth now and get it if not from you, from someone else.

 

[melk]

Why didn't you buy it from her prior to doing all the renovations? That could get sticky... because if you did not have some type of contract she could ask for what the house is worth now and get it if not from you, from someone else.

It's a long story, we had a house to sell and used that money towards renovations then she got funny about selling it to us (don't ask). But she has agreed to sell it for us for what it was worth before we did the work, she agrees that we've already put in all that money and we're entitled to that. Our relationship is good, she won't stiff us but if I have learned one thing from this it is:GET EVERYTHING IN WRITING, EVEN WITH FAMILY!!!! (sorry, vent over).

 

[aztecgoods]

Yes Pugdog is right. Also, you have to deal with the fact of figuring in how much your improvements have increased the value.

I would get a current appraisal for the current value. And for the value in 2003, check around with realtors and see what houses sold for in that area then. And see if you can find an old appraisal that was done in years past before the improvements were done to your current house. You can also go off the price it was the last time it sold and kinda do an equation based on what houses were selling for in the area in 2003.

Unless she is going to be really cool, your in a tough spot.

Real estate is so location oriented, one house in one area may be worth 250 then the same house in a different location could be worth 750.

 

[cheshirekitty]

Any realtor in your area will be able to look up what was sold in 2003 comparable to your home.

 

[The Mystery Machine]

How much did she charge you to live there? Were you paying the taxes & insurance?
There is alot more than renovations to consider.

As long as she is willing to sell it to you there shouldn't be an issue.

 

[snowy76]

Our county has a property tax information site where you can look up properties and find all sorts of information -- including selling prices. If your area has something like this, you could search by the streets in the neighborhood and see what homes sold at.

 

[SillyMe]

You can have an appraisal done based on the 2003 value.