Saturday Reporter-Herald April 3, 2010 E1
Real Estate Matters
www.realtyguide.com • Saturday, April 3, 2010 • Reporter-Herald
Appraisal may have been incorrect ILYCE GLINK TRIBUNE MEDIA SERVICES
Q
uestion: My sister and I inherited our mother’s house and 20 acres of land. I want to buy my sister’s half interest, and we obtained an appraisal from a real estate broker, but my sister believes the appraisal was inaccurate and greatly underestimated the market value of the property. She wants us to sell all of the property on the open market to a third party and is convinced that doing so is the only way to obtain her fair share of its value. The property is in a jurisdiction where sales prices of real estate are not recorded in public documents, so finding useful comparables is problematic. Do you have any suggestions for breaking this impasse? Answer: Knowledge is key in working this issue with your sister. Your expectations of the property’s value might be too low and your sister’s might be too high. If you get more information, and that information gives both of you some comfort level, you can then work toward a resolution that suits both of you. A couple of things come to mind that could help. While you obtained an appraisal, that appraisal could be inaccurate, particularly in your area. Depending on where you live, you might be able to find three real estate agents who could come and give you a comparative market analysis (CMA). Those agents can do some homework and give you their presentation as to what they feel you could list your property for sale in this market. They can also give you an idea what you might be able to get for your property based on their listing prices. With three estimates, one will be high and one will be low. You will have to determine whether the one that came in high was solely for the purposes of trying to entice you to list with that agent. Likewise, you will need to use your judgment in determining whether the low number is below the market in the hopes that it will sell quickly or encourage a bidding war for your property. You might also want to average the three suggested list prices to come up with a value for the property. Of course, with the information you receive from the real estate agents, you might decide it’s better to actually list the property and sell it; or your
RH photo by Jade Cody
This home, located at 1931 SW 14th in Loveland, will be part of the Realtors Nationwide Open House program on April 10 and 11.
Nationwide Open House coming next week As the end nears for tax credit, Realtors initiate open house program JADE CODY SPECIAL SECTIONS EDITOR
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hose currently in the market for a home will have a chance to tour several properties along the Front Range next Saturday and Sunday, as part of the Nationwide Open House program spurred by the National Association of Realtors. Kurt Albers, a Realtor with Century 21, Humpal in Loveland, said several area Realtors were planning to become involved, and speculated that there would be around 50 open houses next weekend. Open houses have become a valuable resource for home buyers, Albers said. “Open houses are the second most used source for potential homebuyers,” he said. Not only can buyers tour prospective homes, but they are essentially able to interview Realtors at the same time, he said. More than ever buyers are utilizing open houses as a valuable tool in their home search.
The Loveland-Berthoud Association of Realtors (LBAR), has encouraged its Realtors to become involved in the Nationwide Open House program, and is offering cash prizes for community participation. There will be a blue Realtor balloon logo placed next to each participating open house listed in next Saturday’s Home and Real Estate section in the Reporter-Herald. Prizes for those attending a Nationwide Open House include: • 1-5 open houses visited: a chance to win $100 • 6-10 open houses visited: a chance to win $200 • 11 or more open houses visited: a chance to win $300 Kevin Cook, a Realtor with The Cottage Realty in Berthoud, said this program will help bring awareness to the optimal, though temporary, home buying circumstances. “I have never seen an opportunity like this, especially for first time homebuyers,” he said. “For people who can use the tax credits, there has not been a better time to purchase a home.” Cook named several factors, including low interest rates, affordability in the Northern Colorado real estate market, and the available tax credits, as reasons why it is a good time to buy now. According to LBAR, the first-time homebuyer’s federal tax credit is still available, though contracts have to be in place by April 30. LBAR expects home prices and interest rates to eventually climb, while the Front Range inventory will decrease. Realtors interested in joining the Nationwide Open House Weekend should contact Debbie Long, LBAR association executive at 970-669-1822.
If You Go What: Realtor Nationwide Open House Where: Northern Colorado. Addresses of participating open houses can be found in the April 10 edition of the Home and Real Estate section in the Reporter-Herald When: April 10-11
I See GLINK/Page E5
Inside this week’s Home & Real Estate This Week’s Rates *
Realtor of the Week Betsy Burns of Coldwell Banker Residential Brokerage
Page E2
FHA Rule Change
Director y Page E5
New guidelines for borrowers and lenders
Page E3
Last Today Week Trend 30-Year Fixed:
5.16%
5.07%
15-Year Fixed:
4.39%
4.40%
5/1 ARM:
3.96%
3.95%
* Rates provided by Bankrate.com. All rates are subject to change.