Buying or Selling a Home/quit claim deeds

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Expert: - 6/9/2006


Question
WHAT HAPPENS IF I DID NOT DO AN APPRAISAL AT THAT TIME.IT'S NOW 3 YEARS LATER AND I WANT TO SELL.CAN I TAKE SALES FROM THAT TIME AND USE IT?
Followup To

Question -
I'd like to know what the cost basis of property is after someone
quit claims it.Is it the market value as of that date?


Answer -
Hello Steve;
The market value of the home is estimated as of the date of the quit claim.  Of course in order to determine that, there should be an appraisal and it may take place on a different date.  I doubt that a few days or even weeks will make any difference in value though.

~Jessica Bryan

Answer
Yes...you can take comparables that sold at that time and use that value. Again, since there may be some legal claims on the value, this should not be an arbitrary decision and a professional should be consulted to evaluate the home's worth 3 years ago.  You could even offer to pay a nominal fee to a real estate agent to pull records from that time and give an opinion if you don't want to consult an appraisor.

Jessica Bryan

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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