How do you determine value of real estate in Michigan when nothing has been sold recently?

We are going to have to distribute assets of a will upon death. There are no comparable sales in this area of Michigan recently. There could literally be no buyers at any price, at this time. One beneficiary will probably want money now, the other three can possibly wait to see if the market ever turns around. How do we determine a value for the one beneficiary that will want his money now?How do you determine value of real estate in Michigan when nothing has been sold recently?
I am a certified appraiser in NJ. Obviously you want to find a local reputable appraiser who has worked in that market for some period of time. They can find sales that you may not be aware of or use older sales and make adjustments for the time difference. Look on www.naifa.comHow do you determine value of real estate in Michigan when nothing has been sold recently?
I would ask a realtor-- they would know best. A great one here in Austin is The Carvajal Group. Their web address is http://www.carvajalgroup.com .
You look at the prices of the homes selling and then cut it by another 10 to 20 percent if you truly want the possibility of it selling.





If one beneficiary wants the money now, it isn't possible. There is nothing legally they can do to make a person come in and buy the home for sale.





Again, if you are trying to buy them out, simply check into homes in same area that are up for sale. What is the cost on them, go by the lower averages and find out how many months they have been up for sale. Talk to the realestate agents in the area. Have 3 come in for a consult of what they think the home will truly fetch in this market. Something that would possibly get the home up and sold. It will probably be like i said, find the three lowest price ranges of homes that are comparible and then lower 10 to 20 %.





Sorry about the loss and good luck.

bob hair

white hair