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Updated over 4 years ago,

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Determining market value of house

Michele Foreman
Posted

We bought a foreclosure several years ago for $7,700. We put about $10,000 into it, not including labor. Now we are planning on selling it to a family member if they can get a loan. How do we determine the market value of the house? We would be asking less than the market value, but don't want to ask more than its worth. Do we need to get advice from a realtor and would they charge for their advice? I will be calling a realtor tomorrow but thought I would ask here first to see if anyone had any other suggestions. I tried several online calculators, but they seemed way too low, probably because of the price we paid for it. I figure we can get at least $80,000 to $100,000 for it, but I may be way off. 

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