Probate Appraised Value of Property Vs. Zillow etc..

[Raden Mantuano]

so i had gotten in contact with an out of state owner. We have set an appointment to see the home within a few weeks when he comes in. I kept asking for a number he had in mind. but he kept saying that it depends on what the court appraised value is (I will not throw a number first) . What is the difference between the court appraised value vs. finding out comparable sales, ARV, zillow, redfin, Cash sales around the area? will it be higher? could i still work a number with what the court appraised value will be?

Reason i asked is because most phone calls i have received is that everyone seems to want to sell it retail value. Unfortunately i do not have my license YET and can move property in that sense. but all the help is appreciated!

[Lisa Kohl]

The court may order a formal appraisal or they may request a simple BPO (Broker's Price Opinion) It would be in your best interest to find out which they will use to evaluate the property. Either way- it's best to determine the current value as well as the ARV prior to negotiations. That way you have a leg to stand on when it comes time to talk price.