Siblings disagreeing on listing price on inherited home

[cyber888]

Just get the buyers to bid starting at over $1 million

 

[street]

JDPascale, it really is a beautiful home thou. I hope you get top dollar.

 

[2HOTinPHX]

JDPascale, it really is a beautiful home thou. I hope you get top dollar.

Thank for the kind thought. Sorry for any confusion on my part. We sold the house a few months ago before all the lovely updates. Unfortunately it was to costly for anyone sibling to buy the others out. Due to Covid we delayed things for over a year and our two brothers who live close by were left with the daunting task of clearing, cleaning and getting the house on the market. We had it professional painted inside and they did their best to clean it up before we sold it. Knowing most people would want to do their own HGTV thing to it we did not do any other updates. We did not have the time, money, energy or experience do the kind of updates that were needed and have now been completed by the new owner who is flipping it. My brothers live near by and saw the fence going up but we weren't sure what was going on behind it. They saw the For Sale sign go up a few days ago before it showed up online. I posted update for those who were following along and were kind enough to share there thoughts along the way.

I think we were very fortunate on the sale of the house. A true million dollar fixer upper, only in the Bay Area. We had checked with a couple of those we buy ugly homes flipper, we pay cash type companies based on my suggestion. Their websites made them seem a good option but then they all gave us low ball offers under 800,000 and reasons why they were so low. Seemed like they wanted to pass the cost of remodeling on to us. Sort of like when you trade in a car and they want to charge you reconditioning fees...then they turn around and charge the new buyer for them too... We almost went this route but then decided to roll the dice on selling thru normal channels which worked out well for us.
The house looks fantastic now. It got the extreme make over we all dream about doing. Hope who ever buys it gets to make as many happy memories in it as we had... Great parents, nice home we all grew up in...hope the same for new owners.

 

[Sue J]

Thanks for the update. They did a very nice job on all the updates.

In my neck of the woods this house would be around $190,000 - $210,000 and that's reflecting the new hot market prices. Three or four years ago a house like this would list for maybe $160,000.

California weather sure would be lovely but we'll stay happy in our low cost of living area.

 

[2HOTinPHX]

Thanks for the update. They did a very nice job on all the updates.

In my neck of the woods this house would be around $190,000 - $210,000 and that's reflecting the new hot market prices. Three or four years ago a house like this would list for maybe $160,000.

California weather sure would be lovely but we'll stay happy in our low cost of living area.

Wow love those low prices..can you tell us more about where you live? Love to get in on such great prices.
I am so tired of the heat in Phoenix... ...although it is actually raining today...

 

[iloveyoga]

Thank for the kind thought. Sorry for any confusion on my part. We sold the house a few months ago before all the lovely updates. Unfortunately it was to costly for anyone sibling to buy the others out. Due to Covid we delayed things for over a year and our two brothers who live close by were left with the daunting task of clearing, cleaning and getting the house on the market. We had it professional painted inside and they did their best to clean it up before we sold it. Knowing most people would want to do their own HGTV thing to it we did not do any other updates. We did not have the time, money, energy or experience do the kind of updates that were needed and have now been completed by the new owner who is flipping it. My brothers live near by and saw the fence going up but we weren't sure what was going on behind it. They saw the For Sale sign go up a few days ago before it showed up online. I posted update for those who were following along and were kind enough to share there thoughts along the way.

I think we were very fortunate on the sale of the house. A true million dollar fixer upper, only in the Bay Area. We had checked with a couple of those we buy ugly homes flipper, we pay cash type companies based on my suggestion. Their websites made them seem a good option but then they all gave us low ball offers under 800,000 and reasons why they were so low. Seemed like they wanted to pass the cost of remodeling on to us. Sort of like when you trade in a car and they want to charge you reconditioning fees...then they turn around and charge the new buyer for them too... We almost went this route but then decided to roll the dice on selling thru normal channels which worked out well for us.
The house looks fantastic now. It got the extreme make over we all dream about doing. Hope who ever buys it gets to make as many happy memories in it as we had... Great parents, nice home we all grew up in...hope the same for new owners.

I really like the front fence too, seems to fit with the whole approach. But I watch a lot of HGTV.

 

[Sue J]

Wow love those low prices..can you tell us more about where you live? Love to get in on such great prices.
I am so tired of the heat in Phoenix... ...although it is actually raining today...

It's northeast Ohio. Summit county in a suburb outside of Akron. We get 4 real seasons. Some extremes in winter and summer but they never last too long. The last few days we had the windows open but if the dewpoint gets over 60 degrees we close up and put on the AC.

Akron and the surrounding areas are not as dense as the Cleveland area but we are close enough to Cleveland when needed.

We have a 4BR 2 bath house from 1955, 1654 sq ft, 1.5 stories. We paid $60,000 in 1983. Zillow now says it's worth just over $200,000. Our taxes are $3600/yr and that's after a recent increase for a big school tax levy and also the every 6 year reappraisal. Our next door neighbor just sold their 2 BR 1 bath ranch for $170,000, the asking price of was $165,000. That house sold in 2011 for $105,000.

We have a very reasonable cost of living. And we have plenty of water resources - Lake Erie being the most noticeable! People live here because of jobs or family. We have no ambitions to go elsewhere. Our kids and grandkid (another one due in Sept.) are close and you can't beat the very reasonable cost of living.

 

[2HOTinPHX]

It's northeast Ohio. Summit county in a suburb outside of Akron. We get 4 real seasons. Some extremes in winter and summer but they never last too long. The last few days we had the windows open but if the dewpoint gets over 60 degrees we close up and put on the AC.

Akron and the surrounding areas are not as dense as the Cleveland area but we are close enough to Cleveland when needed.

We have a 4BR 2 bath house from 1955, 1654 sq ft, 1.5 stories. We paid $60,000 in 1983. Zillow now says it's worth just over $200,000. Our taxes are $3600/yr and that's after a recent increase for a big school tax levy and also the every 6 year reappraisal. Our next door neighbor just sold their 2 BR 1 bath ranch for $170,000, the asking price of was $165,000. That house sold in 2011 for $105,000.

We have a very reasonable cost of living. And we have plenty of water resources - Lake Erie being the most noticeable! People live here because of jobs or family. We have no ambitions to go elsewhere. Our kids and grandkid (another one due in Sept.) are close and you can't beat the very reasonable cost of living.

Wow looked up Summit county Ohio on Redfin and have to say looks very very nice. Lots of nice homes at great prices. Gotta be a catch...how much snow, bugs

 

[ncbill]

Below is comparing 2020 taxes for homes in Newark CA. These are all on the same street we grew up on. Many were still original owner occupied until the last few years. The homes were built around 1960. All homes are in similar shape and square footage. Average value is now $1,000,000 for average track homes. This is good if your selling but not so good if your buying. If it were not for prop 13 many original owners would have probably been taxed out of their homes.

Our Mom And Dads home....original owners....bought 1961....$1,234.00

Bought 1986.................$3,830.00

Bought 2001.................$7,190.00

Bought 2004.................$8,963.00

Original owner...$1,174.00....just sold 08/18...now $11,153.00. That's almost $10,000 more a year.....[emoji32]...and that's every year forever. Plus the new owners have a $888,000 house they*have to pay for.*

Since Prop 13 also applies to companies I always wondered how many transferred their home into a company after it passed.

I.e. sell the company & the new owner occupies their home with no revaluation apart from the annual limit allowed.

 

[oldphd]

We have a 4BR 2 bath house from 1955, 1654 sq ft, 1.5 stories. We paid $60,000 in 1983. Zillow now says it's worth just over $200,000. Our taxes are $3600/yr and

I can share another datapoint, eerily similar to Sue J.

Hamilton County, SW Ohio, greater Cincinnati. Bought a 1950 2 story cape cod, almost 2,000 sq ft, 4 bed 2 1/4 baths (toilet in basement without sink in same enclosure). Same exact price in 1982, $60K. Sold fall 2019 for $220K, but that was with redoing electric panel, full interior paint and refinishing hardwood floors. Spent about $20K fixing it up, while livable before the work, it needed it, very worn. Couple that bought had little money down so needed home in great shape, got 3 offers over asking price of $210K the first day. Zillow says $320K now, but I say BS. Only completed sale higher than this in the area is $234K. Similar $4K property tax while we were there, but we had a senior discount grandfathered in, new couple was young and immediate 15% or so increase in RE tax. While a neighborhood street, it is a semi through short cut type street which has seen a dramatic increase in traffic during our 37 years there.

REd, moved to another state, big upgrade in house, both space and $, and on a cul de sac. Current estimate on our new place is it's up 25% since we bought. Hard to believe, but nearby sales would suggest this is possible.

 

[Sue J]

I can share another datapoint, eerily similar to Sue J.



Hamilton County, SW Ohio, greater Cincinnati. Bought a 1950 2 story cape cod, almost 2,000 sq ft, 4 bed 2 1/4 baths (toilet in basement without sink in same enclosure). Same exact price in 1982, $60K.

Ha! I always forget about our 3rd toilet in the basement. It’s next to a shower but they are not enclosed, just up against the wall at one end of the basement on the unfinished side with the laundry room. If you use the toilet the laundry sink is where you wash your hands.

 

[2HOTinPHX]

Well I hope you all don't mind me sharing one last update on the family house. It shows how truly crazy SF Bay Area prices have gotten. We sold the house May 4, 2021 and the company that bought it and did the awesome remodel just listed it as sold today Sep 15, 2021. 4 months to turn it around with everything going on these days seems pretty amazing.
So drum roll...curtain raises............$1,350,000
WOWZER!!!!!!!!!!!!!! That just boggles the mind..

I found a video tour of the home that is pretty cool for those that want a better look around at the remodel.
https://www.facebook.com/PacificRealtyPartnersCA/videos/252178496441970/

Thanks to all who shared thoughts along the way. Its been a long extra stressful journey thanks to Covid. At least all the siblings are still communicating. Still hard to believe Dad and Mom are no longer with us, miss them everyday. So many great memories of them and growing up in the family home. We were so lucky!!! Wishing the new owners many happy days in their new home.

 

[daylatedollarshort]

Thanks for the update. The housing prices are indeed pretty crazy here. Based on recent sales, Redfin says our house went up $200K, not since last year but since last month. Seems a lot like bubble territory.

 

[RetireeRobert]

Thanks for the update. The housing prices are indeed pretty crazy here. Based on recent sales, Redfin says our house went up $200K, not since last year but since last month. Seems a lot like bubble territory.

Redfin says my house is up about $120,000 in about seven months. Yes, crazy.

 

[2HOTinPHX]

Redfin says my house is up about $120,000 in about seven months. Yes, crazy.

Yes crazy times right now for sure....not sure how long it's going to last. Great time to sell.. but horrible time to buy.

 

[RetiredAndLovingIt]

Thanks for the update.
Just yesterday I thought about your home and was planning on searching for your original post with the link to the listing.
It's always appreciated when posters take the time to come back and let us know the end of the story.

 

[brett]

My daughter and BIL just bought a business property. It was listed at $1Mil for over a year.

The owners, in their late 70's, had a house on the land. For some reason they believed the property was worth $1Mil.

Guess what...they rejected lots of offers. Finally sold on agreement for $775K but with a fair amount of equipment inclusives.

SIL is in the business. Knew the value of the land, value of the buildings, etc. No secret.

Something is only worth what someone else is willing to pay for it.

These folks lost a year plus of their retirement, turned down some higher offers, simply because they were 'stuck' on getting a higher price.

 

[ivinsfan]

Brett more common then you think.... a close family friends son had two deals to buy complete landscaping/greenhouse businesses completely collapse due to faulty overpricing by the owners.


One owner told him that they couldn't retire unless the guy paid him the overinflated asking price... My friends son said I'm sorry but that's not my problem and just walked away.

 

[2HOTinPHX]

Thanks for the update.
Just yesterday I thought about your home and was planning on searching for your original post with the link to the listing.
It's always appreciated when posters take the time to come back and let us know the end of the story.

Thanks for the nice reply..glad to share a little something during these crazy times.

 

[Aerides]

Let's all look again in another few months...the way things are going, the new buyer could just sit on it, and list in January for another $300k jump!

 

[street]

What a beautiful home.

 

[2HOTinPHX]

Let's all look again in another few months...the way things are going, the new buyer could just sit on it, and list in January for another $300k jump!

It will be interesting to see where things go from here. Everytime I think home prices can't go any higher they do. Unbelievable so in the Bay Area... Bubble?......for sure.
Right now Redfin shows estimate at 1,326,696 so 23K lower since sold a few days ago. Zillow shows 1,260,400 so 90K lower since sold. Is this a sigh of things slowing down or just the websites slow speed to adjust to markets? Only time will tell.
One shocking thing will be the property tax increasing from 1200.00 a year to over 12,000.00 a year..yikes.

 

[2HOTinPHX]

What a beautiful home.

I agree they really did a great job on the remodel. A little bold on the wallpaper choices but it does have that new model home wow factor. Wonder if the new owners will be making any changes or just move in and enjoy?

 

[ivinsfan]

I agree they really did a great job on the remodel. A little bold on the wallpaper choices but it does have that new model home wow factor. Wonder if the new owners will be making any changes or just move in and enjoy?

Between the house payments and the taxes I doubt they have any leftover money to change things...

 

[2HOTinPHX]

I was curious on what the new property taxes would look like ....WOW .. hope your sitting down...