My grandmother passed in January of this year and I wanted to buy off my brother and father. I inherited 25% of the home, my brother 25%, and my father 50%. It’s a townhouse in an HOA that costs $152 per month with a 2% increase per year and I share walls on both sides of the house. It’s a nice neighborhood in a nice suburban area.
The Zillow estimate for this home is about $260,000. There are two townhouses for sale in the neighborhood, one for $260,000 (unfinished basement) and one for $270,000 (this one had a finished basement). They are both completely renovated with updated kitchens, bathroom, carpet/flooring, decks, front doors, and garages whereas my grandmother’s house is the same as when it was built in the late 1980s with cheap counters, flooring, plumbing, bathrooms, carpet, no deck, an old front door (sorry but I’ve noticed every house in the neighborhood has nice front doors and this house has an old, beat up one lol), and an unfinished basement. Not to mention, the plumbing here was cheaply done, and I expect a repipe in the future.
I was definitely planning on getting an inspection. My father said he would do $200,000 but I told him I don’t think that’s a fair deal for me considering the work that needs done and what other homes in the neighborhood are going for in their condition. I thought 150k would be a good deal for me and I don’t think it would be a good idea to go above $175k.
My brother is also playing hardball when I asked him if we could agree on the price so the real estate attorney and lender can get the ball rolling and said he wants to talk to his real estate friend to determine a price of the home.
Any advice is appreciated
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source https://www.reddit.com/r/RealEstate/comments/1x7u9qz/how_to_negotiate_home_price_with_family/
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