Submitted by alieck523 t3_10px8r2 in personalfinance
Longjumping-Nature70 t1_j6n9zpl wrote
If you are close to your Uncle and he has been nice to you and your late mother(his sister) then maybe sell it to him at a 10% discount, $225,000 FIRM.
Bring in a realtor to do a COMPS for what the house is worth. You can sort of do that on your own with your recorder or register of deeds office and tax assessor, those offices are all online nowadays.
I keep a list of all the sales of my neighbors houses. I also have the realtor sales listings from all the houses. I also have a list of what everyone's property taxes are and their last assessments. (I might be a little to nosy)
If he has not sat down and gone through numbers and what needs to be fixed and costs, then don't believe him. Do not let him bring in a contractor friend, you hire your own contractor to give their estimates.
If he has been an ass, then go all in on selling the house outright. Divvy the money up 50/25/25.
He plans on buying you out cheap, use what should have been your money and MAYBE fixing it, and then selling it. He is going for a quick flip.
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