# How to get property value estimate on an old farmstead?



## sgc (Oct 21, 2007)

A property in our family is now part of the estate of our recently deceased family member. We need to have an estimate of its value. Its pretty much assured that its going to stay in the family, so its not for sale. I don't know if a real estate agent would do a study since its not for sale. The property has 40 acres and we would need estimates on the value of 10 or 20 acres if the property was split up. Whats the best way to get this done?


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## sureshot006 (Sep 8, 2010)

Can't you simply pay a few hundred to a local assessor?


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## Waif (Oct 27, 2013)

Estimate of value for what purpose?
Leaving it where it is for tax purposes beats a higher value claim.
If the family agrees on a value and a member is going to live there , do you need it appraised?

Hiring an appraiser is one route. But be sure they are on thier game.
By comparing like properties! Not always easy but hey , it's thier task.
You can do so too and that will tell you if there's a major discrepancy.
Be sure title is clear. Mineral rights and oil/gas ect. belongs to whom.

Tax form on the place shows an assessed value for you to start at. That is what the local (county) tax assessor values it at. That does not mean it's not worth more. Or less.

IF you go with an assessor the land to be split needs valued wisely too. Not all agents are into land like a broker can be.
Keep them honest by doing like property comparisons yourself.
Land varies in value. So again be sure of " like" values.
Great soil ready to be put into crops can be leased out. Or sold at a premium compared to poor soil or swamp or forest cover.
Though timber has value. Minerals , gas ,oil , heck , people sell rocks and boulders too!


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## sgc (Oct 21, 2007)

Yes. I would want to walk the property with whoever values the property (assessor). There's an old house, probably no more than 600 square feet that is livable, a pond that needs to be redredged, an old barn that is not usable and may need to come down and a portion of the property might be considered wetlands. The purpose of the assessment is to determine how much value the family member who gets it is receiving.


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## jiggin is livin (Jan 7, 2011)

sgc said:


> A property in our family is now part of the estate of our recently deceased family member. We need to have an estimate of its value. Its pretty much assured that its going to stay in the family, so its not for sale. I don't know if a real estate agent would do a study since its not for sale. The property has 40 acres and we would need estimates on the value of 10 or 20 acres if the property was split up. Whats the best way to get this done?


Why do you need the value for an estate if it isn't being sold? 

If it is doable with the way the will is written, then it is no ones business what it is worth and you should do everything in your power to NOT sell it, keeping the taxes locked as low as possible. Otherwise, sell it for $1. 

The reason I ask is we had a situation where charities were involved (TERRIBLE F"N IDEA) and that automatically gets the Attorney General involved in Probate, then everything HAS to be sold for fair market value. Which is complete BS. But, it is what it is with these crooks. I sincerely hope that isn't the case for your own well being. It is a miserable process, and sucks when it is caused by someone with their heart in the right place.


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## Waif (Oct 27, 2013)

sgc said:


> Yes. I would want to walk the property with whoever values the property (assessor). There's an old house, probably no more than 600 square feet that is livable, a pond that needs to be redredged, an old barn that is not usable and may need to come down and a portion of the property might be considered wetlands. The purpose of the assessment is to determine how much value the family member who gets it is receiving.


Get agreed on what's going to happen regarding splits.
And who will retain what portion of the property.

The whole is worth X amount.
Chopped up , it depends...
We recently sold Dad's estate. My value assigned a few years ago was what we all agreed the whole was worth. The estate was not in the same condition by then but values were up on both homes and land. Yes we could have got more out of it probably. Two years was long enough to contemplate it's value.
We split the land (not something I care to see usually) to allow good neighbors to own a chunk of. . They were danged good to Dad.

No realtor involved in the sale of land or the portion with land and home on our part.
Had one of us wanted to take possession of the estate we knew what it was worth to us all per value.
Just deduct the individual's portion of it's value from the rest. Same with any parcel should someone have wanted to have it surveyed from the rest like we did for the neighbor. Deduct it's value from what remained to be sold and keep going.


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## stickman1978 (Sep 15, 2011)

If there is more than one heir and the other party(s) want their share(s) a market value needs to be determined to buy out their interest in the property.


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## PerchOnly (Oct 24, 2007)

To keep it the cleanest, hire an appraiser to do an appraisal, should b3e around $500.00 and then you have a price that should be a realistic value of the property.


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## sparky18181 (Apr 17, 2012)

Pay for an appraisal of the property just like you would do when buying real estate.


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## sureshot006 (Sep 8, 2010)

jiggin is livin said:


> Why do you need the value for an estate if it isn't being sold?
> 
> If it is doable with the way the will is written, then it is no ones business what it is worth and you should do everything in your power to NOT sell it, keeping the taxes locked as low as possible. Otherwise, sell it for $1.
> 
> The reason I ask is we had a situation where charities were involved (TERRIBLE F"N IDEA) and that automatically gets the Attorney General involved in Probate, then everything HAS to be sold for fair market value. Which is complete BS. But, it is what it is with these crooks. I sincerely hope that isn't the case for your own well being. It is a miserable process, and sucks when it is caused by someone with their heart in the right place.


It matters if an estate is being split by value.


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## stickman1978 (Sep 15, 2011)

We had to get two done because my BIL was greedy.


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## jiggin is livin (Jan 7, 2011)

Does doing an appraisal cause anything to be updated on the deed part of it? Or is it only you privy to that info?


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## Bucman (Jun 29, 2016)

jiggin is livin said:


> Does doing an appraisal cause anything to be updated on the deed part of it? Or is it only you privy to that info?


its your info no need to share. Like in a divorce lol


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## jiggin is livin (Jan 7, 2011)

Bucman said:


> its your info no need to share. Like in a divorce lol


I wasn't sure if it automatically got filed with the county or something too.


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## Wyandotte (Feb 15, 2016)

sgc said:


> A property in our family is now part of the estate of our recently deceased family member. We need to have an estimate of its value. Its pretty much assured that its going to stay in the family, so its not for sale. I don't know if a real estate agent would do a study since its not for sale. The property has 40 acres and we would need estimates on the value of 10 or 20 acres if the property was split up. Whats the best way to get this done?


I can't help you with appraising it. But give some thought to running a metal detector around the foundation of any buildings. Especially the barns and sheds.
You'd be surprised. The ol' timers would sometimes bury stuff inside jars with metal lids, metal boxes, and stuff like that.


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## Wyandotte (Feb 15, 2016)

stickman1978 said:


> We had to get two done because my BIL was greedy.


Why does it always seem it's an "in-law"? Rarely does your own siblings throw a cog in the wheel. It's usually their spouse.


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## Waif (Oct 27, 2013)

Wyandotte said:


> I can't help you with appraising it. But give some thought to running a metal detector around the foundation of any buildings. Especially the barns and sheds.
> You'd be surprised. The ol' timers would sometimes bury stuff inside jars with metal lids, metal boxes, and stuff like that.


Pick me up on the way!


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## sureshot006 (Sep 8, 2010)

Waif said:


> Pick me up on the way!


Yeah you might find his porn stash from when he was a young lad lmao


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## Waif (Oct 27, 2013)

sureshot006 said:


> Yeah you might find his porn stash from when he was a young lad lmao


Mehh.
The fun is in the finding.
But it's silver for me.
I'll accept if gold turns up though.

Oh look , another old bottle intact. Hooray!
Here's another wiffle tree end. Been a while.
Gotta be silver around here somewhere.

Hunted a fourth generation farm.(Well third old enough to live there).
Found about 13 cents worth of modern coins and told my friend who gave me permission that he neglected to tell me his family was poor!
I didn't search his Grandpa's workshop with it's dirt floor though. Hard workin man but he spent time there.
Friend found a shotgun under the floor between joists in the house basement.
Another in the workshop I think. Hung on back of door or something. In a pipe? mounted on it.

A certain vehicle used for certain mischief by a group used to be hidden in one of the barns. I didn't search in any barns either though.
Wasn't searching like that. Just sampling the yards traffic areas. Had already been in some fields.
Friend got a fill cap back off one of the old tractors out of the deal.

But folks squirreled things. For varied reasons.
Porn too I suppose.


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## Scout 2 (Dec 31, 2004)

Wyandotte said:


> I can't help you with appraising it. But give some thought to running a metal detector around the foundation of any buildings. Especially the barns and sheds.
> You'd be surprised. The ol' timers would sometimes bury stuff inside jars with metal lids, metal boxes, and stuff like that.


I know of 2 such cases where items found were worth more than the coat of the land. One case what was found was enough to pay off the farm. Second case was in the late 50's uncle and aunt dug the basement hole by hand of there new house. I always thought they were not to smart to do this until years later I was told why


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## Luv2hunteup (Mar 22, 2003)

Hire an appraiser. It’s easy and fair.


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## Fishndude (Feb 22, 2003)

sureshot006 said:


> It matters if an estate is being split by value.


You can break values down into percentages, or reverse that equation. If the property isn't being sold, then the heirs should each be entitled to a percentage of the value of the entire property. If there are buyouts involved, then you absolutely want to use an Appraiser. 

A good Realtor can give you a professional value estimate of a property, and most would do it for free, in the hope that it might result in future listings. Appraisers can, too. But they charge. If there is a substantial amount of land, and/or a decent amount of outbuildings, I'd look for an Appraiser who specializes in properties of that type.


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## jiggin is livin (Jan 7, 2011)

Wyandotte said:


> Why does it always seem it's an "in-law"? Rarely does your own siblings throw a cog in the wheel. It's usually their spouse.


IMO, they have zero bearing on the situation. They should be seen and not heard. I will always stay out of my wife’s family business unless asked, and it’s the same likewise. Just seems like it should be that way for everyone.


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## sgc (Oct 21, 2007)

Are these appraisers independent? I wouldn't want an appraiser who's going to report findings to the township. Where co you find 'Appraisers' ?


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## aphess223 (Aug 1, 2001)

Is this property in a trust and are you a trustee?


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## Luv2hunteup (Mar 22, 2003)

Appraisers work for whomever is paying the bill. Most of their research is based on recent sales info from county and township offices. It’s as easy as making a call and writing a check.


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## RoosterCogburn (Jan 11, 2019)

sgc said:


> A property in our family is now part of the estate of our recently deceased family member. We need to have an estimate of its value. Its pretty much assured that its going to stay in the family, so its not for sale. I don't know if a real estate agent would do a study since its not for sale. The property has 40 acres and we would need estimates on the value of 10 or 20 acres if the property was split up. Whats the best way to get this done?


A real estate appraiser


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## sgc (Oct 21, 2007)

I think I will also need a surveyor. Any recomendations for the Gladwin or Pinconning area?


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## jiggin is livin (Jan 7, 2011)

sgc said:


> I think I will also need a surveyor. Any recomendations for the Gladwin or Pinconning area?


I used Apex for our Standish property. They were awesome.


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## micooner (Dec 20, 2003)

Wyandotte said:


> Why does it always seem it's an "in-law"? Rarely does your own siblings throw a cog in the wheel. It's usually their spouse.


Real simple greed and money. Seen it way to many times.


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