How to find out value of home for private sale

We are selling a house in queens. BIL (husbands bro)is interested in buying it. He told us to give him a number of what we think the house is worth and we can come to a price together.I feel that this may get sticky. We don't want to screw him and vice versa BUT we are not charity. What is the best way to assess the value of our home since it is a private sale that never got listed. Thanks for your input!

Re: How to find out value of home for private sale

You can have the house appraised.

Assuming your BIL is not paying all cash and there will be a lender involved, the house will need to be appraised down the road anyway. So if you agree on a price that is way too high and not supported by market value, the house won't appraise. While that is for the lender's protection, it also serves to protect your BIL from overpaying, too.

But if you are worrying about selling the house for below market value, then I would just hire an appraiser before you negotiate the price.

Re: How to find out value of home for private sale

when my parents sold their house to a friend - my parent paid for one appraisal and the friend paid for anther. Then they avaraged the prices - but they were pretty close

Re: How to find out value of home for private sale

My husband is not a real estate expert but he mentioned that he will look at comps in the area and come up with a number. In my opinion that is not a good tactic. We gut our house years ago and put high end everything in it. (BIL did the work and he does multimillion dollar apts throughout the city and he's a perfectionist) Looking at neigboring listings in our area I can't say I've seen an interior as nice as our unless it was a flip (and those sometimes look good only from a far) my concern is that he will estimate a lower number. I'm not looking to start a war over this. I want to be in contract, get BIL to secure financing and close. Also when DH bought the house for virtually peanuts and his bro knows this and I don't want it to influence the price in my BIL favor. My DH would never screw his brother over. Thanks for letting me blab on.

Message edited 5/18/2012 2:00:41 PM.