Legal Question in Real Estate Law in Massachusetts
property sale
I have many questions regarding my situation but I was curious....is it true that you cannot sell a house for less than its assessed value?. My family and I have a situation that we have a house that we are sure that nobody will buy at the assessed value due to the conditions. We are not interested in selling but were curious as to the conditions of how it could be sold at less then the assessed value.. thank you
1 Answer from Attorneys
Re: property sale
If you are selling a home to a disinterested thrid party in MA and you are not in bankruptcy, the property is not in porbate, you can sell it for whatever you want.
If you are in bankruptcy, you will need the Court's permission and market value is the guide not assessment. The same is true in seeking a probate order. If the property has suffered damage and that is the reason for the low price, then it can be explained.
I hope this is helpful, if you need assistance please feel free to contact me by telephone.
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