Legal Question in Real Estate Law in Missouri

My father's estate

My father recently died and he left everything 50/50 to my sister and myself. I want to buy her half of his condo and she is willing to sell but we can't agree on how much it would sell for,thus how much I should give her for her share. What is the best way to determine how much the condo would sell for? Her realtor gives a higher dollar amount than my realtor. Thanks.


Asked on 2/14/03, 1:57 pm

1 Answer from Attorneys
Mark Reiter

Re: My father's estate

I recommend that you jointly agree upon and hire an independent appraiser and agree in advance that she will sell you the property to you at the appraised price regardless of what the amount is determined to be by that appraiser. You could also jointly hire two (or even three) independent appraisers and agree to buy her half with the average appraisal price of the two (or three) appraisers. It's up to the two of you as to how many appraisers you want to rely upon. You could also split the difference between her realtor's price and your realtor's price. How you reach the price is between the two of you - those are just some reasonable options.

Gernerally speaking though, I would not rely on realtors to make the assessment, they are not qualified to make formal appraisals of value.

Good luck.

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Answered on 2/14/03, 3:24 pm


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