Seller wants to know what is real market value

Q: I bought my condo 15 years ago, and installed oak hardwood floors, granite around the fireplace, etc. The upgrades were because I live here and not so much for the investment. The floors alone cost $20,000.

Now I feel our units are very underpriced. Someone sold way under market value a year ago and prices have fallen since. How can I get more for my unit than my neighbors? The unit next door is horrible with mismatched flooring and old appliances. It's not selling, the price is falling and taking my value with it. Any ideas on how to list and get the real market value? -- Via e-mail

A: You say "someone sold way under market value" but what property sells for is its market value. The definition of market value boils down to what someone will pay. I'm afraid that's not what has been spent on the property and not what the place might have brought some other time. No matter how great your unit, you can't get much more for it than nearby condos are selling for. Buyers are just like that. They will pay only so much to live in a certain area. It's best to make improvements for your own satisfaction. Whether it was an up or a down market, you'd still be limited by average prices for nearby property. In appraiser's terms, you've over-improved your place. It should be easy to sell, but only if you accept the reality of your local market.

Helping With Sale

Q: Are there any people or professionals who will help in a real estate deal besides an attorney or real estate agent? -- Via e-mail

A: Appraisers, mortgage brokers, loan officers, home inspectors and engineers often help during the sale of real estate. But if you're asking who can legally assist in buying and selling real estate for another and for a fee, the law allows only lawyers, licensed brokers and sales agents.

Mother's Mortgage

Q: My mom had a mortgage on a house and the title was in both of our names. She passed away and I have bad credit so I can't get it refinanced. Payments are not behind. What is my next step? -- W.

A: First, check with a lawyer to make sure you are now the sole owner. Next, make the current mortgage payments every month, on time. Notify your mother's insurance company and the tax assessor's office of the change in ownership. You shouldn't need to refinance. Lenders do not usually call in the debt when property is inherited by a family member.

About Mineral Rights

Q: Do the mineral interests automatically transfer with the deed if it doesn't specify on the deed? How about on a quitclaim deed? -- Via e-mail

A: Real estate includes not only the land, but everything down to the center of the earth and upwards to infinity. Ownership of below-ground minerals would transfer with the rest of the real estate unless stated otherwise. A prudent buyer investigates the property's legal history in the county's public records to make certain. That's why a title search is conducted.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.