How much to offer for house?

Home is in Chicago suburb. It has not been appraised and is not on market yet. The owner died and the executor, the nephew, is getting it appraised. The owner is donating the $ from the sale of home to charity. Comps in area are range from $450 to $510 in recent months. However, the home we are looking at is one of the largest in subdivision, nicer home, and on golf course lot. A home, a few doors down (a golf course lot, as well), has very similar property tax. It was sold in November 2008 for $810,000, but the kitchen is more updated, and so are other rooms in home, compared to the house we are looking at. (not to mention values have gone down). The home we are looking at was built in 1991 with wallpaper in all rooms, and needs updating in all rooms–all original kitchen and bathrooms. Needs painting and work. We are waiting for the nephew to call us back to give us an idea of the price. I don’t know the square footage.

There are two types of home appraisals, a Market analysis, usually done by a real estate agent, and a “bank appraisal” usually done by an independent appraiser.
due to the nature of each, typically market appraisals will be higher than bank appraisals. The agent wants to appeal to the owner, with the hopes of getting a listing. A bank appraiser wants to appeal to the bank, in the hopes of getting more business from that bank. A bank appraiser can get burned for overpricing a home’s value, and a realtor can get burned by underappraising.
The method each uses is fairly the same. They both look at comparable sales on homes in the area, comparing location condition and square footage, and they look at current listings, with the same comparisions. more weight is given to recent sales than to older sales.
In a case such as this, it is often best to make the following offer to the executor:
You will each have an independent appraisal done by a bank appraiser. (This is the important factor, since your bank will perform a bank appraisal as well when you apply for the mortgage). If the 2 appraisals are within 5% of each other, agree to pay the lower of the two appraisals. (the advantage to the seller is that they dont have to pay any real estate commission, and they dont have to wait for a buyer). If the aprraisals are more than 5% apart, agree to split the cost of a third appraisal. Then use the 2 appraisals that are closest in value, and offer to pay the lower of the two.
Where the profit on the home is going is irrelevant.

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