Selling joint owned property

[bmwmike]

Hi

Wondering what is a fair way to value an inherited property where a sibling wants to buy the other out? Is say average of 2x estate agent valuations a fair way, or perhaps 10% less as it saves fees and is family sale?

Really have no idea and want to get a fair valuation but realise its not the same as selling on open market, figured lots on here have probably a better idea than I

Thanks

[alscar]

I think the fairest way would be to get 3x Estate Agents in and just take the average of their numbers as the figure to use for any sibling buy out.
Any repairs needed /house contents being cleared etc can also be taken into account perhaps.
Obviously depending then on each of the siblings existing financial situation /your relationship with them might also play a part in any deliberations.

[mfmman]

The above minus an approximation of 50% of all fees not incurred (Estate agent etc) was the way my mate did it when he was in the position