<p>I am trying to figure out the value of a family camp for the Fafsa. The property is rough and unfinished. It does not appear on any real estate web pages, zillow, etc... There really are no comp's that I can find. The assested value, from the town, is unrealistic as a true market value, given the condition of the property. </p>
<p>To give you a idea, it is a family owned, unrentable hunting or skiing shack that only has a wood stove for heat and a dug well and smells like mice.</p>
<p>I want to be truthful on the fafsa about the value but I am having trouble coming up with that true number. Can I just take a shot at a number?</p>
<p>Someone out there must have had a weird property to deal with.</p>
<p>We have a camp like that. I just took a shot at it. We would have a hard time selling the cabin, period, because it’s very difficult to access. We’ll leave it to our kids and let them worry about it!</p>
<p>Just take a guess and don’t worry about it.</p>
<p>Agree with Thumper, it’s the value of the land that is the asset so just call an area real estate agent and find out what land is selling for per acre, not what it’s listing for, what it is selling for and put the response in your folder. You pay taxes on the land, so you probably know about what the land is worth, but I like having a confirmation in my folder in case I’m ever audited by finaid.</p>
<p>I have heard the arguement that the FAFSA requests the value if the asset was sold today. Based on this terminology, you could start with the sales price per acre estimate from the realtor (as suggested by momofthreeboys) then subtract the listing fees and commissions as well as a discount needed to sell the property quickly.</p>
<p>If the sales prices average is $1,000 per acre but it typically takes six months to find a buyer at that price in the area, ask the realtor how much of a discount would be required to get activity immediately.</p>