Q. Currently renting a house that I am finding has numerous problems. The furnace has not worked right since i got there. The bathroom, kitchen and basement need to be remodeled. Bedrooms need to be repanelled in a fyear or two.
The owner wants 199k for the house, I have set price at 156k without an appraisal. just found out that they bought the house for 87k in '99. Should I get the appraisal and fight it with that?
The owner wants 199k for the house, I have set price at 156k without an appraisal. just found out that they bought the house for 87k in '99. Should I get the appraisal and fight it with that?
A. Start by looking at comps in the area (similar houses with similar attributes, or different houses and what they have/don't have that would make them worth more or less).
A good site for looking at houses for sale is realtor.com.
An appraisal will be about $250 - $350. It is required prior to purchase and, if the appraisal comes in at less than $199K, they won't lend you enough to buy the house. In that case, I would pass.
Also, if you do proceed with the purchase, make one contingency (if it doesn't happen to your satisfaction, the deal is off) that the purchase is pending an inspection by a professional home inspection company and some time period (like 10 days) for you to review the inspection report, and either accept or reject discrepancies. You will have to pay for this (also about $250 to $350). Also, stipulate that you get all of your good-faith down payment (usually a coupla-few thousand $$$) if either of these contingencies are not met.
And, whatever you do, get a real estate agent to represent you. And, don't use the seller's agent. This creates a conflict of interest for any disputes between you and the seller.
A good site for looking at houses for sale is realtor.com.
An appraisal will be about $250 - $350. It is required prior to purchase and, if the appraisal comes in at less than $199K, they won't lend you enough to buy the house. In that case, I would pass.
Also, if you do proceed with the purchase, make one contingency (if it doesn't happen to your satisfaction, the deal is off) that the purchase is pending an inspection by a professional home inspection company and some time period (like 10 days) for you to review the inspection report, and either accept or reject discrepancies. You will have to pay for this (also about $250 to $350). Also, stipulate that you get all of your good-faith down payment (usually a coupla-few thousand $$$) if either of these contingencies are not met.
And, whatever you do, get a real estate agent to represent you. And, don't use the seller's agent. This creates a conflict of interest for any disputes between you and the seller.
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Title Post: Advice about purchasing a house?
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Rating: 94% based on 1258 ratings. 4,3 user reviews.
Author: Unknown
Thanks For Coming To My Blog
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