Any time some one wants to sell they should have the right information, if you do not want to spend a few hundred dollars for an independent appraiser then at the minimum get a couple of knowledgeable Realtors to give you a fair market value. Then at least the decision what to sell it for becomes from a position of strength.
Endre Barath, Jr.
Beverly Hills, CA
South Boston and the South End are two different, but adjacent neighborhoods. Both are highly desirable neighborhoods, but they are both city neighborhoods. The bus is a good option, however, and a taxi is probably only 12-15 dollars in an emergency. Because Boston is a "walking" neighborhood, one street a mile long can be vastly different. While the map shows South Boston as a very close walk to the BMC, you should know that the transitional strip of land, the railroad tracks and freeway over passes are NOT safe places to walk. That said, 1/2 a mile a way into either South End or South Boston, you have nothing to worry about as long as you are reasonably alert and understand that you are living in a big city. There are a number of car break ins, some vandalism, occasional muggings, even in good neighborhoods. Be vigilant, and don't park expensive cars on the street!... more
Your real estate agent or mortgage lender should be able to help with this. You have some good answers already but if it is an REO then that means it's already been foreclosed, so I suspect that this is a short sale. That makes the $175,000 price a little less certain. In any case the type of financing you need and your downpayment are critical. If you want to play with various scenarios, then use an on-line mortgage calculator. Otherwise I or other lenders would be happy to help.... more
As an appraiser, I have appraised TONS of condos which were part of a 3-unit complex (multi-family conversions in the city...JP, Dorchester, etc...). In this case each of the 3 owners owned 33.3% of the project. With an explanation in the addendum, this has never been an issue with any underwriter. The appraiser just has to explain that "this type of condominium project (3 units) is typical for the area, and not considered adverse to marketability" is usually the verbiage I use. Shouldn't be an issue.... more