Home Buying in Camden>Question Details

Anissa Bush, Home Buyer in Camden, NJ

i currently live at 1330 chase st, my landlord wants to sell this property to me, i need assistance getting this property for area market value.

Asked by Anissa Bush, Camden, NJ Fri Jan 3, 2014

i've lived there 3yrs, month to month rent and can make the purchase with my 2014 tax refund

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Answers

3
Have you asked the landlord the price that they want for the property? You can use that as a starting point, and look at different websites to see what else sold in the area. Seeing as you are living there, you know the neighborhood, and can try to figure out how the house you are renting compares to recent sales. Try something like zillow to get closed sales.

If you know any realtors, you can also ask them for their opinion, and compare that to what the landlord wants for it. You could also try putting something into the sales contract that the property has to appraise for at least the selling price. If it appraises for more, you come out ahead, but the seller benefits by not having to put the house on the market, and not paying a broker fee.

I agree that you should not pay for an appraisal if you are planning to take out a mortgage, because that appraisal cannot be used, so you would just be wasting your money.
0 votes Thank Flag Link Fri Jan 3, 2014
Anissa,

If you plan on obtaining a mortgage for the purchase of the home, let the mortgage company order the appraisal. If you order on your own, you will pay for that appraisal & then you will have to pay for the appraisal that the mortgage company will require.

I would be happy to discuss the different mortgage options that would best suit your needs to help you move forward & coordinate the appraisal order for you.

We can also discuss options on how to have your landlord pay the closing costs you would typically pay when buying a home. Feel free to reach out to me. Best of luck!

Joseph S. Cordova
Trusted Mortgage Advisor
Partner
NMLS 146855
Evesham Mortgage, LLC
65 East Route 70, Plaza 70
Marlton, NJ 08053
856-985-9944 ext. 103 Tel
856-304-2381 Cell
206-333-0946 Fax
jcordova@eveshammortgage.com
http://www.joecordova.com
0 votes Thank Flag Link Fri Jan 3, 2014
she was asking for 90,000 at first but came down to 70,000, most of the homes in this area have recently sold for 53,000-54,000. your answer was best and i would like your help
Flag Mon Jan 6, 2014
Order an appraisal. There are plenty of appraisal services in NJ. Try to find someone local ffor the best insight. Good luck!
0 votes Thank Flag Link Fri Jan 3, 2014
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