Property Q&A in Reinholds>Question Details

Justine Mill…, Other/Just Looking in 17517

1. what was the appraisal for this home?

Asked by Justine Miller, 17517 Sat Feb 14, 2009

My son is now doing a rent to own on this home the home owner wants $209,000 for the home the house its self needs alot of work and the land is very wet and floods easily from the stream still has some real old electrial wires and has a septic system that needs emptied it is a nice place but doesneed alot of work it has new windows,cedar closet in attic 2 car garage with unfinished room upstairs, inclosed porch it is a very nice fixer-up home but not sure it is worth 209,000 and can the money they are putting into fixing it up be deducted from the cost of home or anything else? Thank you for your advise

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I think you should contact a local real estate agent and ask them to provide you with some comps in the area. it is an accurate way to find out what the homes value is without just flat out having the home appraised. As for the costs of repairs that needs to be decided with the landlord. Your son should have a written contact explaining who pays taxes, repairs, and how much of the rent goes to purchase. I would have an attorney look this contract over to make sure all bases are covered. Your son could be getting in over his head and not know it...
0 votes Thank Flag Link Mon Feb 16, 2009

I am not sure what you mean by the question. What appraisal?
People who read these conversations must be tired of us asking this question, but don't you have an agent? In a time like this when interest rates are quite low a "rent to own" can be a sign that the home is not up to a standard that a bank would approve. Are you buying from one of the "We Pay Cash" guys? Did you have inspections done? Who helped you put together a contract?

We would love to help you, but we would do you a disservice if we tried to tell you what the home is worth without ever having seen it.
0 votes Thank Flag Link Sat Feb 14, 2009
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