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For the last nearly 7 years, I have rented a house which is fully-owned by the landlord. She charged us minimal rent and we live in a great place. Last year a guardian took over her estate due to her increasing mental incapacity. In November, I asked the guardian to come look at the house as there were some major problems I was worried might affect the function of the house (we live with cosmetic issues but take care of the house functionally). We didn't hear back while they were deciding on the costs of repairs. We let it lie because DH is self-employed and I lost my job a while back and we didn't want to be forced to move. We have been wanting to buy a house but between credit and the iffy job stuff, didn't think we could get financing. The guardian called today to say they wanted to know if we wanted to buy the house and they would offer us owner financing since we have paid on time the entire time and taken care of the house, doing more than we needed to (such as having the house weatherized/insulated through a government grant program). So we want this house! (AND we wouldn't have to move lol). I don't think the house's value is great, and there are LOTS of things that need fixed - the kitchen needs new cupboards, one of the bathrooms needs the tile and walls completely redone, the entire place needs new flooring, etc. There is probably a hole in the roof over the garage too. So... they know our situation as we have been honest with them.
How do we determine the price of the house? He kind of said to come up with a number, and I want to be fair, but I know that with all the repairs needed, that will significantly reduce the value... what steps do we take??
Answer by shay1130 at 12:30 PM on Apr. 25, 2012
Answer by robinkane at 12:42 PM on Apr. 25, 2012
Answer by whitepeppers at 2:45 PM on Apr. 25, 2012