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I'm so excited... HELP!

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 Question
 
figaro8895

Asked by figaro8895 at 12:01 PM on Apr. 25, 2012 in Home & Garden

Level 26 (27,239 Credits)
Answers (3)
  • i would tell him you don't want to offend him with a number..suggest he hire someone appraise the house. If he doesnt want to go that route though then maybe i would through a number at him but if he thinks it is low tell him you took into consideration all the repairs that are needed and also that you have been living there and making payments for so long already
    shay1130

    Answer by shay1130 at 12:30 PM on Apr. 25, 2012

  • Any real estate person can give you an appraisal on the house. Go to Zillow.com and see what they appraise it for and the other houses around you.
    robinkane

    Answer by robinkane at 12:42 PM on Apr. 25, 2012

  • Call at least three realtors and ask for an appraisal of what it could sell for. You can also get some ideas from realtor.com. Plug in your town and look at what is out there with the same number of bedrooms, baths, and is roughly the same age. I have heard Zillow is not reliable for true pricing. GL!!
    whitepeppers

    Answer by whitepeppers at 2:45 PM on Apr. 25, 2012

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