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What is the average cost of....

a 4 bedroom, 2 bathroom home with a finished basement, an attached 2 car agarage and almost 2 acres of land? It is in MI. We are looking to move and my husband knows the woman that own this house and we looked at it today and it's really nice and so much bigger than the apartment we are in now. She had the house listed for 169,000 but had to take it off the market due to flooding in the basement from the water heater, which she is in the process of fixing, only needs to replace the carpet at this point. We were discussing possibly doing a land contract but we dont know how they really work. So I guess I am also asking how land contracts work. Are they for the same amount of time as a regular mortgage? I know we would still have a chance to offer less than she was originally asking, but what is a house this size usually worth? Help!!! :-) Oh and we can't do a regular mortgage because the bank wants way more of a down payment than we have right now and this woman that my husband knows would be willing to work with us and accept only a minimal down payment and smaller monthly payments until my husband is done with school and has been working for a couple years. I'm so excited but still kinda nervous, this is a big step if it all works out for us!

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Anonymous

Asked by Anonymous at 8:45 PM on Feb. 20, 2011 in Home & Garden

Answers (8)
  • You need serious help. Legal. appraisal.
    tootoobusy

    Answer by tootoobusy at 8:49 PM on Feb. 20, 2011

  • It really depends on the location. Go to www.realtor.com and look at other homes in your area with comparable square footage.
    sherribeare

    Answer by sherribeare at 8:51 PM on Feb. 20, 2011

  • I agree with the first response..... get an appraisal, home inspection, etc.
    sherribeare

    Answer by sherribeare at 8:52 PM on Feb. 20, 2011

  • Well, around here (I'm NOT in MI) that's a decent price, kind of. It would have to be a pretty nice house. I have no idea how a land contract works, we have a basic mortgage but were able to get one with no down payment (CitiMortgage, love them). You definitely need an appraisal - our neice just sold her place and they were going to ask $150k but it was appraised at $130k. Talk to plenty of people before going into that.
    Anonymous

    Answer by Anonymous at 9:05 PM on Feb. 20, 2011

  • It would just depend on what area of the state but this is what I got.


    Median Value of Owner-Occupied Housing Units: $115,600

    musicmom08

    Answer by musicmom08 at 9:23 PM on Feb. 20, 2011

  • Appraisal, Inspection....never purchase a house without at least one of these....the Inspection is the most important.


    But only a Realtor can tell you the value of the house and land as they know what the median price of housing is in your area.


    Around here, 4 bedrooms, 2 baths on 2 acres....2 car garage (no basements here since we are too close to sea level) - You'd be looking closer to $300,000 than to $170,000.


    http://www.wisegeek.com/what-is-a-land-contract.htm  Reading this, I personally wouldn't look at a land contract....it is closer to a lease or rent to own than a mortgage.

    twinsplus2more

    Answer by twinsplus2more at 10:30 PM on Feb. 20, 2011

  • Go to Realtor.com & check out similar houses in the area
    motherofhope98

    Answer by motherofhope98 at 10:26 AM on Feb. 21, 2011

  • There are homeownership programs & down payment assistance available through MSHDA. Michigan.gov/mshda
    Do not give her any money without a legal purchase agreement.
    motherofhope98

    Answer by motherofhope98 at 10:28 AM on Feb. 21, 2011

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