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Would this be an appropriate offer on this house?

My husband and I are renting a condo that we signed a 2 year lease for. Originally the owner was trying to sell it, but after awhile decided to rent it out since it wasn't selling... and would put it back on the market when our lease was up. Well, my husband and I really like the condo and are thinking that we would like to buy it from her. She originally had it on the market for 130,000 (pretty average for condos around here) and by the time our lease is up we will have paid 27,000 toward the mortgage. So at the end of our lease would it be appropriate for us to offer 100k for it since we have been paying the mortgage anyway?

 
Anonymous

Asked by Anonymous at 12:54 PM on Mar. 22, 2011 in Home & Garden

This question is closed.
Answers (11)
  • There is a lot more to consider then that.
    If you're looking to get a loan for the home then you have to follow the loan guidelines. You cannot pay more for the home then what it is worth in value. If the house is only valued at 100,000 then you can't pay 130,000 for the home with a standard FHA loan. As well, what are the compariables in the area? If the houses around you are selling for less you may get away with paying less. Honestly, what you offer is up to you and your husband. What you're paying for rent now doesn't mean anything for when you're buying it. You're only obligated under lease to pay what you do, but your mortgage is an etirely different matter. Low balling it will be a joke to her and she may just turn you down. I think that is a pretty lowball offer.
    JazzlikeMraz

    Answer by JazzlikeMraz at 1:23 PM on Mar. 22, 2011

  • Do a web search for comparable condo's like yours in your area. Search recent condo sales, and see what they sold for. Same # of bedrooms, baths features things like that. Zillow has Comps you can get an idea if it's overpriced or not.
    vbruno

    Answer by vbruno at 12:57 PM on Mar. 22, 2011

  • I would say to offer 110. Best of luck
    kiansmom0423

    Answer by kiansmom0423 at 12:58 PM on Mar. 22, 2011

  • Yes you can offer a lower amount since you paid rent..cant hurt to ask! Make sure you find out how much the property taxes are.
    ria7

    Answer by ria7 at 1:01 PM on Mar. 22, 2011

  • Knowing what other condos in the area sold for is key. Not what they were listed for but what they sold for. You can find out what they sold for through the town's tax records which are public records. Do your homework. Whether she will take the rent as part of the price is up to her. Propose it to her and even ask if she will take part of the money already paid towards the price. She doesn't have to accept your offer, but it would be great if she does! GL
    elizabr

    Answer by elizabr at 4:50 PM on Mar. 22, 2011

  • Have any upgrades been made? Anything in need of upgrades?
    Raise or lower your offer based on that
    butterflyblue19

    Answer by butterflyblue19 at 12:56 PM on Mar. 22, 2011

  • bump

    AnuMeha

    Answer by AnuMeha at 12:57 PM on Mar. 22, 2011

  • No, it was in perfect condition when we moved in, and still is.
    Anonymous

    Comment by Anonymous (original poster) at 12:57 PM on Mar. 22, 2011

  • The condo is worth as much as she was asking for it, we have done a lot of research on it. But can we offer a lower amount because we have basically been paying the mortgage for 2 years?
    Anonymous

    Comment by Anonymous (original poster) at 12:59 PM on Mar. 22, 2011

  • The property taxes for this town are pretty high. The condo fees are pretty good though. We have been going to our neighbors open houses lol
    Anonymous

    Comment by Anonymous (original poster) at 1:03 PM on Mar. 22, 2011

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