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Grant Ray came on 12/8/08! | Without having a house appraised, Is there any way to tell If I am getting my money's worth? |
We're buying from an uncle that is selling for $56K and some change. He just wants rid of it.
Additional Details
It's in a subdivision where the houses go for around $120K. |
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Tres7
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If you are getting a mortgage then you will have to have an appraisal as part of your closing cost. If not and you do not want an appraisal then you may want to get a real estate professional price opinion and at least you may feel better about your choice. You can look at your county's tax roll and see what other homes in the area are assessed at...that would give you an idea of what homes have been selling for in the last couple of years. As a Realtor, I would always suggest a written contract, appraisals and any inspections that may be needed. Good Luck! |
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donna_honeycutt47
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An Appraisal is a good thing to protect the Buyer, but it sounds like in your Case your Uncle is cutting you a deal and may want to just sell "as Is".With the money you will be saving on Compariables in the area, it sounds like a wise decision. |
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Emcee H
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Sounds like you're getting a steal. If homes in that subdivision go for that much... Just make sure to inspect the property and it sounds like you can't go wrong... however, why would your Uncle take such a huge loss? Is he rich? if not, be very weary... |
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godged
 |
If you are getting a mortgage, the lender will have it appraised whether you want to or not. |
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jamlo56
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no because a good appraisal will tell you if the house will need additional repairs and some repairs have to be up to state code.having a house appraised will save you from spending money and time, if repairs are needed find out how much the expense will cost and talk with the seller, he may or not agree to have repairs done but agree to reduce the selling price of the property,keep in mind this only if the property need repairs and donot meet state code. |
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Expert Realtor
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Have it apraised. Unless you are paying cash, the bank is going to require an appraisal. |
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DannoREA
 |
Unless you are paying cash, an appraisal will be required. Even if you're paying cash, have it appraised anyway. Always good to know what it is worth.
Houses might have sold for 120k in 2004, but if the values have dropped and are expected to continue dropping, you could be getting screwed here. |
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Craig T
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Actually unless you are paying cash, there will be an appraisal |
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Tim D
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It sounds like a very good deal. |
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Big Bobby Clobber
 |
Have it appraised. |
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WT
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I would say that the appraisal and inspection are the 2 most important things in house-buying (even from a relative). The inspection can cost around $300, but the appraisal should be included in your closing costs. I think you should have the appraisal just for your reference. |
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emland
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If you are friendly with a licensed real estate agent, they might do a CMA for you at no cost. |
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heyteach
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Sounds like a good deal. Why not use a real estate agent or attorney anyway (will be a fee in this case). You can get comps done for the area and an agent would have enough experience on walk through to have a good guesstimate. I'd also strongly recommend a home inspection--I doubt you're getting taken, but you should know what you are getting yourself into in any case. Also if you do that NOW that should help prevent bad feelings IF there is a money pit problem or two.
There has to be properly done paperwork and if this is WAY under the true value, there will be a GIFT issue as well--though that will affect your uncle's tax situation more than yours.
Best not to do real estate deals without at the very least a qualified real estate agent and in this case, a real estate lawyer would be good sense. |
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linkus86
 |
If the other houses in the neighborhood are selling for $120k it is a no brainer that you are getting a good deal. But if you want a "free" appraisal for your own knowledge you could "con" a Realtor into giving you a comparative market analysis of the value of the house which many will do in their effort to secure a listing for free. |
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