May be the dumbest question ever asked, but… - Posted by Charlene Pye
Posted by Charlene Pye on February 26, 2001 at 22:59:41:
does it make sense to have a seller pay for an appraisal and inspection?
I’m asking because I’m a cashless, bad credit newbie and I’ve come across three properties each in different areas.
Here’s the info on one of them:
This is a 3-story two-family that the owner has been trying to sell himself for about 18+ months because he’s tired of having renters ‘tear it up and having to keep paying for repairs.’
I met with the owner last summer, walked through it (he was in the middle of repairs which he’s not going to finish), the third floor has no rooms. He was going to make it a recreation room, he’s asking $50,000 and is not interested in carrying a note, or a l/o. I called him about a month ago and he’s still not interested. HE SAID it needs about $25k in repairs. I talked to a realtor last night. The only comp she found was a 2 family that sold in 11/99 for $85K. One is a 1 bdrm, renting for $425, the other is a 3 bdrm, renting for $500.
I live in the neighborhood, mostly of renters paying between $450-$545.
I want to purchase it, fix it up, and live in one side and rent the other or convert it to a single family, live in it for a year or two then sell it.
Any advice is greatly appreciated and thanks so much!!