A guy today had 3 houses for sale, but told us personally that we shouldn't buy them bc of the condition.. but that we should look at his friends house. His friends mother recently passed away and it was her home.
The house has a few minor problems. The assessor appraisal is 36k, which is 60% of the market appraisal.
He said there are 3 other ppl looking to buy it, including himself. What gives? Why so cheap and why did he show us his friends house?
2007-03-09 19:51:20 · 4 answers · asked by PlasticTrees 2 in Business & Finance ➔ Other - Business & Finance
A few reasons. maybe it is in an area that may be about to be developed-a road or h'way may be being projected to be built the near future, check with local council.
It may also be that the property has damage such as termites, rotted beams etc. also a good idea to have the house inspected before purchase in case their are major problems that the seller is misleading you about.
The neighbours may not be the greatest people to live with making it difficult to get people to live in the area.
Have you put him on the spot and asked him....might be an idea. If you are having such negative feelings and suspicion it may be wise to walk away.
2007-03-09 20:04:15 · answer #1 · answered by purpleorca 3 · 0⤊ 0⤋
Because the owner has died the house is in an estate that has to be settled, unless the will designates who gets ownership. The executor may want to sell immediately to use the proceeds for paying bills or just to settle. To offer it at market value at this time will put it in competition with others.
The executor will want to take the highest offer, so your friend may be challenging you up to bid less, so he can get it by offering more. Likely, whoever has the cash will get it so that no time has to be spent with an appraisal, loan officers, Realtors representing Buyers and expecting a commission, or family members coming from everywhere expecting a piece of the estate.
2007-03-10 04:14:43 · answer #2 · answered by Venita Peyton 6 · 0⤊ 0⤋
Have you had a professional look at it? It could be it has structural problems, or he is trying to sell it so cheap because it has a big lein against it, and he is hoping that you will not do the proper research and be stuck with it. He may lose on the house, but to get rid of a big debt, it is worth it. Maybe he felt bad ripping you off and thats why he suggested his friends house, it might be the only one in good shape.
2007-03-10 03:56:35 · answer #3 · answered by psycmikev 6 · 0⤊ 0⤋
Sounds like a con.
2007-03-10 03:54:43 · answer #4 · answered by celianne 6 · 0⤊ 0⤋