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I'm not sure. She owes $58,000 and said it was appraised for the asking price, if that helps. I do plan to get an inspector. I guess I would have to pay for that right?
Have you seen the appraisal? If not, ask for a copy.
What county are you in?
Okay I will. Once it's confirmed then what?
Then get an appraisal - to make sure of what your getting. I would get the appraisal before I signed the lease option.
This property and the owner are probably on the up and up. However, I have seen to many of these that the owner gives a "deal" to the tenant/buyer knowing that they not inspect the property - selling them real problems - that they can't possibly afford to correct.
After the inspection comes in and you get a copy of the appraisal - that everything looks good.
Are you sure that you can qualify for a loan to pay the balance in 3 years?
You need to know then what potentially is wrong with the place - that's usual "as is" which makes me pause.
You also need to be able to get an extension of time in case you don't qualify in 3 years - like another 3 years. After 6 years - you should be able to qualify and have enough equity.
After those couple of things - I think you'll be alright. But you need to know and have the property inspected.
I would also ask that she sign a disclosure statement - that's just in case there's something that she knows and isn't informing you of. You can pick up a disclosure statement at a real estate office.
One more question. Hypothetically speaking, if all clears in my favor, should I still consider negotiating a lower price on the house and if so, is taking $10,000 off pushing it?
What county is this in? Do you know if your county has a property tax assessment website?
Yes, Philadelphia has a property tax assessment website that you can review. You can review what comparables they used, the assessed value of the property, and their owner's tax payment history.
That's one more thing - you should get a title search performed to make sure there are no surprises.
Okay, I most certainly will!!!