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We are currently renting a house and we really like everything about the house.
We are thinking about purchasing a home in a year.
Here is the question.
I know that the owner of the house rents this home because of the market situation in our area ( a lot of inventory and decrease in price).
What is the best way to approach the owner regarding the purchase of this home ?
I'm hoping we can buy this house at a price close the market value but I'm not sure about the best way.
We are currently renting a house and we really like everything about the house.
We are thinking about purchasing a home in a year.
Here is the question.
I know that the owner of the house rents this home because of the market situation in our area ( a lot of inventory and decrease in price).
What is the best way to approach the owner regarding the purchase of this home ?
I'm hoping we can buy this house at a price close the market value but I'm not sure about the best way.
I think the best way is the simplest way in this situation. Just ask the owner if he is interested in selling the house to you at market value. You need to make sure what market value is though. If his reason for renting is that house prices have decreased by more than he can afford to sell then he will probably keep renting. However, his motivation to sell might be different than it previously was and he might be interested in selling.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Agree with gbone here. If he's interested, you might suggest that you each pay for a separate appraisal and agree that the purchase price will be the average of the two appraisals.
He may not be able to sell at market, if he is underwater, which happens often now. Find out how much he paid/owes.
Great point !
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