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My son is renting a house and the landlord wants to sell it to him without a realtor involved.

How can he find out what the house is really worth?
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October 05 2013 - Norwood
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Answers (10)

If your asking this questions you already know the answer! At the very least make sure he has a competent RE Attorney, a survey, home inspection
( he needs to choose the inspector not the seller ) and most importantly a termite inspection.

Good Luck and God Bless
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October 07 2013
I realize that coming from a REALTOR, this sounds skewed.  But please take this advice:

If you are asking the question "Do I need a real estate agent?" then the answer is yes. 

To find out the value of the home, have a local agent run comparable property sales in the area for you.  Hire an appraiser.  Have a home inspection done.  (All of these things). 
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October 07 2013
Profile picture for hpvanc
He can hire an appraiser. It is really the only way to establish a fair valuation estimate when the transaction is between 2 parties with an existing relationship, and their is no intent to list it on the open market.
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October 06 2013
Profile picture for John Blair
Do not negotiate anything without a Real Estate lawyer.

Hire a home inspector.

If the owner does not like that, than find another house to buy.
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October 06 2013
Buying a home directly from the owner without professional guidance of some kind like an attorney or real estate agent is a bad idea.

If the landlord specifically does not want an agent involved it is a VERY bad idea.  Maybe they have something to hide.  Maybe they are asking too much.

Consumers are not skilled enough to compare properties and determine value.  You need a Realtor or appraiser.
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October 06 2013
He can't, parent, he can't.

The surest way to know what a house is worth is to expose it to the market and have multiple bidders. Lacking that, it's a guessing game, and my advice to your son is to run around looking at houses that are similarly priced and see if he prefers one of them!

All the best,
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October 05 2013
You can check prices on Zillow, but there is a whole lot more to buying a home than price.  I would be very concerned about a Seller who was discouraging me from seeking professional advice. You might want to see if a Realtor would be willing to represent your son for a fixed fee and then pay the Realtor directly. This can usually be financed into the loan. .[ self promotion deleted by Zillow moderator]
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October 05 2013
Do a market analysis. Look at houses sold in the last 2 months in that area and derive at a price......bad idea not having a realtor for either party especially a buyer!! Your sons' biggest purchase in his life and no expert to guide him??! Good Luck!!!
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October 05 2013
Your son can research county tax records to see what similar homes have sold for recently.  On the surface, that's the easiest way to do it, but it might be difficult to determine what kind of condition those homes sold in - which affects value.
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October 05 2013
Is there going to be a loan involved? If so the bank will do an appraisal to make sure he is not paying too much. As a Realtor that is all I can tell you since you don't want our help.

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October 05 2013
 
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My son is renting a house and the landlord wants to sell it to him without a realtor involved.
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