Ok I may have found a potential home (on the MLS). It is a crappy looking house in need of cosmetic touch-ups for sure. Not sure about repairs etc. I have done comps in the area and ran a check on the house (through the county appraiser’s website) and it’s appraised for way less than what he is selling it for (obviously). The comps are basically the same for surrounding houses. What else do I check on? What else do I need to know? At what point do I take a drive to look at the house (to determine repair estimates etc.)? Do I go through the realtor or do I contact the seller myself? Please offer suggestions to this neophyte! Thanks!
If you’re going to mortgage the home than you can’t get a mortgage for more than the appraised value anyway, so this can work in your favor.
As far as the real estate agent is concerned I would not bring a real estate agent with you. This just makes it harder to get the asking price down. The agents are going to split the commission so each of them wants the most they can get. If only one agent is involved than 6% commission at a lower asking price is more than 3% at the lower asking price. The fewer agents involved the better of a chance you can get a better deal.
I would drive by the house tonight if it were me. Get out and look around. If your still interested in seeing the inside then call the listing agent and/or owner to set up the appointment.
Have fun.