Hello folks,
We live in Northern Utah (not Draper or SLC) and have been renting a 1970s 1296 sqft condo (2bed, 1 bath, and a small loft accessible by ladder) for about a year now. My landlord called me today to let me know he is going to be selling our unit. He told me he would be listing it at 220 and then expecting it to go to 250 after bidding. After this I let him know that we would be interested in buying it from him through a private sale. He was excited to hear that and let me know the details of the HOA fees, property tax, and insurance over the phone.
Then later that evening he sent me a market valuation of the unit from Homie, which values it at 258. He said instead of going through that and selling it on Homie he would cut their fees out and sell it to us for 247 in a private sale. Does that discount seem reasonable? Also, what is the “Sold Adj total” on the valuation sheet for the comps and why is it so much more than the sold price on the other comps? I would be getting an appraiser before moving forward on this from my lender of course, but before I even start getting into this I want to make sure I’m not missing red flags from the offset.
Thanks,
