A bank appraisal will tell you if they feel it is worth the $170,000. Around here they will run $400-450. It is the only appraisal that will matter cause they are the one's that will be loaning you the money. It doesen't matter what he paid for it when he bought it. His to sell now for whatever he can get for it. As the others said, check with the local zoning office to see what you can and can't do and a good title company should root out any questionable findings. Here, you cannot transfer title till the taxes have been paid on the entire piece of property being sold. Have the purchase agreement state who will pay the taxes and if you are given credit for them so you pay them, make sure you have the latest valuation that they will be based on when you do pay them. I got caught on that one recently. I new what the present taxes were but didn't find out till I got the tax bill that the valuation went from $2000 to $25000.
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Today's Featured Article - The Niagra View Mobile - Powered by a 1959 Ford Tractor - by Mark Massey. In 1959 the Niagara Frontier Transit Inc. of Buffalo, New York designed and built six Viewmobiles for the Niagara Frontier Sightseeing Inc. for use as a sightseeing ride at the Niagara Falls State Park, Niagara Falls, New York, powered by a 1959 Ford 611 Tractor.
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