I’m renting a house from a relative & intend to buy it. Who pays for the appraisal & what order/steps do I take to get things rolling w/bad credit? I don’t just want to do a comparison on other houses in the neighborhood b/c this house needs a LOT of work done to it so it would work in my favor if it is appraised on the lower end. The seller (my aunt) asked me what I thought would be a fair price & if I checked to see how much other houses in this subdivision were selling for…but like i said, this house needs a lot of work, so it’s not fair to do a comparison. Any suggestions on how to proceed??
I don’t know whether we should contact a mortage company first, or get the appraisal 1st. Or since we have bad credit, should we contact a company that help people w/bad credit 1st?