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Buying Next-Door Neighbor's Home

Hello helpful people!

I have an interesting opportunity and looking for advice on anything I might not be considering. In the multitude of advice there is wisdom, so I'm asking.

My wife and I own a home in Missouri. We've paid off the mortgage entirely. Approximate value currently is $350k-$400k according to a realtor friend.

My next door neighbor recently passed away. He was a nice old man who was a good friend the last 10 years while we lived here.

He told his brother in the hospital to sell his house to us and make us a good deal. His brother had the home appraised and told us he would give it to us for $100k lower than appraised value. It appraised at $569.

The home has an in-ground pool and we have kids that are the perfect age to enjoy. The home is an upgrade in square footage and other ways. Of course there are some things we would like to change, like the kitchen. It has an unfinished basement. It's one of the largest homes in the neighborhood.

I'm debt-averse, I want to avoid debt because we like to travel and have experiences. I'm talking to a banker about a bridge loan, to get into the house and sell our home.

Is this wise for me to pursue? What should I be considering that I haven't thought of?

Thank you!

submitted by /u/JoooeMomma
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1n6gvel/buying_nextdoor_neighbors_home/
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