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Looking at possibly buying parents property - steps?

Location: Kentucky, USA

Husband and I are looking at possibly buying his parent's house. It's not the perfect house for us and feel like we would need to do some remodeling to suit our needs better. They have set a price for us and what they want to go to market at if we don't buy it. I'm not sure how they came up with pricing but honestly it seems appropriate for the house and area.

We have a pre-approval letter from the bank but have not signed any contract yet nor have we talked to land and title.

Are there any issues with doing our own appraisal and inspection before being under any kind of contract? I know with traditional transactions you go under contract then everything else falls in line based on timing. We don't want to end up double paying for things because we did it out of order.

Time frame for purchase is approximately January 2027 so not in a rush.

submitted by /u/nearthebeer
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source https://www.reddit.com/r/RealEstate/comments/1wf68ia/looking_at_possibly_buying_parents_property_steps/
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