[Micturition Man]

[ QUOTE ]
The appraised value from 12 months ago is probably alot higher then a current appraisal would be. Does all the incentives really make up for that? I would doubt it.

Steve

[/ QUOTE ]


This is the question.

The incentives are quite valuable. The rent he is going to pay for the first 2 years amounts to very roughly 20% of the purchase price (!).

I don't have exact numbers on that so I am not sure yet, but the rent he is willing to pay frankly seems excessively high to me. Not really sure what the story is there.

Also he would be covering all mortgage, tax, etc. payments for those two years.

So even I have to sell at a somewhat reduced price in 2 years this could still be a decent deal. If can sell for my original purchase price it because quite a nice deal.

Thanks to both of you for responding. I may update when I get more information if I'm still considering it.

(BTW I checked out the location this morning and thought it was pretty weak for 1m type condos. But then again sane people have that reaction to plenty of condos in hot markets that do in fact have that kind of market value.)