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 Revival of a John Deere Combine - by The Red, John Fritz. For several years I had been driving by a farm house on the west side of Indianapolis that had a John Deere combine parked in high weeds in a lot behind the house. The gentleman no longer farmed because the entire area was developed with housing and light industry. I had stopped several times and knocked on the door but no one would answer. My curiosity was up and I wanted to contact the owner. I wanted to see what he planned to do with the combine.
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