Purchasing Home From My Mother's estate, need advice.
My mother recently passed away and her estate is currently going through probate. We have a minimum of one year to wait until everything is settled. We are contemplating a purchase of the house. We are in Central Massachusetts, the house, a half Cape with two additions was built @ 1880. House was appraised for 190,000.00
My parents did all upgrades to this house in 1975. As that was 38 years ago, it is in need of many updates.
New forced hot air heating system, new bathroom, new kitchen, up grades to electrical as deemed necessary. Perhaps new roof on an "L". Insulation in older parts of the house.
1. We were told that the appraisal price (for value of an estate) is not the same as an appraisal in order to put a home on the market. Does anyone know what the difference is?
2. As this house needs many upgrades, can the price be negotiated (downwards)
within the confines of an estate sale?
3. Does it make sense to have a home inspector come in to look at the home tell us what he finds wrong, and discuss what needs to be fixed and the approximate cost? I was told that a home inspection cost about 700.00.
Would a home inspector do this type of assignment - give the house a "physical" and tell me the remedy(s)?
If not, who would you call for this type of work?
Many thanks in advance for any insite you may have.