Posted by JimM on June 23, 2005 at 19:37:13:
I can’t tell you if it is a good deal. However, if I look at properties on-line at my county web site, they are assessed for taxes much lower than actual property value. Compare your home with others in the same area and condition and see what they have been selling for.
As far as getting a loan, unless your property was just appraised, the bank will do a new one anyhow. Although, if your credit is good, a bank always seems to appraise at what you are asking to borrow, at least in my experience, which doesn’t mean that I could sell it today at that number.
Also, if you are keeping it as a rental, and you can get a high enough rent in that area to make some money and pay down the loan with litle risk, this is a +. Good Luck.