Does it sound like he will sell house at a low price?

Question

Long story short my husband and I were just informed we have two weeks to move out. We’ve been living on a farm. We feed show horses twice a day instead of paying rent. A work for stay type of thing. We have this deal worked out with the owner, a very old college professor who’s mental health is declining due to age. My husband has known him for 15 years. 
We have a 4 year old, 1 year old and I’m 6 months pregnant. So I’m extremely stressed about this. 
We’ve lived here in the farm for 4 years and had it in our plans to move out next year. 
My husband is a school teacher. This is his first year of teaching in a school in America. He is getting his Masters degree and that’s what we were waiting for him to get to move. He will be finished in a year. 
Well, I remembered a house that is in my family but wasn’t sure if my aunts ex husband still owned it. Out of desperation I gave my “ex” uncle a call. 
He’s letting us stay in this cute dreamy home RENT FREE for at least 3 months 😭 I’m so thankful. He said he won’t allow family to pay rent. 
His father passed away in December so he has to SELL THE HOUSE because of the will. That’s why we can only be there at least 3 months or until it sells. 
My husband & I went to look at the house over the weekend and we both love it. So here’s a screenshot of what I asked and the response.

This house is old and not in the best location. It was built in the 1930s. But it’s so beautiful inside and 2,000 square feet. Perfect for our growing family. The background is large & private. It’s in town and close to everything like my daughters dance class, grocery store, ect.. 
Anyways, does it sound like he will sell for low? That’d be the only way I’d want to purchase is if it’s a low price because reselling might be hard. 
in 2005 when my aunt was still married to him they bought the house for $58k
Edit: we live in alabama where it’s a lot cheaper to live. The area that this house is in houses are even cheaper because of the location. Downtown area isn’t the most favorable place. I love living rural but for unforeseen circumstances (having to move) we can’t right now.
Zillow estimates $75k which is extremely low! I just wonder if he will have to sell it for more. I wouldn’t want to pay much more just because I don’t feel like it’s worth it. It’s 3 bed & 2 bath. 
Needs TLC, needs a new hvac system but it’s honestly in great shape considering the age! but like I said location is rough for my area.

My husband got pre-approved for $185k loan a few months ago. Most nice homes our region on the state start out at $120k, but i would love to buy this home over a newer one.

Answer

He mentioned that he will ask his son in law the current market value 
So I would assume he plans to sell it for what it’s worth 
If they bought it for 58k in 2005 I can guarantee you that it will probably be worth quite a bit more
The housing market right now is a “sellers market” 
Houses are selling for a lot more now which makes it harder to buy a home unless you have a pretty decent sized down payment
If you can’t afford a home in the 150k range right now I think it will be very hard to find anything cheaper that isn’t completely run down and in need of massive (and costly) renovations. 
But who knows! Maybe he will be willing to negotiate price.

Answer

In my neighborhood a house like that would sell for 200k-300k depending on the amount of bedrooms and bathrooms.  
Being in probate the  proceeds from the sale will go to paying off any remaining debt(s) of the eatate. Depending on what's stated in the will and how any funds are to be distributed would have an impact to the sale price.

Answer

This house would be over 1mil where I live 🥲

Answer

He might have to sell it because of probate court (the will said so) but he could also see about transferring the title to you as well. 
There are options

Answer

So happy you have a place to go, at least temporarily!
It sounds like he will try and get you a good deal but keep in mind the market is a totally dif market than it used to be in early 2000s. The market has crashed and sky rocketed since then. I think houses are not as high as they were a few years back, but still pretty high. 
Not sure where you live but it’s impossible to find a home under 150k, most houses are around 300k here for an average home. So I am sure you will be paying a lot more than the 58k, at least over 100k I would think!

Answer

A house like that sells for 350-400k here. I would definitely buy it if I were you for 75k if he sells it.. that’s nothing for a home.

Answer

Sounds like he will sell it for however low they will allow. I doubt it'll go for the same price your aunt paid. A house like that in my state would go for $100K+ so it just depends on the market. I'd start talking to lenders now to see what you'd qualify for.

Answer

To give some insight, my grandma's house had to be sold to cover her debts. The minimum value at "market price" was $100k to make sure everything was covered. The leftover went to the beneficiary, buy the beneficiary did have to agree to the sell. 
I would go ahead and get my ducks in row just in case you're able to purchase the house. Look into a renovation loan, you can get all the repairs needed put in your mortgage

Answer

I hope whatever happens you get your dream home before that next bundle of joy comes!!

Answer

As the house age price goes up so it’s worth more then what they bought it for . It doesn’t sound like he’ll sell it for to low but it can be a price that the house is actually worth. If you have the address you can get a understanding of it on Zillow or house selling apps . I hope it works out for you guys though

Does it sound like he will sell house at a low price?

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