Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-13-2014, 10:06 AM
 
Location: Man with a tan hat
799 posts, read 1,546,187 times
Reputation: 1459

Advertisements

I inherited some land from an uncle and am charged with selling it (executor of the estate). My 80 year old aunt and I are beneficiaries of this sale.

We have recently gotten a rather lowball offer-- 25% less than purchase price and improvements have been made to the land. My aunt wants to unload it at this price, but I am hesitant to do so. We are in winter, and we had interest when the land was listed in the spring/summer last year. I think we can do better. This is causing a rift and my aunt is scared that the buyer will walk. To which I say, big deal.

I will agree to the offer if the buyer pays everything -- all fees, even the deed prep and grantors tax that are normally paid by the seller. My aunt is giving me pushback because her adult kids don't want to mow the grounds in the summer (its less than 4 acres). I have offered to set up a service, which is a minimal cost, but she is still grousing about it.

Any guidance? Our agent thinks to sell at this price the buyer is getting a "deal" but its not unreasonable. I am not interested in giving anyone a "deal". I think the price is far too low.
Reply With Quote Quick reply to this message

 
Old 02-13-2014, 10:14 AM
 
Location: Long Island, NY
19 posts, read 28,400 times
Reputation: 16
Buy the land off of her at her agreed price, and then turn around and sell it at a higher price after you do some more improvement on it. just a suggestion you know.
Reply With Quote Quick reply to this message
 
Old 02-13-2014, 10:16 AM
 
Location: Man with a tan hat
799 posts, read 1,546,187 times
Reputation: 1459
Quote:
Originally Posted by Dancingdots View Post
Buy the land off of her at her agreed price, and then turn around and sell it at a higher price after you do some more improvement on it. just a suggestion you know.

I have thought about that. But I live in another state and really don't want the land.
Reply With Quote Quick reply to this message
 
Old 02-13-2014, 10:20 AM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,688 posts, read 29,654,526 times
Reputation: 33238
Default Not relevant

Quote:
Originally Posted by whatisthedealwith View Post
25% less than purchase price and improvements
Purchase price is NOT correlated with market value today.
Do not let your emotions rule.
Reply With Quote Quick reply to this message
 
Old 02-13-2014, 10:21 AM
 
Location: Long Island, NY
19 posts, read 28,400 times
Reputation: 16
you are selling the land, not wanting it. She wants it unloaded, it is not fair to ask an 80 year old woman to wait for the proceed. So, if you want to make more money, buy her out, what is so hard about that? Or you would like to hold on until you are the only beneficiary?
Reply With Quote Quick reply to this message
 
Old 02-13-2014, 10:30 AM
 
Location: Man with a tan hat
799 posts, read 1,546,187 times
Reputation: 1459
Quote:
Originally Posted by davebarnes View Post
Purchase price is NOT correlated with market value today.
Do not let your emotions rule.

Agreed. However the offer is well under the appraised value and comps in the area.
Reply With Quote Quick reply to this message
 
Old 02-13-2014, 10:31 AM
 
4,676 posts, read 9,955,251 times
Reputation: 4908
Buy her out, relist at the price you THINK it will sell for.
Reply With Quote Quick reply to this message
 
Old 02-13-2014, 10:32 AM
 
Location: Man with a tan hat
799 posts, read 1,546,187 times
Reputation: 1459
Quote:
Originally Posted by Dancingdots View Post
you are selling the land, not wanting it. She wants it unloaded, it is not fair to ask an 80 year old woman to wait for the proceed. So, if you want to make more money, buy her out, what is so hard about that? Or you would like to hold on until you are the only beneficiary?
Not at all. Its a matter of months. The land isn't even on the market right now. Its a neighbor who frankly knows the situation and wants to take advantage (and who I know for a fact paid a helluva lot more for his parcel which was completely unimproved when he bought it). Our agent has advised to wait to re-list until the weather is better-- this land is located in a state with a lot of snow right now.

I am confident we will get a better offer. Our agent thinks so as well.
Reply With Quote Quick reply to this message
 
Old 02-13-2014, 10:58 AM
 
Location: Central Virginia
6,528 posts, read 8,327,082 times
Reputation: 18615
Counteroffer.
Reply With Quote Quick reply to this message
 
Old 02-13-2014, 10:58 AM
 
Location: In the city
1,581 posts, read 3,843,810 times
Reputation: 2417
I would hold my ground. If the buyer really wants it they will find a way.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top