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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.
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.
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.
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?
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.
I would hold my ground. If the buyer really wants it they will find a way.
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