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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.
Seriously, dont make the old lady wait. She could die anytime. If you dont take this offer, it could be years to sell land. Years she knows, she doesn't have. She will not be impressed if you get an extra $20k but she is 6 feet under.
Seriously, dont make the old lady wait. She could die anytime. If you dont take this offer, it could be years to sell land. Years she knows, she doesn't have. She will not be impressed if you get an extra $20k but she is 6 feet under.
If you know someone is trying to take advantage of you, why give in just because one of the parties is elderly? The land has a value, you know what it is, the buyer knows what it is. 25% below fair market is a LOT.
Sorry, I would not sell for that under any circumstances.
Land is a funny thing. Even if its fair market value, it can sit for years. In that time frame the fair market value goes up and it goes down. If you have a fair offer..... take it...... as you may be taking the same low price 8 years from now.
Longterm outlook doesn't look good. We will have a housing crash. And just like the 1980's the new building loans will completely disappear, thus fair market value will plummet. No building loans equals no land sales.
Last edited by 399083453; 02-13-2014 at 11:51 AM..
I've seen too many people over the years hold out for more..... only to end up with much lower offers years down the road and they had to pay taxes on it all those years. Good luck.
Land is a funny thing. Even if its fair market value, it can sit for years. In that time frame the fair market value goes up and it goes down. If you have a fair offer..... take it...... as you may be taking the same low price 8 years from now.
Longterm outlook doesn't look good. We will have a housing crash. And just like the 1980's the new building loans will completely disappear, thus fair market value will plummet. No building loans equals no land sales.
Completely disagree. Demand is artificially low for the interest rate environment because of requirements for financing. Prices have been under rebuild value for quite a while, but population growth has not disappeared. A housing crash some day, yes, a housing crash within the next 8 years, only in a few speculative markets.
And the requirements for financing will be getting tighter and tighter. Happening right now. And new construction always gets hurt first. Requirements for new construction are very hard to meet and will get much harder, thus fewer and fewer land buyers.
I countered, and they came up a measly 2500. Its an insult.
Are you saying the lot is about 20K? If that is the case, 25% asking price is about 15K. Coming up 2500 means they have met you 1/2 way. At that point I would take it and be done with it. What are the yearly taxes? They must still be paid.
Are you saying the lot is about 20K? If that is the case, 25% asking price is about 15K. Coming up 2500 means they have met you 1/2 way. At that point I would take it and be done with it. What are the yearly taxes? They must still be paid.
No, fair market value is around 60k. The offer came in around 40K. We were willing to let it go around 50.
Taxes are only a few hundred a year.
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