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You are talking peanuts in the overall scheme of things. You have it listed at $20K, correct? You have a buyer in hand at $17.5, correct? And the other party who owns the land wants to sell, correct?
So you are going to **** off the other party for the rest of their life over $2500?
That's just silly. It costs more to hold onto it in taxes, insurance, worry and maintenance than it will to just dump it and move along. You live in another state, she wants to sell it......what are you farting around over $2500 for something neither of you wants? That's $1250 difference to you.....for something which costs you zero.
You are talking peanuts in the overall scheme of things. You have it listed at $20K, correct? You have a buyer in hand at $17.5, correct? And the other party who owns the land wants to sell, correct?
So you are going to **** off the other party for the rest of their life over $2500?
That's just silly. It costs more to hold onto it in taxes, insurance, worry and maintenance than it will to just dump it and move along. You live in another state, she wants to sell it......what are you farting around over $2500 for something neither of you wants? That's $1250 difference to you.....for something which costs you zero.
You are talking peanuts in the overall scheme of things. You have it listed at $20K, correct? You have a buyer in hand at $17.5, correct? And the other party who owns the land wants to sell, correct?
So you are going to **** off the other party for the rest of their life over $2500?
That's just silly. It costs more to hold onto it in taxes, insurance, worry and maintenance than it will to just dump it and move along. You live in another state, she wants to sell it......what are you farting around over $2500 for something neither of you wants? That's $1250 difference to you.....for something which costs you zero.
No brainer. Sell it.
(And I am not scoffing at $2500).
Its not 20K. Its 60K for which someone offered 20K LESS. A third LESS.
The OP is getting ripped off by the buyer, IMHO. I would tell the aunt to hold her horses.
I would sit down with her and explain how much money she stands to lose if you sell now. Explain that by merely waiting a few months can get more money on the sale. And I guarantee you that the neighbor will still be interested later too. He's just trying to buy it for a steal
You can ALWAYS buy the property off your aunt and sell it yourself if you think its worth that much more
Its not 20K. Its 60K for which someone offered 20K LESS. A third LESS.
The OP is getting ripped off by the buyer, IMHO. I would tell the aunt to hold her horses.
We're assuming OP is correct about the FMV of the land at 60k. If so, then wait. If your agent thinks FMV is more like 50k, then it may be a good idea to work out a deal with this buyer.
I have thought about that. But I live in another state and really don't want the land.
Don't even deal with this "drama"! is it a fair price? If it is just sell the damn thing already! Get rid of a "headache"!
Seriously? Unless it is part of Manhattan real estate? Get rid of it! Pay the property taxes that are coming also!
You said in your original post that this parcel was owned by your uncle and aunt and it was your uncle's wish that you would handle the sale of the property for his wife, for which you would receive a split of the money. Normally, I wouldn't interject in a family matter but you wanted opinions on your situation so here's mine. You are letting "winning and losing" blind you to your purpose here. Your uncle wants you to handle this for his wife and, in return, you will benefit, too, but I suspect he probably viewed the property as an asset for his wife and you as the mechanism by which she could liquidate the asset. I say all of this, not to upset you but, to remind you that you should be less concerned with a few thousand dollars and more concerned with fulfilling your uncle's wish that you sell the property for your aunt and your aunt's wish that you sell it for the offer on the table. If it was just you, I'd say you are right but it is not just you and, frankly, your competitive sensibility should not be a factor in this case...especially if it is causing a family rift. That was probably the last thing your uncle had in mind.
Last edited by bbronston; 02-14-2014 at 06:29 AM..
Family dynamics aside, it's much better to sell land in the spring than it is to try to unload it while it's under a foot of snow. Most people simply aren't in the mind to be looking at land now. I doubt that the neighbor would lose interest in 2 to 3 months. If you can't find a buyer for more, I'd bet you could go back to him because he knows he'd be getting a good deal.
Still, realistically, you may be dealing with only about a $10K difference in price. Split up further, the difference to each will be less.
it was your uncle's wish that you would handle the sale of the property for his wife,
Well said. You are a wise man.
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