Looking into extending our property...advice? Update pg 5

[TipsyDog]

Quote:
What? Wait, I'm not following you here. Both identical size lots? What other lot? Also, I know that in many places the assessor's value has no bearing on the real market value unless it is being reassessed every year.

 

[redhen]

I dont think i'd give him a money amount..let him decide.... he may go lower than you think...

and if he goes higher..then...try to talk him down...
and i agree with tipsy...dont put god bless in the letter...be professional. He may not even believe in god and get offended. Be safe..leave it out..

 

[cjeanean]

LOL, sorry, I don't mean to be confusing.

I called the assessor's office, and the property value I was quoted is current. However, because both lots were sold together they were assessed for value together. Both lots are identical in size. I only want ONE lot. The assessed value of BOTH lots is $4500. Since I only want one I divided it by 2 to get the estimated value of $2250 for the one lot that I want to buy.

I have NO intention of telling him any amount that I'd be willing to pay. I'm curious to see what he thinks the property is worth, and I will try to talk him down but the highest I can afford to go is right about 2k. Otherwise I'd have to try to borrow money, and that's not gonna happen with our credit. We're buying our property and our home from my uncle because we couldn't get a loan, so the only way this is gonna happen is if he's willing to sell it for as much cash as we have on hand to buy it with.

 

[TipsyDog]

Quote:
OK - got it. Send him the letter, make no offer and just ask if he's willing to sell. Let him ask for a price if possible and negotiate from there. I could foresee him saying he doesn't want to sell 1 lot, but both together since that's how he bought them.

Hopefully you'll get some good feedback! I think it would be great to add onto your home

Good luck!

 

[redhen]

Also.. if he wants more than you can afford...maybe see if you can pay him what money you do have..then make payments on the rest...? (like a rent to own type deal...)
I dont know...just tossing ideas out there for ya..
Hope he sells it cheap to you!!

 

[cjeanean]

Thanks for the advice! I'm getting ready to put the letter in the mail right now. So based on what I've said about the assessed value and everything, does $2250 sound about right for the one lot? I want to get as much info as possible so I can be prepared if he does want to sell!

 

[TipsyDog]

Of course you'll let us know as soon as you hear back and then we'll help you through it!!

You know your area better, could well be $2250. Keep saving up in the meantime and hope he gets back to you.

Good Luck!

 

[WingingIt]

Quote:
IF he were TRYING to sell the property, you could negotiate the price down based on the fact that you'll have to clean it up in order to use it. He's not, however, he seems perfectly content to own it and have it just growing bushes..........so the fact that you'll clean it up doesn't really matter to him, he's not needing to sell it right now.

Someone has probably already said this, but the tax valuation has nothing to do with what the market value of the property is. My house and land here is tax valued quite a bit under what I paid for it and even more under what I could sell it for now. My neighbor has pasture land that's tax valued as something like $400/acre because there's nothing on it except fences.........however, if you wanted to buy that land it would cost you roughly $4000-5000 per acre.

I'd send a letter inquiring if he'd consider selling it. If he says yes, then you find out what he wants for it and go from there. The worst that can happen is he says no or wants too much. Even then, he'll know you're interested and might contact you later if he decides to sell.

Good luck

 

[cjeanean]

LOL, I will most definitely update when I find out. Hopefully it goes well. I know absolutely nothing about real estate/land, so any advice is helpful. Cross ur fingers and say a prayer, I really want this property and I just hope it will fit into my budget!

 

[Katy]

One thing I would suggest is to have it surveyed so you know for sure what the boundaries are. It is not cheap to have done, but could head off big headaches in the future.