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Offer on land?

Posted by jeannc (My Page) on
Sat, Oct 27, 12 at 14:26

Land that I wish to purchase is priced at $70,000-which is about $30,000 more than the property tax value (and it is not worth $70K-all the other lots in the neighborhood sold for between $40-50K).This land is about 7 acres, with the majority being hilly-not a good building lot. It abuts my lot, which is why I would like to own it (for a buffer).

The sellers are firm on their price-I asked them. How can I let the sellers know that I would definitely buy it for $50K, but not their $70K? I am sure it would not sell for $70K-they say they may build someday.


Follow-Up Postings:

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RE: Offer on land?

" about $30,000 more than the property tax value "

Tax valuation rarely matches market value.

"ll the other lots in the neighborhood sold for between $40-50K"

Recently?
That would be a better indicator of market value.


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RE: Offer on land?

How can I let the sellers know that I would definitely buy it for $50K, but not their $70K?

You could tell them verbally, you could write a letter and send to them, or you could send them a contract offering that amount.


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RE: Offer on land?

Send them a written offer and a few comps.


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RE: Offer on land?

What NC said. Put it on paper with the evidence that your offer is logical. When I'm selling stuff and people ask me what my bottom dollar is I politely say "I'm asking X." There's no point in negotiating with yourself by dropping your price before they've offered something. So that might be what they're thinking.

Though on a house or land, my response is "make me an offer and I'll consider it." If they ask "is X included" I say "you can put anything in an offer."

So put something in writing in front of them. That shows you're serious and may budge them off their price point.


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