Vacant land

Vacant land

I have a cash buyer, who wants to buy a vacant land, which is posted for 89K, and he is willing to pay 72K. By Zillow the value is 89K now, but it was only 49K in January.
I apologize for my questions, but I don't have too much experience.
Should I find the owner of the property(by Zillow it went foreclosure last July), and go with the 65%offer?
Any advice, tool, is highly appreciated.
Thanks
Zsuzsa

__________________


If this deal came to me,

If this deal came to me, first I would research what the situation really is with the property. Visit the county website of go to the county office to research who the owner is. If it is an REO piece of property, you will have to connect with the Realtor that is working for the bank.

It sounds like you want to wholesale this and you don't even have it under contract. You need to check with the laws in your state and with whatever bank owns it if that is even a possibility. (we have never done raw land deals, so that is why I'm telling you what I would do in this case)

Also, Zillow only gives you an "estimate" but you can't hold that in stone. You need to find out what the property is assessed for at the tax office and speak with a Realtor to find out if you don't know valuation in that area.

You can't accept a 65% offer if you don't have the land under contract. Who owns the land currently?

Keep doing your research.

Good luck!
Pamela

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Joe & Pam
1-855-JOE-BUYS


Zsuzsa

you don't need to apologize for your question, that's what this forum is for, to ask and learn...

so...why is this cash buyer contacting you about a land that already has a for sale sign? why did he not contact the agent listed on the sign? As Pamela says, if you don't have it under contract, you cannot negotiate a price with the buyer....

also, there are agents who specialize in vacant land, so I would look for one, especially if you don't have much experience...

wishing you success,

__________________

Valerie

“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss

"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown

My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...


Pamela

Thanks for your answer.
On Monday I will keep on going with my research about the property.
Right now, it looks like a bank-owned land.
Hopefully will know more tomorrow.
Zsuzsa


Valerie

Thanks for the help.
"so...why is this cash buyer contacting you about a land that already has a for sale sign?"
Seems like the word of mouth works, somebody told to someone, that I am involved with real estate.
This person came to me, and told me, he wants to buy this land, he didn't contact to an agent about it yet, because he heard, I have good deals, so he wants to try, what can I do.
I didn't want to say NO, so I said, let me work on it, and will see.
Seems like, I started to work backwords.
So should I step in the buyers shoe, and contact the realtor, or agent, who is in charge of this land, or stay back, and let the buyer contact the agent, who advertised the land?
Thank you
Zsuzsa


I am not sure

if I understand correctly.
Do I have any chance with this deal, to negotiate the price with the broker.
Should I give my offer?
OR
Tell my buyer, to contact directly to the broker
and work on something else?
Thanks for any advice.


Lot for sale

Hello Everyone, I have a question about a lot a seller would like to sale. He would like $13,000.00 for the lot and $6500.00 down. I have two buyer(s) that may buy. Can I make a offer to buyer(s) for $14,500.00 so I can make a little money off the deal? Do I have to put the deal under contract before talking to buyer(s)? Also, what can I do if seller want the $6500.00 down no and if are buts? Oh, it is about a 3 quarter acre lot that has been cleared off and has all the city hook-up ready to go. Any help would be great, Thanks. I'm a newbie


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