What should you offer on a vacant piece of land that is Rural and has been on the market for over a year?

Question

The property has been on the market for over a year and were intersted in purchasing it , however we don't no what the least we could put an offer in on this parcel. Asking price $ 27,900 for the lot

Answer 1

I always low-ball on the first offer. What are they going to do, say no? Then they come back with a counter-offer. If it's been on the market over a year, I wouldn't offer more than 20K. You can always negotiate. I'd probably even start at 19K.

Answer 2

It all depends on what raw rural land sells for per acre in your area. It also depends on what you want the land for. If to build a home on then you need to know will the land perk? what is the availability of water etc and your cost of each of these. If you have to use well water and the cost of a well etc should all enter into your thought process on this land. You could offer what you think it's worth and be stuck with a useless parcel of ground. If that is the case then it has no value. So if you are looking to hold the land for future development then when will the all other infrastructures reach this area. Just call a real Estate appraiser in the area and inquire as to the price of rural land per acre if you wish to go ahead.

Answer 3

Highest I would go would be 10% under asking or $24,000 Lowest 20% under or $21,000. A Real Estate agent can look up recent completed sales in the area and you can calculate by acerage or sq. feet how much it went for. If it's listed, get an agent, they don't charge the buyer. The seller pays a commision.

Call an agent anyway and ask what land is selling for in the area. They should be willing to help you on the off chance that they can sell you another place if this doesn't work out.

Also: Cash talks.

Answer 4

the vendors are possibly working on a margin of probably 10% either way, so 10% off the $27,900 so on an offer of around $22,000 they likely will accept close to $23/24,000 USD for it after no sale in 12 months are ther any similar properties for sale in the area and what are they worth/selling for ? Good luck !

Answer 5

Check the Land Records. Find out whether there's a mortgage on it now, find out if the taxes are current. Put yourself in their shoes, think about what it costs them to own it and not use it. If they've been trying to sell it for a year, they may be about to move it from their mental "asset" column to the "liability" column, and be ready to just walk away if someone will take it off their hands.

You don't want them to accept your first offer.

Answer 6

see what your agent says about the situation and then try to get your lowest amount you can offer. Then try to get the family that is selling it to knock down the price, that would fit your and there's needs, needs' first- then wants'.