OfflineBought a great 1 acre lot in a golf course community during the pre-construction phase about four years ago. Now with the Real Estate market down so badly, I am having trouble trying to sell and get $ out of it. It appraised at $127,000 on Sept, 2008. I am willing to sell 20% or more below this appraisal. Anyone have any ideas for a quick sale?
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One thing that you could do is contact local builders and see if they are willing to buy the lot outright at a discounted price. If not, entice them further by offering the lot in a partnership senario where they could build on the lot and you would be cashed out at a set price when the home sells. This could be a very good offer to a builder, it would mean no out of pocket expense for a lot! And maybe you would not have to take such a dive on the lot sales price - this could be a win-win situation. I hope that this helps!
Hi:
Have you considered offering seller financing?
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Well it looks to me like Salden said it best. But if you need the cash out of the deal you could just get more for it than you paid and you still win and so does the buyer. At least you still make a profit anyway.
But like I said, Salden has some great ideas for you! Try them first is my suggestion.
Take care,
FOMAC
Thanks for the input. I have attempted all of the recommendations before I wrote this. I bulk e-mailed most of the builders and contractors in the area. I have one interested but have not gotten a offer as yet. I remain hopeful. Thanks for all your inputs!
You said "It appraised at $127,000 on Sept, 2008" But have the prices DROPPED in your area since that's OVER a year ago!!!If they have you might still be over market value even at 20% off this price!!!Think about it..!!
No! Prices have remained the same. Think about it-I refinanced when the bottom fell out of the market. It was just after the Dow fell 777 pts in one day. I had to pull at every string I could pull to get someone to refinance my Ballon loan on the property. I thought I was going to lose it. No one was giving loans on lots! Now my problem now is selling to get out of a HIGH interest rate. That's why I'm selling at 20% or more below value. The lots are keeping there value, but just not getting activity.