OfflineHave a question. I have 2 FSBO's, and both are very nice places with a few acres. But both owners have set a price. One is below tax assessment, the other is above. Neither place has had an appraisal. Both owners are willing to let me work with them. They don't want seller financing of lease options. He is considering a Realtor soon, but will give me a chance first. I do remember what to say for that,(with Matts' one liners) but how do I know what a good price is when there isn't an appraisal and they don't care to pay for one.
I do have 3 buyers looking for places like these, but what is my next move without an appraisal.
Running comps is hard as one place is in dairy country, and this place is 4 acres as a hobby farm. So hard to find places close by to compare with.
Sandi
Wis
With FSBO, no appraisals, need some advice!
Posted on: Thu, 10/21/2010 - 01:11
With FSBO, no appraisals, need some advice!
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- by sandiboots
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If you are serious about buying you must have an accurate appraisal. You can not guess, right? No good comps, what else can you do, you call sell based on the appraisal also. So either step up and get appraisals yourself or walk away and look to greener pastures (pun intended)
What do you plan on doing with these properties anyway? Assign the contracts?
Good luck,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I want to assign. But if I pay for the appraisals, then end up having to exit, or what do I say to a buyer. Who pays for it. I may be able to check with one of the Realtors I work with. I do have several buyers I am looking for, two of which they may be a good fit. I just don't know what to do about an appraisal. And the tax assessment isn't a good estimate, right?? They really could differ.
When I ran comps near the dairy farms, came up with almost nothing. As most of the area is farm land, or houses in the town.
I have no problem paying if I were going to own, but can't do that financially. Unless I could convince one to do owner financing, and so far he won't budge on that.
I actually had a buyer that was looking for a farmette, and in that area, plus would have paid cash on it and I called this buyer today, and they had just found a place yesterday that they put an offer on. But they said if that falls through, they would call me and look at another place I have.
I always get good advice from you Michael, thanks for any more!! Does anyone ever split that cost?
Sandi