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potential property pricing question

1,024 Views | 4 Replies | Last: 3 yr ago by Carioca Corredor
ShouldastayedataTm
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Not sure if this is a good place to ask or not, but here I go. I am looking at my neighbors property that went on the market today, it is 1.08 acres with what is being listed as a 4-2 doublewide that needs work, it reality it is a complete removal. Think crazy cat lady, busted pipes, thoroughly unlevel, no skirting and insulation hanging down underneath, siding is falling off, and no appliances included, etc. It is listed at 150k Comps I am seeing for land with utilities are 2 - 4 acres listed at 145K - 225. It appears the listing is adding a value to the property for the house that in all reality is not there as it would need to be a complete removal, and start over with something else. What would be a reasonable offer to make in this type of situation? In Caldwell county.
SteveBott
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What one acre with utilities and no structure is worth.
RikkiTikkaTagem
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I'd make an offer that is acceptable but less than asking citing the comps. Then work your way down when the inspection comes back as bad as you are predicting to where you can make a good argument that the only value is the land.
Red Pear Luke (BCS)
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Another aspect you can take is that is super hard to get financing on Mobile Home Chassis. Even if you were planning to buy cash, you can still use the financing card to help you negotiate.

Steve or another can chime in but I think it has to be permanently attached to a concrete foundation and a bunch of other things.

And if you can't get that financing, you'll be looking theoretically at a land loan which also has a host of requirements like 20% down, potentially higher rates, etc.
Carioca Corredor
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Also include the cost of mobile home removal in the offer analysis
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