I have a 160 acre place under contract in cotton county OK. It’s on the jefferson county line, where land is typically more expensive. Further west into cotton county, is mostly ag land and the prices start going down considerably. I’m Paying $1968 which seems fair. Bordering Place just to the south on the red river sold recently for $2100. The appraisal came back at $1500. So it’s $75k more that I would be paying than appraised value.
Lender said no problem, we will lend you the money since I’m putting 40% down. Realtor said appraisers are hit or miss and basically that I should ignore it.
I just don’t know that I feel comfortable paying that much over the appraised value, even though it seems fair for the property. Owner bought the place 13 years ago for $1330. He’s not budging on price, basically saying take it or leave it. Had a lot of other interest in property supposedly. Any insight would be appreciated.
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Lender said no problem, we will lend you the money since I’m putting 40% down. Realtor said appraisers are hit or miss and basically that I should ignore it.
I just don’t know that I feel comfortable paying that much over the appraised value, even though it seems fair for the property. Owner bought the place 13 years ago for $1330. He’s not budging on price, basically saying take it or leave it. Had a lot of other interest in property supposedly. Any insight would be appreciated.
Sent from my iPhone using Tapatalk
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