Property purchase advice

[Full Throttle]

Property purchase advice

Offer $1600 and tell him that is based off the appraisal. He can either counter or tell you no.



How bad do you want it or do you want to make a good deal? This is called horse trading 101. You have to be willing to walk as the buyer or not get it to do this. If you got to have it pay his price.

Did just that today. He’s not moving any on his price. Was listed at $335, bought for $315k.

Here is the place if anyone is interested in looking

https://legendary.land/property/whiskey-creek-ranch-cotton-oklahoma/3023/

I know for a fact there are some really good deer in that area...

Sent from my iPhone using Tapatalk

[brokeno]

If you like it buy it Don't worry about some appraisal

[jds247]

I've sold a couple houses and 3 pieces of property in the last 5 years and my realtor provided comps to the appraiser. Maybe ask your realtor to find comps for you and go back to the appraiser.

[batmaninja]

He’s not budging on price, basically saying take it or leave it.

Sounds like you have 2 options.

There are few professions I trust less than a weatherman, and appraisers are at the top of that list. Especially on raw land as tracts can vary wildly on utilities, access, flood, minerals, improvements, etc.

If he wont budge on price, try to hit him on terms or something else. Or walk.

[AggieDoc08]

Agree with the above. If it's something you're hanging on to, disregard the appraisal, especially if the bank says it's no problem. They obviously probably believe it would sale for more should the worse happen and they have to foreclose, even knowing you are putting down a good chunk. All comes down to how much you want it.

[friscopaint]

I have a buddy in NW Oklahoma that does professional appraisals and is a very well known Auctioneer. That being said, a property he recently sold at auction in Tishimingo went way over appraisal and others have gone for under the appraisal right there in his wheel house of NW Oklahoma and he knows the ground and what things go for. So even being an excellent appraiser it doesn't guarantee what a place will fetch.

[RascalArms]

Did just that today. He’s not moving any on his price. Was listed at $335, bought for $315k.

Here is the place if anyone is interested in looking

https://legendary.land/property/whiskey-creek-ranch-cotton-oklahoma/3023/

I know for a fact there are some really good deer in that area...

Sent from my iPhone using Tapatalk

Looks like a cool place with a few extra amenities (i.e. electric/water meter and septic). If you like it buy it. The only thing I know for sure about land is that they ain’t making any MORE of it.

Tell the seller to throw in the tractor and brush hog and call it a day.

[M16]

The only appraisal I care about is mine. You obviously thought it was worth what you offered. I’d go ahead with the deal at the agreed price.

[Captain39]

Obviously you, the realtor and bank think its worth it. Also, I know how a 1031 works. You do not have time get another appraisal and unlike what others on here are saying, you the borrow will have to pay the appraisal, not the seller. I would personally buy it especially if needed for a 1031. I might try to press the seller a little, but would not let it get away and get hit with taxes on the other deal .

[armadillophil]

Looks like you are about 30 minutes west of Love county. It is hard to find anything less than 3000/acre. Did you look at appraisal report? What properties is he using. They might be open pasture. I wouldn’t sweat it.

[BCBHunter712]

If you really want the place and feel its worth it , then buy it.....

[Quackerbox]

Sounds like your mind is made up.

FWIW and to go along with what these guys say. We bought 2 acres on the water in January 2018 for 25k. We recently got a construction loan to build a 30x40 shop with a full bath. The appraiser gave a value of 120k once we're done. The shop ain't costing 90k

Sent from my SM-G930V using Tapatalk

[Throwin Darts]

I'm a banker and realtor. I don't give much weight at all to appraisals. They are rarely a true indicator of value.

When I bought my ranch I don't think I even read the appraisal

[DUKFVR]

Nice looking place. Congrats.

[Chance Love]

Has your agent shown you recent comps? If so, are they actually comparable? It can be difficult sometimes with rural land. If you are comfortable with what other nearby
and comparable places have sold for, I wouldn't sweat the appraisal.

And you said in the first post that the south neighbor sold for $2100, and is on the Red River. Does your place have river frontage as well?

How long has it been on the market? Has he had any other offers? If he honestly has had a lot of activity then the price probably isn't bad and again, I wouldn't sweat the appraisal.