Property purchase advice

[Full Throttle]

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.

I’m waiting to see appraisal report today and see what comps he used. Yes my realtor has shown me plenty that are comparable or more. So I tend to believe he appraiser is using comps further west into Cotton county where land is much cheeper. My property literally sits on the Jefferson county line where land is closer to 2-2500 per acre. Im not on the river but have a a major creek that runs thru the middle of the property that runs down to the river 1/3 mile away.


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[hopedale]

OP,

A lot of good points have been made here, so all I have for you is to tell you to simplify this for yourself.

Make a decision to move forward with the price agreed to and enjoy owning your own paradise.

Make a decision to make another counter offer, and if he doesn't accept walk away.

I know the 1031 exchange is influencing your decision, but if the deal isn't right walk away.

[Full Throttle]

Hopedale, is your handle named after hopedale LA? If so, that’s funny. My wife has identified a camp in Delacroix that she would rather us buy than this land [emoji23] decisions, decisions


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[BrianL]

It is getting very hard to find $1500/ac land that can be recreational property with water and utilities. My guess it is worth the 1900.

[tdwinklr]

When the lender is the one doing the appraisal request, they're not going to lend you any more than the appraisal price. Is up to you or seller to make up difference, regardless of what several on here say.
So yes, the appraisal makes a difference. Unless you're just made out of money, then why would you need a lender?

[Chance Love]

When the lender is the one doing the appraisal request, they're not going to lend you any more than the appraisal price. Is up to you or seller to make up difference, regardless of what several on here say.
So yes, the appraisal makes a difference. Unless you're just made out of money, then why would you need a lender?

In his case, with this lender, the appraisal does not matter since he is already putting down 40%. However, in a lot of (probably most) finance deals it can make or break the deal.

[Briar Friar]

Dont buy a property that doesnt pay for itself.

You make money on the buy not on the sale.

Dont overpay in a peak market.

Good luck.

[Atfulldraw]

I’m waiting to see appraisal report today and see what comps he used. Yes my realtor has shown me plenty that are comparable or more. So I tend to believe he appraiser is using comps further west into Cotton county where land is much cheeper. My property literally sits on the Jefferson county line where land is closer to 2-2500 per acre. Im not on the river but have a a major creek that runs thru the middle of the property that runs down to the river 1/3 mile away.


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buy it.

We've now got a place that we love, but I've also got a pocketful of regrets over deals that I passed on over the years.

shoulda bought that one, shoulda bought that one....and on and on

Trust your gut.

[Full Throttle]

Appreciate all of the advice fellas. I ended up backing out of the deal. Realtor did not provide an appraisal report and didn’t provide me with what comps were used. I looked at a few other properties in that area that are pretty nice for less than $1500 an acre and they’ve been for sale for a little while. I liked the property a lot, but not to the point to where I felt like I absolutely had to have it.

My wife loves the LA coast. Her family is down there. Went fishing last week and saw a really nice, well appointed fish camp for sale. Thinking about buying that and using it for a rental when we aren’t using it. Called the owner and he said if I buy, he has some guy that owns a big time tug boat company that called him about renting nearly full time so they could take customers fishing. So there is a chance I’ll already have a good pool of renters starting out if I go that route. Driving down tomorrow to take a look at it.


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[GLM]

Can’t go wrong if your wife likes it!

[DUKFVR]

Good Luck on the camp!

[Codie]

Appreciate all of the advice fellas. I ended up backing out of the deal. Realtor did not provide an appraisal report and didn’t provide me with what comps were used. I looked at a few other properties in that area that are pretty nice for less than $1500 an acre and they’ve been for sale for a little while. I liked the property a lot, but not to the point to where I felt like I absolutely had to have it.

My wife loves the LA coast. Her family is down there. Went fishing last week and saw a really nice, well appointed fish camp for sale. Thinking about buying that and using it for a rental when we aren’t using it. Called the owner and he said if I buy, he has some guy that owns a big time tug boat company that called him about renting nearly full time so they could take customers fishing. So there is a chance I’ll already have a good pool of renters starting out if I go that route. Driving down tomorrow to take a look at it.


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sounds like a smart move considering the rental potential - good luck with it!