Skip to main content
No. of Recommendations: 0
sailrmac,


I see pauleckler interpreted the situation and goals completely different than me. I assumed the property was actually worth 70k and that she got it as an inheritance a long time ago and that she probably had less income than he. Lots of assumptions I inadvertantly made. Guess it was some treasured little old aunt and successful young stud predjudice showing through.

Anyway if you give us a little more info on their financial situation and goals we might be able to steer you better. Pauleckers suggestion was a good one provided it is a situation where the property is actually worth more than 70k but she only wants 70k for it.


I don't know the particulars. I do know that there are similar parcels on the market in the area (within a mile or two as I'm told) for around 3 times as much. I think the other parcels are priced higher as the sellers are targeting developers for subdivisions.

My friend wants to keep the property in the family and simultaneously stave off development in their area. I don't know his aunt's financial situation. My suggestion to him was to figure in the taxes, lower the sales price, and pay the taxes as part of the deal. I am not sure if that gets into the 'gray area' for property value.

For example: 70k asking, offer 85% with buyer paying the sales tax.

Again, I don't know if that's viable, but I am passing all recommendations to him. He may elect to come join the boards after our discussion this afternoon.

Stetson20
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.