LawProblems.com -- Answers to Questions About Real Estate Law
Money and real estate news you can use everyday
 
           

Home
Real Estate Lawyer
Question of the Week
Tip of the Week
Recommended Books
Resources
Glossary
Contact Sam

How To Price A Lot For Sale

REM # A750

By Ilyce R. Glink

Summary: A ThinkGlink reader has a lot for sale, a good appraisal and a potential buyer who thinks she is asking too much. Ilyce explains how this land owner should determine an asking price.

Q: I have a lot I want to sell. There is a mobile home on the lot, but it is not my mobile home. The owner of the mobile home currently rents the property from me.
(article continues below useful links)

The owner of the mobile home is interested in buying the lot. I mentioned I would sell it for $30,000. He thought that price was too high. Someone had told him the lot was worth only $20,000. I told him I would accept what an appraisal said. I paid to have the lot appraised and it was appraised for $36,000.

What do you think I should realistically be able to sell it for? Incidentally the renter is my soon-to-be ex-son-in-law and I have paid for the appraisal and the property tax the entire time he has lived there. I would appreciate any suggestions you have.

A: If you want $30,000 and the appraisal came in at $36,000, then I'd stand my ground. As far as the property taxes go, you’re the owner of the property and should pay the taxes. You could have charged your future ex-son-in-law rent, but I’m guessing you didn’t because you were helping to support your daughter and any grandchildren your daughter and son-in-law may have given you.

That’s water under the bridge. But I see no reason why you should give your soon-to-be former son-in-law a break today on what is apparently the current value of the property.

If he wants to buy the property, he should pay your suggested price. If he doesn’t want to buy it, he should either start paying you rent or move his mobile home off of your land.

NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.

 

 

 

RSS Feeds

RSS 0.91 Feed
RSS 1.0 Feed
RSS 2.0 Feed
ATOM Feed

Home Buying   Using Attorneys to Buy a Home - Earnest Money - Quitclaim Deeds - Easements - Seller Misreprensation - New Construction - Buying with Partners - Home Inspections - Seller Problems - Agent Issues
Home Selling    Using Attorneys to Sell a Home - Seller Disclosure laws - Title Problems - Buyer Problems - Real Estate Agent Issues - Tax Considerations
Home Ownership   Neighbor Problems - Seller Misrepresentation And Fraud Issues - Problems In a Condominium Development - Problems Around The House - New Construction Issues - Subdividing Land
Home Renovation   Architect Issues - Contractor Issues - Problems With Contractors - Inspection Issues - Certificate Of Occupancy - Municipal Inspections - Punch List Issues - Financing Issues - Installment Contracts
Real Estate  
Financing
 
Loan Application Problems - Refinancing Issues - Paying Off An Old Loan - Credit Problems - Seller Recommended Lender - Prepaying A Loan - Prepayment Penalties - Predatory Lenders
Investment  
Property
 
1031 Exchanges - Financing Investment Properties - Landlord and Tenant Issues - Partnership and Company Considerations - Tax Considerations - Subdividing Land
 
Contact Us | Sitemap | Terms of Use | Copyright ©2001-2005. ThinkGlink Inc. All rights reserved.
Reproduction of material from any www.LawProblems.com pages without written permission is strictly prohibited.
Site design by Walker Sands Communications