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re: Been following a vacant lot near me and I'm a little skeptical about the price drops
Posted on 1/11/24 at 6:23 am to Powerman
Posted on 1/11/24 at 6:23 am to Powerman
quote:
In your experience what sort of questions should I be asking before I pursue this?
Basic things like underground ROW/utilities/pipelines that may limit development, surface rights, title search, etc. After that I wouldn't be overly worried about it. Likely someone who bought it years ago expecting to develop and never did. So now they're just trying to get off of it. $15k reduction in 3 months isn't that outlandish in this market, properties are getting stale and sellers are getting worried it may get worse.
Even at $67k I would go in much lower, knowing that they are showing desperate/flexible pricing.
1
Posted on 1/11/24 at 7:00 am to southside
Look up the owner OP and what they paid. As said if it’s a developer or contractor they simply may be looking to reduce their liability and portfolio to concentrate their assets elsewhere.
You are most likely over thinking it imo. I don’t think it’s as much a sellers market universally as some like to think.
You are most likely over thinking it imo. I don’t think it’s as much a sellers market universally as some like to think.
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