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Quick, discount land buyers
Posted on 4/14/16 at 8:28 am
Posted on 4/14/16 at 8:28 am
I did a search and scanned a few pages back, and didn't find this topic, so I apologize if it has already been discussed. I read this board often, but haven't posted here.
I need to sell a piece of land in a small city in Louisiana, to help offset the costs of some really steep and suffocating medical bills. It has been for sale for a year, with the only good offer coming from a large national corporation. It was a deal where everyone in a 1.5 block area sells, or they don't buy. Needless to say, one guy refused to sell, there was no persuading him otherwise, and the offer fell through.
I have seen ads for "sell your land fast, money in the bank in only days". I haven't contacted one yet, because I envision it being like dealing with a shady used car salesman. My question is: Does anyone here know a ballpark range on how deep of a loss I will take percentage - wise if I go this route vs. waiting an undetermined length of time for a solid offer?
I'm not very well-versed in the real estate business and my terminology is probably lacking. If I can clarify anything, please feel free to ask. Thanks for any input.
I need to sell a piece of land in a small city in Louisiana, to help offset the costs of some really steep and suffocating medical bills. It has been for sale for a year, with the only good offer coming from a large national corporation. It was a deal where everyone in a 1.5 block area sells, or they don't buy. Needless to say, one guy refused to sell, there was no persuading him otherwise, and the offer fell through.
I have seen ads for "sell your land fast, money in the bank in only days". I haven't contacted one yet, because I envision it being like dealing with a shady used car salesman. My question is: Does anyone here know a ballpark range on how deep of a loss I will take percentage - wise if I go this route vs. waiting an undetermined length of time for a solid offer?
I'm not very well-versed in the real estate business and my terminology is probably lacking. If I can clarify anything, please feel free to ask. Thanks for any input.
This post was edited on 4/14/16 at 8:30 am
Posted on 4/14/16 at 8:46 am to p0845330
Land values took a huge hit during the recession and have slowly been recovering. They are still the least desirable asset class, not including retail-zoned land with good access and visibility. The reason is, building new is still +/- 25% more expensive than buying an existing building. In this case, being a rural location, the "pool" of people who have a demand for your land is very shallow. Without knowing the location it's tough to say, but if you're trying to sell this quickly, I'd guess you need to be priced below $1.00/SF. My two cents...
Posted on 4/14/16 at 8:46 am to p0845330
Where is this piece of land and what size?
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