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livewire225
LSU Fan
Member since Apr 2008
180 posts

Negotiating land...Any help would be appreciated

The wife and I put a written offer on 2acres yesterday in a pretty nice subdivision. The listed price was 89k, we offered 80k with them paying closing cost. Just got the counter this am 84k and no closing. Trying to figure out what I should counter with. Any help would be appreciated.

Little backstory.. Dual agent says the seller wants to sell, isn't going to give it away and doesn't have to sell. We are already pre-qualified only had 1 offer on the land in 2 months on the market for 71k that was rejected. Seller says they won't put any more $$ in the land but if they wait much longer they are going to have to pay to have the land bush hogged.
This post was edited on 5/4 at 12:27 pm



LSURussian
LSU Fan
Member since Feb 2005
85179 posts

re: Negotiating land...Any help would be appreciated
Stick with the 80k and you pay the closing costs.


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 posts

re: Negotiating land...Any help would be appreciated
I agree. Stick with $80k and y'all pay closing


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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
17588 posts

re: Negotiating land...Any help would be appreciated
Walk away for the time being. After the current owners have had to pay to have the brush removed come back with an offer of $78k and closing costs. Letting them incur some actual cash expenses on the property will give them some motivation to accept a reasonable offer.


nogoodjr
Member since Feb 2006
359 posts

re: Negotiating land...Any help would be appreciated
The real question is how bad do you want THAT lot? Is it one of many you are considering or is your wife already laying out the house on the lot in her mind. If there are numerous other lots, I wouldn't respond with another offer. Just re-assure them that you consider the property worth 80k.

Are you paying cash? If so, forget the closing cost negotiations. Let them know its a cash offer and you can close in a week. (Assuming it has a current survey and proof of title.)


ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
7695 posts

re: Negotiating land...Any help would be appreciated
Money is so cheap offer 85k with 3k in closing. Help your own comps by showing higher purchase price. 2k at 4% over life of loan is less than cup of cheap coffee a day.
This post was edited on 5/5 at 6:20 pm


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the LSUSaint
LSU Fan
Member since Nov 2009
5209 posts

re: Negotiating land...Any help would be appreciated
Counter with excepting the 84 but not paying closing.



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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
7695 posts

re: Negotiating land...Any help would be appreciated
quote:

Are you paying cash?


If you've got preapproval of funds a seller really doesn't care if cash or not, unless they are worried about appraisal contingency. The banks money spends the same as the buyers money.

In this climate I'd rather pay 89k with 5k towards closing cost AND prepaids vs. 84k and 0, especially if I'm borrowing $.

Everybody likes the neighbor that raises everyone's property value, and keeping more of your cash on hand with such cheap money is pretty easy call IMO
This post was edited on 5/6 at 6:39 am


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