Do they depreciate ???

[Tanya]

It's nice to know that someone in a different area of the country is seeing the same thing as we are. As an update to this thread, we found that in the area we're looking, there's no land listed with realtors, but there seem to be a few people looking to sell their land privately. Through the process of calling these people and visiting with them, we've had a wonderful experience getting to know a few prospective neighbors and getting an idea of the community.
Anyway, it looks like if we buy land this way, it will pretty much be between our lender and the seller, as opposed to having a realtor represent either of us. I guess the lender will want the land appraised and then tell us what we can offer? This is all new territory to me. Can anyone outline the process for me?

[Peter]

I've been down this road once before in Texas. Part of the bank loan process required an apprasial. The appraiser called me up one day almost laughing and said if I really wanted the place he'd approve it but that they were asking double the going rate in the area at that time. Oddly enough, within the hour my agent called to tell me that the deal had fallen thru at the sellers end. However, I'd have used the apprasial from the bank as a way out of the offer. If you make an offer before the appraisal, make sure you include an "out" saying that if it fails to appraise at a value at least what you are offering that you can cancel the deal.

Just a thought... good luck!

Peter

[rmurray]

Actually you do not need a real estate person...You should have some idea of land values in the area...check the tax records..the values for tax purposes are usually a little low...about 85% of true market...but this can vary in each area..

Develop an offer after you have asked how much the seller wants..You might be pleasantly surprised and get a much better deal than you expected..Be sure to check the current zoning with the county building officials..Zoning does change and the fact there are manufactured homes in the area..might mean nothing..

You can hire a professional appraiser to develop a value...but this will cost about $350...Good Luck