Somebody tell me if this sounds right.

[Klause]

We are in the process of making a 90K offer on 160ac of land. Assessment is in the 40s.

Terms provided by realtor are 2K down now, to make the offer. If accepted, another 7K down when financing is approved, then balance after that as per normal land sale terms.


Asking here as the only land I've bought has been "in family" so basically was a "here's the cash, here's the title" type of deal.

[freewheat]

Some I bought from a financial company,
asked for a certified check for 10% of
the purchase price with the remainder
within 30 days of winning the tender.

A great way to sell, a terrible way to
have to buy. The 10% was NON REFUNDABLE,
btw. It took me a long time to "guess"
at what the value all the neighbors
would put on it. Assessment means
nothing imo. This year the supposed
"poor soil" is growing an awesome crop.
the high assessed? Not good at all. Too
bad as the canola on the purchased land
looks like it would pay for the land,
but unfortunately it'll subsidize the
rest of the farm. lol


Good luck!!

[Hopperbin]

At the looks of your bean and pea fields looks like your land is pretty attractive. Where I am from I have bought 20 odd quarters in the last 10 years and never offered final payment before End March of the year the land is to be planted. Never heard of anyone paying in full before that date mind you these are different interesting times.

[Hopperbin]

You could also try a 2 or 3 year term payment. According to the ones I have done if I did not make the second or third payment the land would go back to origional owner if in default so no skin off his ass and if they have the capital gain exemption it is a plus for them to do as the extra payment is not considered interest or taxable as regular income.

[mbratrud]

Normaly you would provide a deposit, of 5 - 10% of the offer that would be cashed upon acceptance of your offer.

[sumdumguy]

I would jump all over it. But it is your house in
Arizona.