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What Should I Do?

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ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 11, 2010 11:19 PM
Scrawney;448970 wrote:I think you should move out of that shitty town. I can't believe land goes for 5k+ an acre in that area.

Regardless, I just don't want to get screwed. If it were worth $10K an acre, we'd pay it.
Aug 11, 2010 11:19pm
S

Scrawney

Member

93 posts
Aug 11, 2010 11:29 PM
I understand that. In my honest opinion I would do just as Dynasty suggested. I would get the appraisal, contact the seller / realtor and tell them that you cannot secure financing for the previously agreed upon amount so the contract is now terminated. I do know the area and just wanted to give you a hard time.
Aug 11, 2010 11:29pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 11, 2010 11:37 PM
Scrawney;449004 wrote:I understand that. In my honest opinion I would do just as Dynasty suggested. I would get the appraisal, contact the seller / realtor and tell them that you cannot secure financing for the previously agreed upon amount so the contract is now terminated. I do know the area and just wanted to give you a hard time.

My issue... then we're out $300. "Here is an appraisal for you. We know you won't accept the new offer, so thanks!"
Aug 11, 2010 11:37pm
S

Scrawney

Member

93 posts
Aug 11, 2010 11:44 PM
I could be wrong, but I don't believe you have to divulge the appraisal value. You only have to say you couldn't secure financing. I'm not positive and please correct me if I'm wrong. I'd rather be out $300 than $34k for 3 acres, imo.
Aug 11, 2010 11:44pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 12, 2010 6:17 AM
Scrawney;449024 wrote:I could be wrong, but I don't believe you have to divulge the appraisal value. You only have to say you couldn't secure financing. I'm not positive and please correct me if I'm wrong. I'd rather be out $300 than $34k for 3 acres, imo.

I'M
NOT
GOING
TO
BUY
THE
LAND
AT
$34,000! :)

Knowing what we know, I'll only go through with it if they are willing to negotiate a much lower price, if we get it appraised and the price comes back low.
Aug 12, 2010 6:17am
T

Timber

Senior Member

935 posts
Aug 12, 2010 9:38 AM
ernest_t_bass;449021 wrote:My issue... then we're out $300. "Here is an appraisal for you. We know you won't accept the new offer, so thanks!"

Maybe you could take 12$ donations from everyone to help out with the three hundy! lol
Aug 12, 2010 9:38am
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 12, 2010 9:42 AM
No snow we go!;449150 wrote:Maybe you could take 12$ donations from everyone to help out with the three hundy! lol

Solved!
Aug 12, 2010 9:42am
ZWICK 4 PREZ's avatar

ZWICK 4 PREZ

Senior Member

7,733 posts
Aug 12, 2010 9:58 AM
$300 is better than $34,000 :)
Aug 12, 2010 9:58am
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 12, 2010 10:01 AM
ZWICK 4 PREZ;449160 wrote:$300 is better than $34,000 :)

I hate you.
Aug 12, 2010 10:01am
Heretic's avatar

Heretic

Son of the Sun

18,820 posts
Aug 12, 2010 10:08 AM
I say that under cover of darkness, you light a few brush fires on the property to drive down the value!
Aug 12, 2010 10:08am
se-alum's avatar

se-alum

The Biggest Boss

13,948 posts
Aug 12, 2010 10:09 AM
$34,000
- $300
$33,700
Aug 12, 2010 10:09am
H

hilliardfan

Senior Member

193 posts
Aug 12, 2010 10:10 AM
If you signed a standard real estate purchase contract then there are probably financing contingencies stating you must obtain financing within XX number of days. If you do not get financing within the agreed upon time frame then the contract becomes null and void, regardless of the reason. Now if you really want the land I suggest you go ahead and spend the money to get an appraisal to show to the seller's Realtor. The seller will be mad and think you hand-picked the appraiser just to make them lower the price. However, if the Realtor is any good at all he will look at the comps used by the appraiser and perhaps convince the seller to adjust the price. However, unless the seller is hard up for money I doubt they will be willing to cut the price 50%.
Aug 12, 2010 10:10am
coyotes22's avatar

coyotes22

Go Tigers

11,298 posts
Aug 12, 2010 11:57 AM
I cant believe you bought 300 acres for $34,000, thats awesome!!!!
Aug 12, 2010 11:57am