It never hurts to make a low offer and see what the bank will do. I am no fan of leaving money on the table! Best of luck to you!
Kathleen Turner, ABR, CRS, ePro
Keller Williams Realty
This amount is probably below the minimum mortgage loan amount for most banks. You may want to check with a credit union, or a local bank, but on land this low priced, you should get a personal loan or cash advance and figure out how to make an all cash offer and close in 10 to 14 days. $8,500 seems like a reasonable first offer. There are a number of considerations in making an offer. If you want to discuss details, I'd be glad to help. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
it is tough for any of one of us to give you an estimate as to what to ask for the land. The best advice I can give you is to secure a buyer's agent to represent you. There are soem other variables you need to consider when purchasing a lot. Doing a comparison anaylisis is the first for that subdivision. Location fo the lot is another. Some lots are better situated than other lots. Also is the water and/or sewer already hooked up from the street?
Though there are minimum lot sizes you are going to want to request the original covenants and restrcitions the builder had in that subdivision. Just ebcuase the lot is now bank owned the covenants and restrcitions stay witht he land. There amy be soem restrcitions (most likely there is) on building size, type of house, square footage, materials used for exterior, etc..... Those all play a factor into the value of the land versus your cost to build a suitable house that is in line with the neighborhood.
offering to finance with the bank is not probably going to matter to them. They are looking at this as a separate transaction and are going to view it as if you are not going to get a construction loan with them... I have dealt with banks that have had foreclosed properties for sale and the buyer had secured financing with that bank to buy the house and they did not care.
If you would like some help with this please feel free to either e-mail me at email@example.com or give me a call at 704-519-7895.
Coldwell Banker United
From the information you have provided, it is hard for me to give you my opinion on price because we typically as Agents base the Offer on the Comparable Sales in that Community and/or Area. If you Offer much lower of a price, cash is definitely the preference for any Bank, especially when it comes to dirt.
I do work with several Regional and Local banks in Listing their Foreclosure homes and lots. The land market is definitely picking up as Builders and Investors are coming back and buying these properties up. If you should need some further assistance, please feel free to reach out to me.
I strongly urge you to secure a Buyer's Agent to represent you in this transaction. Also, make sure you review the Coventants and Restrictions of the Neighborhood. Sometimes it gets tricky with the Building Restrictions depending on the state of the Neighborhood. To further elaborate, who is the Architectural Review Board, the Developer? Are there specific Building materials in the CCR's?
Have a great night and best of luck!