Anywho, what I CAN tell you is what I do with my clients and you can decide for yourself what you would like to do.
1) do a market anaylisis- There are many ways you can do this and YES there are always ways to compare this home to others.
However, something random you might want to think about "is acreage pulling in a higher price right now compared to similar homes? In my area condition has greater value than acreage, but that type of stuff you should be able to figure out.
2) Once you know fair market value what price are you comfortable coming in at? My biggest leverage is trying to understand the sellers motivation. So things like "why has this been on the market for 2 years" might be something you wanna check into! That could def. be a red flag, or maybe it just means you came across the right opportunity.
3) depending on the situation you start off negotiations at 80% of fair market value that you determine. Remember, my job is to negotiate contracts to get my buyers the best deal. If you are doing this on your own for whatever reason I would think you would still want to get a good deal? Unless I think my buyer is at serious risk of losing the property that is usually where I start.
However it still comes down to what you are comfortable with.
4) The last guy is terms of contract. No idea if you are going to have a lawyer draft one up or what
They are all correct. You would not go to court without a lawyer, you wouldn't go through an audit without an accountant, and you should not buy real estate without a Realtor on your team. Are all realtors the same? Of course not. Interview at least three, ask them how many deals they have done in the last year or two, and especially ask them about deals like this. Ask them about their negotiating skills. Ask them how they keep you in the loop.
There are only three variables in most deals: Location, Condition, and Price. A professional Realtor will always find a way to do comparables.
Even more important may be a Trend Analysis (by a Realtor). My average client lives in their new house 6.5 to 7 years. The kids grow up, things change. You want to be assured that when the time comes to sell, whether its five years or twenty years, there will be an upside for you. Our Trend Analysis Tool will show this to you.
It is a pretty part of the country you live in. Good luck with the house.
There are some agents who are less than effective, but MOST of us love what we do and are eager to do what we can to help you. We do get paid from the proceeds of the transaction, but most buyers do not pay an agent directly, so it's no money out of your pocket. We do this to make a living, just like everyone else does on their job, so I won't apologize for wanting to get paid for the work we do. BUT, most of us are also doing this because we LOVE people and we have a genuine desire to help people get what they want.
If you need help finding one in your area, you can contact me through my Zillow profile or website and I will help you out.