Home Buying in Clayton>Question Details

Curx, Home Buyer in Princeton, NC

Want to buy lot that is tax valued at 83k, but asking price is 170k. What could I realisitically get it for? It has been on the market for 3 years.

Asked by Curx, Princeton, NC Tue Mar 29, 2011

Also, looking at another lot that is tax valued at 62k and asking price is 84k. What is a realistic selling price in the current market for both of these properties? Both have been on the market for over 3 years and reduced numerous times. Both lots are in a well established subdivision. Any thoughts are greatly appreciated. We have the 20% minimum to get either lot, but want the most bang for the buck! We have been told by the seller that we can buy now and bring own builder, with no restrictions on when we can start construction, which would probaby be in about 18-24 months.

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I am a Clayton Based Agent...Depending on where this lot is it might be worth it...Might be way overpriced. I can give you an opinion of value for free. Call or email me 919-633-2891 or daveflack@hotmail.com
0 votes Thank Flag Link Fri Jun 1, 2012
Making an offer is the best way to find out.

most land finacing by local banks do require 30% down payment. And the area that this lot is in may have building restrictions.

land is always a long term investment by developers or owners. In most cases they are not in a hurry to sell.

Good Luck and you do NEED a buyers agent to best represnt your interests
0 votes Thank Flag Link Mon Sep 26, 2011
Property is not in big demand in this market, and it seems that these properties are over priced, you need to do some of your own research and see what other lots in these area have sold for in recent months. Also look and see what other properties in the area are for sale, you might find a bargain since people owning these lots have been paying taxes on them and many are looking to get out from under these responsibilities. Also try offer a lot less for the properties you are looking at, the worst is that the seller will not budge from the price, the best is that they might snap at the offer. Three years on the market, I would think that the seller would look at any offer.
0 votes Thank Flag Link Wed Mar 30, 2011
I would also check if there is a homeowners association in the subdivision and any rules it would have on construction. Finding out the utility tap in fees in advance would help you budget for your loan.

You should get a loan for the land first separate from the construction loan. Construction loans often use the land equity towards the down payment requirements, and are often
0 votes Thank Flag Link Wed Mar 30, 2011
You would want to do some research on both lots to find out what recent prices others of similar characteristics have sold for. Assessed value isn't the same as market value, and asking price is anybody's guess. Your agent can run a search back a couple years to tell you what are the averages for that development or you can search county records.
The development may have some requirements for building your new home. Some require a minimum square footage, or price point. You will want to talk to a lender about a construction loan where you can wrap the lot and construction together.
0 votes Thank Flag Link Wed Mar 30, 2011
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