Home Buying in 52240>Question Details

Rebar, Home Buyer in Iowa City, IA

demo old rental .. land offer price.

Asked by Rebar, Iowa City, IA Sun Oct 30, 2011

I watched a few older rental homes get leveled and new duplex's built. I would like to do the same but I'm not sure what to offer. Do I offer only what the assessed land value is? Which by the way, Is less than half of the asking price.. Which is about 2/3 of the assessed value since the house is in poor shape and subject to a short sale. 920 S Van Buren St

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Kevin gave you a great answer! Make sure you do your due diligence in checking the zoning, minimum lot size etc. and keep it on the down low! You are right in thinking it either has a home value or re-development value. The asking price is much higher than the assessed value. I doubt that you would be able to purchase this price for half the asking price. Good luck!
0 votes Thank Flag Link Sun Oct 30, 2011
you must check the underlying zoning of a particular property. Duplex zoning requires a minimum lot size, off street parking, minimum frontages/sideyards, etc. Kevin Hanick, Lepic=Kroeger
0 votes Thank Flag Link Sun Oct 30, 2011
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