I have run into this recently and was told the following: The lenders perspective is that about 1/3 of an acre is what is most commonly â€œusedâ€ on a plot of land that is not sub dividable. Therefore, anything above and beyond is considered a liability from their perspective as well as an insurerâ€™s perspective. (And it is the bank who hires the appraiser to determine the value of a property) I know it may seem silly. Donâ€™t shoot the messenger!
Another reason why that may be the case, is perhaps that plot of land only has a small percentage of â€œuplandsâ€ or usable space. The remainder of the acreage could be conservation land that is completely unusable even an owner wanted to us e it! Hope this makes sense!... more
DEFINITELY no more than 24 hours for a straight forward "seller selling" as opposed to bank or a looming foreclosure (short sale). Even if all the details aren't negotiated within 24 hours, you should at least have a response (accept, reject, counter). The "rules" with regard to the waiting for a response, in my opinon, go out the window when dealing with a bank or a short sale, as they are not responding from an "emotional" standpoint, and they will do their due diligence to be sure your offer is within their parameters (fair market value, money they have tied up in the property, etc.). Good luck!... more