Hello, How do we determine fair market value for a parcel of land we're interested in purchasing?

Asked by Christina, Hillsdale, MI Thu Nov 18, 2010

My husband and I live in Hillsdale Michigan, a rural town in southcentral Michigan. We'd like to purchase land on which to build a house. We're looking at a parcel of 2.19 acres. The asking price is $39, 500. We think it's way too high based on the economic situation in this area. However, we don't know how much to offer. Where do we go to determine Fair Market Value for this piece of land? It's in a wooded area, just outside of town. There is a stream at the end of the property. No city sewage or water. Will have to get a septic tank and drill for well water. There is electrical and a paved access road. It's a small development w/ several neighbors. Thanks for any help you can give us. Christina

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Derek Bauer, Agent, South Lyon, MI
Fri Nov 19, 2010

I would strongly encourage you to secure a designated buyer's agent who will represent you and negotiate on your behalf and in your best interests.
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Glenn Pruitt, Agent, Sterling Heights, MI
Fri Nov 19, 2010
Good Morning Christina
One way is now what as sold in that area in the last 6-8 mos and ck with the city when or if their any city plans on the books for sewage and when with you having plans of building. Please feel free to call me or e-mail at
248-752-5300 or gpruitt@mireaalsource.com
Have a great Holiday
Glenn Pruitt
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