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What is considered a low ball offer when buying land? #6159451 01/28/16 06:20 PM
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Just thought this would be an interesting topic to talk about as we all are always on the lookout for good hunting land and getting it for a steal.

Obviously, lots of variables here...

Let's say a place has very little access other than your road in, does that make the property value go up?

Let's say this is only a hunting spot so you don't care about being close to town Etc, so the lack of access is better.

Obviously water and electric is more valuable.

Let's say there's a property that's 100 acres and has deer, turkey and hogs. Land in the same county within about 10 miles has sold for say 1200 per acre. You find a place nearby that's basically the same and the asking price is 1800 per acre. Would you ask for the 1200 or would that be a low ball offer and piss them off?

Re: What is considered a low ball offer when buying land? [Re: chk] #6159464 01/28/16 06:25 PM
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Time on the market will also be a good indicator of your asking price I would say.

Re: What is considered a low ball offer when buying land? [Re: chk] #6159468 01/28/16 06:28 PM
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Land is an investment dont worry about pissing someone off. If anyone has true business sense and believes in capitalism they wont get offended. They might be pissed that they bought land at the "high" or when the market seemed golden and it would never end. Remeber that two properties right next to each other might have different selling prices based on what they were bought at. I see that alot in south texas. Seen it especially with oil boom. Ive seen a couple ranches in my area bought at very inflated prices. Especially if purchased in last couple years. Now those same people are running into cash flow problems and need cash. Look at comps, historical trends in valuation, and base everything on your future worst case financial position.


“Two things that define an individual what you do when you have everything, and what you do when you have nothing."


Re: What is considered a low ball offer when buying land? [Re: chk] #6159476 01/28/16 06:32 PM
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Sounds like you have already found your land. I would go off comps and I would go off what the tax value is. I am about to close on 14 acres and the only access to it is through an easement cutting through two other peoples property. I didn't like that so I found an acre and a half on the backside that was appraised tax value of 9600 improved and 7400 unimproved. I offered the guy 7K and bought it yesterday. Now I have paved road access to my land which I like a lot more. If other land is being sold for 1200 an acre then I don't think it is lowballing. some people are very proud of their land and their asking price can be just as offending as your offer.


Re: What is considered a low ball offer when buying land? [Re: chk] #6159480 01/28/16 06:36 PM
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There is always a guy out there that wont do any homework and buy something based on if he likes it, and doesnt take into account all the factors needed to make a wise investment. Sounds like that 1800 is geared toward that guy. Especially if that land is paid for and the owner is in no rush to sell.


“Two things that define an individual what you do when you have everything, and what you do when you have nothing."


Re: What is considered a low ball offer when buying land? [Re: chk] #6159481 01/28/16 06:37 PM
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It's been said here before, I think by therancher, you make your money at time of purchase.

Re: What is considered a low ball offer when buying land? [Re: chk] #6159486 01/28/16 06:41 PM
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Be careful.

Typically having restricted access will decrease the value of the property. Just because a nearby property sold for 1200 doesn't mean its a good indication of value for what your looking at. Was the 1200/acre sale a market sale or was it out of an estate between 20 people just wanting to unload it and get their check, or a forclosure, was it advertised or someone just strolled up and bought it etc. Rural land you need to consider fences, access, floodplain, is it currently under ag.


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Re: What is considered a low ball offer when buying land? [Re: Mike Honcho] #6159487 01/28/16 06:41 PM
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Originally Posted By: jorge
There is always a guy out there that wont do any homework and buy something based on if he likes it, and doesnt take into account all the factors needed to make a wise investment. Sounds like that 1800 is geared toward that guy. Especially if that land is paid for and the owner is in no rush to sell.


A good example of this, the acre and a half. I asked the guy next also if he would sell his. He said he just paid 13K for it last year and would sell it for 15K. I said you know its only appraised at 6K and he said he had no idea, just made a handshake deal with a guy. He almost cried after he asked how much I got mine for and I told him half of what he paid for his.....research and then more research


Re: What is considered a low ball offer when buying land? [Re: jsplinter] #6159490 01/28/16 06:43 PM
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Originally Posted By: jsplinter
Originally Posted By: jorge
There is always a guy out there that wont do any homework and buy something based on if he likes it, and doesnt take into account all the factors needed to make a wise investment. Sounds like that 1800 is geared toward that guy. Especially if that land is paid for and the owner is in no rush to sell.


A good example of this, the acre and a half. I asked the guy next also if he would sell his. He said he just paid 13K for it last year and would sell it for 15K. I said you know its only appraised at 6K and he said he had no idea, just made a handshake deal with a guy. He almost cried after he asked how much I got mine for and I told him half of what he paid for his.....research and then more research


appraisal district is historically low, especially on smaller rural properties. You may have gotten a great deal, but that doesn't mean his wasn't worth what he paid for it.


It's hell eatin em live
Re: What is considered a low ball offer when buying land? [Re: chk] #6159512 01/28/16 07:03 PM
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I had a property just like this about a 1/2 mile from my place.
Seller wanted $1500 and acre
similar property next to it sold for $1200 and acre and it had , water well, and easy road access to the property.
I offered $1000 an acre since this had no water, no good road access, and most of the place can not even be hunted unless you hike in on foot.
The seller said no to my $1000 offer.
I don't think it offended him since I provided a reason for the price I offered.

Many sellers will list for an extremely high price with the hopes some one will buy it but they don't care if it sells or not.
I did this with a property in Waco. I listed it for triple what I paid 2 years prior and it sold for asking price.

Last edited by doogie; 01/28/16 07:04 PM.
Re: What is considered a low ball offer when buying land? [Re: chk] #6159518 01/28/16 07:08 PM
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My 2 cents worth...I would not buy any land that I had to go through someones else's land to get to it. I don't even like the "deeded easements." But that's just me. I can say without a lot of people jumping on me is that very limited access will not make land more valuable to the majority of people who want to buy. Off a county dirt road is good, off a paved road is better. A lot of land...not all...but a lot can be bought for 90% of asking price. Some for a lot less if as ,redchevy, said, it's in an estate and a lot of people are wanting some money.


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Re: What is considered a low ball offer when buying land? [Re: chk] #6159574 01/28/16 07:54 PM
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A low ball offer to me, is an offer at a price that the seller doesn't bother to counter. If you can get the seller talking, then it wasn't a lowball.

Re: What is considered a low ball offer when buying land? [Re: jsplinter] #6159678 01/28/16 09:23 PM
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Originally Posted By: jsplinter
some people are very proud of their land and their asking price can be just as offending as your offer.


very true




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Re: What is considered a low ball offer when buying land? [Re: chk] #6159751 01/28/16 10:19 PM
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Offer what you are willing to pay - the worst case is NO or no answer

Re: What is considered a low ball offer when buying land? [Re: heredeer] #6159834 01/28/16 11:03 PM
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If I honestly thought someone had their land priced 50% above market, then I wouldn't waste my time with an offer.

Re: What is considered a low ball offer when buying land? [Re: chk] #6159867 01/28/16 11:41 PM
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Another thing, if your eyeing a particular property circumstances can change from one day to the next. Saw a property literally drop by 25% from one day to the next. It goes without saying you also need to be ready to put your money where your mouth is.

Re: What is considered a low ball offer when buying land? [Re: chk] #6159900 01/29/16 12:10 AM
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The land we bought, they wanted like 1500 an acre. We got it for 1050 an acre. They tried to tell us it was worth more, but the comps drive it all AND what you are willing to pay.

The lot we are building a house on, we paid 5k over the asking price. Why? We wanted it more.

We had a guy that then wanted 1100 an acre two years later but the comps were at like 925 for his land. We offered 950, he dug his heals in at 958. Yes, it then became the principal. WE did not "want it".. but he had approached us.

He sold it a year later for 850 an acre. We bought his neighbor's land .. lol

The only one it hurts to make an offer is them because they can get mad and say no.. you can buy other land.

GL!

R


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Re: What is considered a low ball offer when buying land? [Re: Stevarino] #6160415 01/29/16 04:54 AM
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Originally Posted By: Stevarino
It's been said here before, I think by therancher, you make your money at time of purchase.


This. But it goes for just about anything of value. You make your money at the buy.

The land we bought in 2009, we did our homework and knew our budget. We offered $500/acre, even going so far as to state that we weren't trying to be offensive with our offer, but it's what we can afford. It took about four weeks for the LO to accept, but he finally did. During his deliberations, he even called back up asking for another $100/acre which would include an old JD tractor that he would leave with the land. We stuck to our guns and held firm, and he finally accepted. Market value for the land was between $800-1000, so needless to say, we already had a lot of equity at closing.

I understand this isn't a typical scenario, but it's just what worked for us. We are very blessed.


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Re: What is considered a low ball offer when buying land? [Re: chk] #6160586 01/29/16 02:04 PM
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No such thing as a low ball offer. This is what this buyer is willing to pay and this is what seller will sale at.

Nothing more nothing less.


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Re: What is considered a low ball offer when buying land? [Re: chk] #6160610 01/29/16 02:21 PM
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I think knowing what its worth and making an offer for much less trying to take advantage of someone is making a low ball offer.

I have seen many people be taken advantage of, mostly older/less educated people. Sure no laws were broken but the buyers were crooked POS's and ill never know how they sleep at night.


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Re: What is considered a low ball offer when buying land? [Re: redchevy] #6160645 01/29/16 02:40 PM
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Originally Posted By: redchevy
I think knowing what its worth and making an offer for much less trying to take advantage of someone is making a low ball offer.

I have seen many people be taken advantage of, mostly older/less educated people. Sure no laws were broken but the buyers were crooked POS's and ill never know how they sleep at night.


I've made low offers and received low offers. Business is business it's a yes or a no.

Proper representation would of prevented someone taking advantage of someone.

If someone is in a bind and has to sale, then sticking to your guns on a firm price may put you in a bigger bind. You may not receive an offer that's better for some time

land is only worth what someone is willing to pay for it. Comps are a generalization of value.



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Re: What is considered a low ball offer when buying land? [Re: chk] #6160658 01/29/16 02:46 PM
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Your young and have your whits about you and are familiar with the process. People get taken advantage of every day its little different than scammers getting old people to me.


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Re: What is considered a low ball offer when buying land? [Re: redchevy] #6160688 01/29/16 03:03 PM
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Originally Posted By: redchevy
Your young and have your whits about you and are familiar with the process. People get taken advantage of every day its little different than scammers getting old people to me.


I didn't learn on my own.

One of the largest land holders is actually Nursing Homes. Proper planning is the kids responsibility as much as the parents.


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Re: What is considered a low ball offer when buying land? [Re: BOBO the Clown] #6160701 01/29/16 03:07 PM
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Make an offer. All they can do is accept the offer, reject it, or counter.

Re: What is considered a low ball offer when buying land? [Re: BOBO the Clown] #6160729 01/29/16 03:24 PM
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Originally Posted By: BOBO the Clown
Originally Posted By: redchevy
Your young and have your whits about you and are familiar with the process. People get taken advantage of every day its little different than scammers getting old people to me.


I didn't learn on my own.

One of the largest land holders is actually Nursing Homes. Proper planning is the kids responsibility as much as the parents.


Whatever you got your ideas I got mine apparently you think its ok to take advantage of people, I disagree. The term "low ball" exists for a reason.


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