Posted by SCook85 on December 01, 1998 at 09:55:16:
If the seller owns the property free and clear they may be willing to hold a second mortgage for the remainder of the purchase price above the $190,000. It seems like that would be a very reasonable offer and something the seller may give consideration to.
Why do you feel this is a very good deal, because there are 6.2 acres? According to what you say the comps are this seems to be right in line or maybe a little on the high side. The thing that you need to keep in mind about land or large lots is unless they are subdividable it is only one lot and a half acre is worth almost as much as 6 acres. You may be able to add 2k-10k per additional acre depending upon where you live but it is nominal in comparison to the home. If you could subdivide the property and sell 5 one acre or 10 half acre lots you are sitting on a very good deal. I used to think that large tracts of land were worth much more but quickly found out that was not the case. Look into the value of land in your area before assuming that this is a good deal and determine whether or not the land can be subdivided. Even if you don’t intend to subdivide it yourself it ads value to the property.