I have a question about a farm up for sale - Posted by H Jason Dollar
Posted by H Jason Dollar on June 08, 1999 at 02:58:26:
in my area. The farm has two(3/1)houses ( need some rehab) and 6.8 acres. They are asking 260,000 dollars, which may or may not be good, as I found out that subdivison lots in that area of Chattanooga TN, go for 15-25k apiece, and that one can probably subdivide it into 12 lots, then sell off the lots to builders, thus generating the cash needed to fix up the two farm houses, then sell them. What is sort of a twist to this deal is that in one of the houses, one of the sons of the estate now lives, and would apparently like to continue, because they also said they wouldn’t mind taking 160k for just the other house and 5 acres.
My question(s) is (are):
What kind of lender should I get for the money needed to purchase said property?
What offer should I make, without totally offending the sellers, who are 5 siblings with an estate that needs selling. I was thinking maybe 200k for the entire farm, and maybe 110k for just the acreage and the other house, which btw, is not fronting the road, but is back in the woods, via a paved road. Does anyone have any experience in subdividing? Anyone like to share? I am trying to do a get-in, fix-up, get-out deal, but don’t have any experience with subdivision lots, and am unsure how to treat the acreage.
And finally, if one of the children wants to continue in the house that is fronting the road, is this really an indication of a motivated seller?