I recently got a call from a fellow who inherited a rural property close to the Des Moines Metro Area. Although I know the area very well (I bowhunt right across the street), I don't have a good estimate of value for rural acreages here. I have a sense it's worth about $200k and I could probably get it for $140-so it would be a good deal-IF I can resell it.
What I would like to do is get a broker's opinion of value before I get it locked into a contract. This seems like a fast way to get a better understanding of the value and gives me something more tangible to talk with my banker about.
Is this ill advised? I guess I'm just being cagey about the lead... I welcome any thoughts about other ways to proceed.
Very good idea...
As long as your contract has escape clauses that allow you time to do your due diligence and get out/renegotiate the price you should be fine. What do you plan on doing with it?