Just spoke with a seller and she has 21 acres she would like to sell
Its in the rural section of Cumberland County, NC.....outside of fayetteville.
Never did this sort of deal and I am a newbie. Seeking advice .
Hi Lori, welcome to BiggerPockets!
Probably we will need a few more specifics about your deal to give you any meaningful advice. What are you trying to accomplish? Buy? Wholesale? Do you have any idea what the fair market value is? What she's asking? How much she owes?
Sorry, She wants 30K and I want to wholesale
She has owned more than half her life, free and clear deed.
Okay, so a wholesale land deal. She's asking 30k.
What is the value of the property?
Do you know anyone interested in buying acreage in Cumberland County, NC?
Whether or not it's a deal depends on those two answers.
The steps to take next are simple, but not always easy.
Find out what the property is worth
Find out what your buyers are willing to pay
Negotiate a deal that leaves you a profit
Get the property under contract
Assign the contract to your end buyer
Collect a check at closing.
Each of these processes have been written about extensively on these pages. Take any of them, enter into the search box at the top of the page, then dig in and start learning.
Ok, gotcha !!! Thanks !!!
Welcome to BP!
This is also an ideal situation for seller financing! What are the seller's circumstances?
30K sounds cheap for 20 ac! That could be big money in her eyes but at 82, you better do some due diligence! Do her heirs know she is selling and what do they think? That's because at 82, kids come out of the woodwork yelling that mom was taken advantage of and they get an attorney....you can have deal nullified easily if the kids get mom to say she wasn't thinking straingt! So treat her with kid gloves and they get upset if they think they need the kids permission, so tread carefully finding out.
At her age, an annuity income might be a better bet for her than a lump sum after taxes (state if any). She needs to consider what would happen to her cash if she went to a nursing home vs. a note which would be discounted for her to qualify for services.
Knowing what a seller needs and how best to structure the deal can keep you out of trouble, get you a much better deal and ensure everyone is happy.
A seller financed note could be assumable for your buyer as well, making the sale easier.
If interested there is alot of info here on seller financing or you can always ask....
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
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