How To Price A Lot For Sale
REM # A750
By Ilyce R. Glink
Summary: A ThinkGlink reader has a lot for sale, a good appraisal and a potential buyer who thinks she is asking too much. Ilyce explains how this land owner should determine an asking price.
Q: I have a lot I want to sell. There is a mobile home on the lot, but it is
not my mobile home. The owner of the mobile home currently rents the property
from me.
The owner of the mobile home is interested in buying the lot. I mentioned I would sell it for $30,000. He thought that price was too high. Someone had told him the lot was worth only $20,000. I told him I would accept what an appraisal said. I paid to have the lot appraised and it was appraised for $36,000.
What do you think I should realistically be able to sell it for? Incidentally the renter is my soon-to-be ex-son-in-law and I have paid for the appraisal and the property tax the entire time he has lived there. I would appreciate any suggestions you have.
A: If you want $30,000 and the appraisal came in at $36,000, then I'd stand
my ground. As far as the property taxes go, you’re the owner of the property
and should pay the taxes. You could have charged your future ex-son-in-law rent,
but I’m guessing you didn’t because you were helping to support
your daughter and any grandchildren your daughter and son-in-law may have given
you.
That’s water under the bridge. But I see no reason why you should give
your soon-to-be former son-in-law a break today on what is apparently the current
value of the property.
If he wants to buy the property, he should pay your suggested price. If he
doesn’t want to buy it, he should either start paying you rent or move
his mobile home off of your land.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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