Summary: A lot owner wants to sell the property, but a potential buyer thinks the price is too high, even after a good appraisal. If the seller is asking for less than the appraisal, he should stand his ground.
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.
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(View All Topics)consumer advice credit estate planning home buying ilyce glink mortgage mortgage lenders mortgage loan personal finance advice real estate real estate advice real estate agent refinance mortgage selling taxes
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