# Property Value?



## ohiotw (Jul 29, 2014)

My wife and I are looking to move out of the city to something more rural. The property does have some neighbors on one side but other than that pretty quite location. I am curious what others think would be a good starting offer on the property. We intend to live in the trailer for a few years while we put up a metal garage (small pole building). Then remove the trailer and build a house.

Anyone have experiences with this type of property? I haven't seen to many trailers on land in the country for sale locally. The key here is it is PRIME school district. The open enrollment line forms a day in advance at the school for parents hoping to get their kids in that live out of district. 

http://www.realtor.com/realestatean...oad-14_New-Riegel_OH_44853_M43070-48032?row=3


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## Fishindude (May 19, 2015)

Not real familiar with your location and local costs but here are my thoughts:

a. One acre building site ought to be worth $8-10,000
b. Well may cost $3-5,000
c. Septic may cost $5-10,000
d. Trailer might have a re-sale value of $5,000

Add all that up $21-30,000
Site is clean, level and mowed so minimal site prep and you can begin your building plans.

All said, I don't think the listed price is too crazy. Start with a low offer, you can always raise it, or they may counter with something?


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## ohiotw (Jul 29, 2014)

That was my thinking as well. I was going to start at 18K and I don't think I want to pay over 25k for the "land" essentially. Its hard to find any land in this school district under 5 acres because its so rural so most is farm land. The going rate it seems for land in that district is around 10-15K or more per acre.


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## cc-rider (Jul 29, 2003)

How did it turn out? That's right down the road from me. 
Well...a few miles...


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## gibbsgirl (May 1, 2013)

If you're feeling like this is maybe "the place", I'd ask the property owner to let you get an appraisal done.

You're under no obligation to allow the appraiser to disclose the appraisal report results to them because you',re paying for it. But, you need their permission.

That's what we've always done when we buy or sell a place for the last several years. The markets just had tremendous volatility.

They seem to always cost between $200-$300. So, its not super cheap, but we don't do many, and that's a small cost compared to the price of committing to a property.


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## Evons hubby (Oct 3, 2005)

Speaking of appraisals... I went to an auction this morning in hopes of winning the bid on a fairly decent house and lot in town. Before the sale I was ratchet jawing with a fellow I met in my active real estate days. (Sold his homestead for him) He figured the place would bring 35k. I bid it up to 34,500 and got out when the other bidder took it to 35. That was the final bid and after the sale I again ran up on my friend.... Told him he should get into the appraisal game.


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## ohiotw (Jul 29, 2014)

We started with an offer of 15k. They countered with 29k and said that was final price from their side. We promptly moved on and are still looking. We saw an appraisal from 2014 which value the property at 15k and the trailer at 2k. We also saw the owners paid 15k in 2009 for the property with a house on it. We aren't in a rush so we are going to be patient and let the price come down. The owners just dropped the price online to 29k which was their "take it or leave it offer" a month ago.


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## Bellyman (Jul 6, 2013)

I wish I knew an appraiser. There's a little place I'm looking at right now that's been for sale for a while. 6 acres of nice land but an old mobile home on it that no finance company will have anything to do with. It's actually pretty nice, not fancy, but quite livable, but that doesn't matter... it's an "old mobile home". (And the 6 acres is some of the better dirt in the area, good fertile soil, which I really like.)

It's been priced around $50k for quite a while. It was last sold at $41k. It's on the market right now for $45k and it's just sitting there. 

Honestly, I have had in mind that if I could get the place and build a simple but decent home on it, it might be something that would end up being worth a lot more than what I'd put into it. But... I'd still love to know what an appraiser would say the place is worth. After all, it's not what you can sell a place for, it's what you can buy it for... or so I'm told.


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## Evons hubby (Oct 3, 2005)

Bellyman said:


> I wish I knew an appraiser. There's a little place I'm looking at right now that's been for sale for a while. 6 acres of nice land but an old mobile home on it that no finance company will have anything to do with. It's actually pretty nice, not fancy, but quite livable, but that doesn't matter... it's an "old mobile home". (And the 6 acres is some of the better dirt in the area, good fertile soil, which I really like.)
> 
> It's been priced around $50k for quite a while. It was last sold at $41k. It's on the market right now for $45k and it's just sitting there.
> 
> Honestly, I have had in mind that if I could get the place and build a simple but decent home on it, it might be something that would end up being worth a lot more than what I'd put into it. But... I'd still love to know what an appraiser would say the place is worth. After all, it's not what you can sell a place for, it's what you can buy it for... or so I'm told.


Be wary of appraisals.... they are nothing more than one persons opinion and can vary tremendously depending circumstance. I once asked an appraiser how much a certain property was worth... his reply? "how much do you need it to be worth".


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## gibbsgirl (May 1, 2013)

Bellyman said:


> I wish I knew an appraiser. There's a little place I'm looking at right now that's been for sale for a while. 6 acres of nice land but an old mobile home on it that no finance company will have anything to do with. It's actually pretty nice, not fancy, but quite livable, but that doesn't matter... it's an "old mobile home". (And the 6 acres is some of the better dirt in the area, good fertile soil, which I really like.)
> 
> It's been priced around $50k for quite a while. It was last sold at $41k. It's on the market right now for $45k and it's just sitting there.
> 
> Honestly, I have had in mind that if I could get the place and build a simple but decent home on it, it might be something that would end up being worth a lot more than what I'd put into it. But... I'd still love to know what an appraiser would say the place is worth. After all, it's not what you can sell a place for, it's what you can buy it for... or so I'm told.


You can find listings in a phone book. But you won't know about them from just an ad. We get referrals from real estate Atty we work with.


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## Bellyman (Jul 6, 2013)

Yvonne's hubby said:


> Be wary of appraisals.... they are nothing more than one persons opinion and can vary tremendously depending circumstance. I once asked an appraiser how much a certain property was worth... his reply? "how much do you need it to be worth".


Ouch!! 

Trying to establish value can be difficult. On one end of the scale, you have people who will sit on their properties for years with a high price waiting for a "sucker". And when the occasional sucker comes along and bites, there is a high "comparable" that you can be sure someone (appraiser, real estate agent, ?) will grab onto with both hands. And then on the other end of the scale, you have foreclosures, tax sales and distressed property owners that just want out from under selling at sometimes very low prices. 

Nothing is ever simple, it seems.


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## Evons hubby (Oct 3, 2005)

Bellyman said:


> Ouch!!
> 
> Trying to establish value can be difficult. On one end of the scale, you have people who will sit on their properties for years with a high price waiting for a "sucker". And when the occasional sucker comes along and bites, there is a high "comparable" that you can be sure someone (appraiser, real estate agent, ?) will grab onto with both hands. And then on the other end of the scale, you have foreclosures, tax sales and distressed property owners that just want out from under selling at sometimes very low prices.
> 
> Nothing is ever simple, it seems.


Actually its quite simple, any properties value can be established by what a willing able and ready buyer is willing to pay, and a seller is willing to take. Sadly this is only good for a brief time period. Tomorrow is a different day and different players are in the game. Nearly all of the properties I bought when I was actively pursuing the game went up in value by nearly double overnight. Hint, if a realtor offers to buy your property at your asking price.... you are pricing it way too cheap!


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## edcopp (Oct 9, 2004)

An offer made by a willing buyer to a will ing seller, that both parties agree to= Value.


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## fishhead (Jul 19, 2006)

There seems to be a law of the universe that if you are in a hurry you pay more or you sell for less than if you have time to wait.

I've gotten all kinds of stuff for a low price simply by waiting.


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## Belfrybat (Feb 21, 2003)

ohiotw said:


> We started with an offer of 15k. They countered with 29k and said that was final price from their side.


Honestly, with a bottom fisher offer like that, had I been the seller I would have outright refused the offer without a counter. When I buy, I will offer 20-25% less than the asking price. I feel anything less is a slap in the face to the sellers. 

By looking at the pictures, the owners appear to have kept the property and manufactured home up in good condition. That tells me you probably wouldn't have had many surprises after the sale. That counts for something in my book.


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## ohiotw (Jul 29, 2014)

Belfrybat said:


> Honestly, with a bottom fisher offer like that, had I been the seller I would have outright refused the offer without a counter. When I buy, I will offer 20-25% less than the asking price. I feel anything less is a slap in the face to the sellers.
> 
> By looking at the pictures, the owners appear to have kept the property and manufactured home up in good condition. That tells me you probably wouldn't have had many surprises after the sale. That counts for something in my book.


I understand it was much lower than asking price. However I know it appraised at 20k in 2014 and they paid 15k for it in 2002 and have done nothing to the property or trailer since. The price has also since been lowered to 29k and the seller recently contacted me asking if I was still interested. I'm going to let them sit on it until it drops to the price I want to pay so I don't have to negotiate.


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## agmantoo (May 23, 2003)

ohiotw

What would the property rent for with the absolute minimum spent to get the place inhabitable? The initial asking price for that paracel here would be the selling price.


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