unnai
08-30-2009, 08:20 AM
I am interested in purchasing a REO property. My agent can't find any comparable sales since the property is fairly unique.
11 acres with a pole barn and cell tower. Sits behind 1+ acre lots with homes ranging from 75K to 500K.
Also backs up to rail road tracks as well as farmland.
Can find sales on vacant lots up to about 7 acres but directly off the street. At one time there *may* have been a gravel drive to the property but has since grown over and access on foot only (or monster truck!).
Certain things take away from the value (cell tower, location of lot-behind other homes and RR tracks) but the pole barn has to add some sort of value even though it is in need of repairs.
Do we assume the bad cancels out the good (size of lot and barn)?
Bank lowered the price by 20K after 106 DOM.
Now sitting at 145 DOM.
11 acres with a pole barn and cell tower. Sits behind 1+ acre lots with homes ranging from 75K to 500K.
Also backs up to rail road tracks as well as farmland.
Can find sales on vacant lots up to about 7 acres but directly off the street. At one time there *may* have been a gravel drive to the property but has since grown over and access on foot only (or monster truck!).
Certain things take away from the value (cell tower, location of lot-behind other homes and RR tracks) but the pole barn has to add some sort of value even though it is in need of repairs.
Do we assume the bad cancels out the good (size of lot and barn)?
Bank lowered the price by 20K after 106 DOM.
Now sitting at 145 DOM.