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masterindisguise
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PostSubject: cabin   Wed Jan 02, 2008 1:15 pm

As some of you know I inherited some property last year and now I need to sell it. I have a buyer, but he seems to be dragging his feet and I think he is going to try to get me to come down more on the price (which is what he offered). I would like to know if I should try to find another buyer. I hate to sell but, I've made up my mind and could really use the money. Any and all insights appreciated.
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PostSubject: Re: cabin   Wed Jan 02, 2008 1:29 pm

MID the real estate market is in a precarious state right now. Seems the sellers are running scared, and the buyers feel they should get a great deal.

There are tons of foreclosures in my area, so prices are going down.

I believe that is mountain property that you have, and that is going to be selling at a premium soon I feel.

I don't want to advise you on this transaction. It really rests on the fact of how badly you need the money. If you can afford to hold off for your full asking price I think I would personally do that, if not then come down a little, but not drastically.

This was such a quick offer that I believe there are other buyers out there looking. What area is the property located near?

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masterindisguise
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PostSubject: Re: cabin   Wed Jan 02, 2008 2:02 pm

It's about 80 miles from St. Louis in the Mark Twain national forest. Its sort of touristy in the summer. People go there to camp and canoe etc. I think there are several different rivers in the area. He didn't offer me near what I wouold like to get for the place. I kinda freaked out after it was broken into. I knew he wanted it so I thought I could unload it fast. I was talking to the lady that cremates my pets for me and her husband is working in St. Louis and she sounded interested. I think I will get back to her. According to my dad's girlfriend who is or was into real estate the property values in that area don't really fluctuate much. I guess I need to step back and take a deep breath and see what happens. I hate to list with a real estate agent but, I might.
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PostSubject: Re: cabin   Wed Jan 02, 2008 2:09 pm

Oh wow MID. It is in the National Forest! DON"T come down at all! That property is at a premium. I don't even care if the house itself is in less than perfect condition. The property is valuable. Have you consulted with someone on comparables in the area? I hope you are asking enough.

I would definitely list with an agent if you feel you are not getting the right offers. They have the resources to market it properly. Just go up on the price enough to cover the agent's fees.

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PostSubject: Re: cabin   Sat Jan 05, 2008 11:00 am

MID, unless you really, really need the money, I would hold on to that property for a bit. Is there anyway, since you said it is a touristy area, that you could rent out the cabin to visitors? You could make yourself a nice little nest egg!
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PostSubject: Re: cabin   Sat Jan 05, 2008 3:36 pm

Hi BTM,

I have someone else interested now, a cousin. He's going to get an appraiser to look at it in a couple of weeks. He also said that if he bought it I could still use it anytime. I had thought briefly of your idea. I would end up losing money because its a 3 and a half hour drive to get there. It would cost me too much in gas to go clean up after people left. Also, I don't like the idea of strangers using my place. I'm hoping my cousin buys the place. I decided I wouldn't sell it for what the first guy offered. I really could use the money but, I'm not going to give the place away. I can wait if I have to. I panicked initially after the place was broken into. I've calmed down now.
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