Hi,
I'm thinking of purchasing a plot of land, roughly 2 acres, but there are no comps for 2.5 years in the area. My Agent suggests getting a land appraisal.
On the opposite side of the street its all commercial buildings.
On my side of the street its all really old 10+ acre homes (1940's) and a couple of churches and a small shopping center about 1/4 mile away.
I am planning on just putting a modest home there and move in. I plan to pay cash for the land and I plan to pay cash for the home. the tax assessment is only 20% of the seller's list price and it is raw land. I am thinking of waiving the land appraisal as I don't think it will do any good. Do I need a land appraisal? I have a rough idea what I am going to offer.
this land has been up for sale for over 6 years and the seller has dropped the price in half during that time. Its now getting to be affordable as a residence. But I don't plan to offer that price as its still pricey when you add the cost of a home to it. It's zoned rural residential. and the county has already told me, its okay to build a home on it.
So I am thinking the land appraisal doesn't really suit my purpose in this case? am I correct?
Any help will be apprecited.
I didn't find the right solution from the Internet.
References:
http://www.city-data.com/forum/real-estate/2103730-land-appraisal-necessary-cash-buyer.html
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