Maybe best deal of my life; Missed by 1 day!

A lady I work with came to work yesterday, & said "I wish I had your phone number this morning". That says just about everything. An 11 acre parcial of land her neighbor was selling, all fairly level farmland within Marion County, IN (Indianapolis city limit) offered her the property for $11,000! Not a mistake, $1000 per acre. She asked me if I was interested. Yes I said. We start work at 5pm, She called him at 5:20 pm. & He said he just left a buyer who paid cash.
He didn't do anything with the property, & the city was making him keep it mowed like grass. It took most of a day to mow, & do so every week. He said he just wanted to get rid of it because he was so sick of mowing it!

Not located in, or around a toxic waste site, nuclear power plant, landfill or anything else I estimate $200,000 on up into the millions. 3 acres for sale about a mile from it for $950,000 closer to a major highway.

PROBABLY THE BEST DEAL I EVER HAD PUT IN FRONT OF ME... GONE!!!

If it sounded to good to be true, probly was.

That does suck.....But like the guy before me said, it could be to good to be true.

I have a hard time believing that it sold for that low. People are not that dumb to sell land for that cheap in the burbs just cause he was tired of cutting the grass.

Like they say you snooze you loose. But in this case sounds like you didn't hear about it soon enough to even snooze.

Nobody that dumb.There's more to the story.

Scotty where at in Indy? I live over by Clermont.

I heard of something like that happening near me once. Elderly woman wanted to sell her house, didn"t know how much to ask so she called a real estate agent. Agent said it was worth such and such amount and she might know a nice couple who was interesting in a house in the neighborhood. Nice couple bought the house at the quoted price. Turned out the couple was the agent"s daughter and son-in-law. And the price was about 1/2 what the house was worth.

The IRS wouldn't let a sale like that go through.
You can sell to a son,daughter what the IRS calls arms length at a reduced price,but not that much.They know what the property is worth and how much taxes it represents.When I bought dads farm the IRS set market value and a bottom he could sell it to me for.You can put it into a trust to convey to the next generation,but not sell at a lowball price.

In the transaction between your Father and yourself how was the IRS involved before the sale? Someone must have contacted the IRS. Land is considered a non capital asset and loss or gain from sales of land are reported on form 4797, if there is no attempt to report a loss how will the IRS know the land has been sold? Granted, we don't live in a free country anymore but the IRS does not have the resources to track every private transaction conducted in the USA, yet.

There's tax issues involved with every sale,and any accountant will know what the IRS will accept in a transaction.Several years ago before ground got so high dad was going to sell me his 180 farm in ohio for 500 per acre and had an appraisal for 750 per acre.1200 was the lowest the IRS would accept in a family sale.

(quoted from post at 21:22:35 05/02/13) There's tax issues involved with every sale,and any accountant will know what the IRS will accept in a transaction.Several years ago before ground got so high dad was going to sell me his 180 farm in ohio for 500 per acre and had an appraisal for 750 per acre.1200 was the lowest the IRS would accept in a family sale.

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Forgitabotit Ray. Noone in this conversation sold anything to thier kin folks. A crooked realestate agent help her kin cheat a cliant. There should be a law but there's not. Happens every day.

There is no tax issue in a loss unless the person taking the loss chooses to use the deduction, that was my point, people are free to selll at their own price, the exception would be avoiding estate tax and selling cheap after a death and even then the issue would come up after the sale if no one made inqueries beforehand.

Exact location unknown! Once I found out it sold the interest in it disappeared! All I know is it was somewhere near the Johnson County line.