Posted by Dean Olson on February 06, 2014 at 19:03:10 from (166.137.156.40):
In Reply to: Should I feel bad? posted by 37Chief on February 06, 2014 at 16:40:47:
My 2 cents.
Get the realtor to get you some comparable sales of similar lots in your area. It's called a comparable analysis report. CMA. Make him prove he can get you more $. That way you can look at the $'s and come up with a fair price.
Take that to your neighbor and set the price. Write up a contract. She'll need that to get approved for a loan. Get an approval letter from the lender. NOT a pre qualification letter.
At this point you'll know whether you have a deal or not. Sooner rather than later. Your neighbor may not have the ability to get a loan.
Why would you alienate an existing neighbor. It may get sold to the next Attila the Hun. Based on personal experience I wished I'd have waited or even financed a property I had near me. People who moved in really chapped my neighbors.
Interview a couple Realtors and pick one. A good Realtor will make it so smooth and from outside appearances look so easy you'll feel cheated. Hence the negative reputation of some sales people.
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