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Updated over 7 years ago on . Most recent reply

User Stats

123
Posts
35
Votes
Eddie Starr
  • Specialist
  • fremont, ne
35
Votes |
123
Posts

Structuring this land transaction?

Eddie Starr
  • Specialist
  • fremont, ne
Posted

Hello, BP! I'm sure many have had friends of family hear that "You're in real estate! Help me with this problem!" Here's mine...this is to help out my in-laws, the wife's parents.

What they are looking at is 3 parcels of land, owned by their "next door neighbor."

Here is the county GIS: http://idahoparcels.us/county/benewah.html 110 N 6th st is the in-laws address.

The 2 parts under it, starting with 104 N 6TH STREET, and the one on the bottom right, are owned by the neighbor looking to sell.

The couple, Jay & Dona, own it outright. Plummer is a very small town, and they've been trying to sell it since 2013, at least, when my in-laws moved in. A few properties have remained for sale for years, due to it being a small town, and the active mill. What they're wanting is between $30K - $35K.

I'm thinking is seller financing of the land. Then, since I'm not sure if the couple will want to hold a note, I'm thinking of also bringing up investors that buy performing notes, as an option to consider. 

I'd also be mentioning that there is a willing buyer--the next door neighbor!--who would actually have an interest in buying it! Selling it will bring them money, instead of having it be a drain, paying property taxes: highlight the negatives of holding it vs the positives of finally selling.

Any other suggestions for tackling this?

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