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Updated over 7 years ago,
Structuring this land transaction?
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?