SELLER ASKING FOR $110K FOR A HOUSE I MAY DEMO

[Laurence Obi]

Hi Guys, I visited this home yesterday. It sits in an area that makes its Comps around $260k.

it's a 3 bed 1 bath or at least it was before it became a rotten shell of damaged floors and nothing useful. This home will be gutted completely.

Spoke with seller and let him know I'm only interested in in the deal for the lot. And wouldn't pay his asking of $110k.

He kinda has a chip on his shoulder cuz he goes on to say "Anyway I'm not pressed to sell and you also need to show me you're a serious buyer"

Putting up a proper home on that lot would cost anywhere from $150k-$170k. 

We're still in communication but I get the sense he's not in touch with the reality of his situation and is just stringing me along to get an idea of what his dump is worth.

What do you all think? Go ahead and put in an offer? Or just walk.