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Updated over 10 years ago,
Need help or advice!
Hello,
I am not sure if this is the correct place to post but I need advice about a real deal i guess we can call it. My mom recently got a letter in the mail and so did her neighbor from a lawyer saying someone was interested in purchasing the house. They are building a some health mall next to her house with a dentist, doctor, and a few other things. Anyways my mom called to see what it was about and they are interested in buying the house to increase parking. They do not necessarily need the property but it would be advantageous to them to have park where my mom's house currently is, however no numbers were mentioned or offers.
My mom still owes somewhere in the range of 140,000-150,000 or so due to some unfortunate events that caused her to refinance and everything. Based on an appraisal the house is worth about 165,000. Obviously for my mom to sell she would need to pay off her mortgage and get a reasonable amount to get into another house.
My Question realistically what do you think she can get for the house? I have never dealt with anything like this so i couldn't help her but she want obviously want to get enough to get in another house. Should she try and get 3x the value seeing they want it and she will be able to get a new place for that?
Any advice would be amazing thank you, everyone, that read this and can offer help. I just did not know what would be a good deal and what she should accept.