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Thinking about buying 14 acres(4 acres of woods and 10 acres of bermuda grass hayfield). The land is secluded with no road frontage which is fine with me but the guy is aking 60,000 for it. Is that too much? I know this isn't a forum for this stuff but figured i'd ask my crimson tide brethren!
Need more details. Where is it? Is other land going for that?
Does it have oil? (G)
On Alabama: CeCe Jefferson - "It was a bunch of beautiful women..." Reggie Ragland - "oh the females of course..."
If it does have oil,I think Samp and myself would be interested in splitting the property ;)
It's in Marshall County close to Albertville. Has been used as a hayfield for a long time and has a good stand of bermuda on it. If your willing to buy it for me, i'll help you drill for oil or dig for gold! (g)
check your pm. Thanks
Too much for land without road frontage IMO unless it joins land you already own. No road frontage limits appreciation and could affect exit strategy.
This sounds correct.
To my understanding, the big banks are not lending money to clients for the purchase of raw land (w/ no house or structure). So, unless it's owner financed, you'll have to pay with cash. If that is the case, I'd be very careful that you're getting a good deal and that this parcel of land is in high enough demand to facilitate liquidation, if/when needed. I am a very cautious investor in this economy, where cash is king.
Also, you should have in hand a list of comps that verify your price/acre is in line with previous sales of neighboring parcels, sold recently.
Yes, one can't own enough land, but being land poor because of a cash shortage is not a desirable situation. Proceed with caution, wisdom and discipline. Good luck.
ditto, good advice!
I am in the land business and I went to an auction up there a few months ago where there was a couple of tracts that sold comparable to what your talking about and they only brought around $2000 per ac. In my opinion $4000 per ac is way too high in this market.
There are several smaller banks lending with only 10% down, however, the seller in this particular case seems crazy at this price point (unless the OP is leaving some vital information out).
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