Real Estate Question

[Taggart]

I have a relative that has a lot of land. They are old, so an LLC has been set up for them when they pass away. I believe the area is really growing so the land prices are going up.

My family is naive when it comes to real estate. There is a guy that is really pressuring to sell. What is the process for getting a fair price for the land? An independent appraisal? I assume that you shouldn't sell to the first guy that comes along!

Should my family get an agent to represent them? Is it common to get a bidding war of sorts started? I just want to make sure they get a fair price!

 

[imported_Mike]

Get it appraised

 

[AgaBoogaBoo]

How much land and where is this located?

I would get the land surveyed and appraised, depending on the location I might be able to put you in touch with some people.

 

[Taggart]

The land is in Georgia, about 30 miles north of Atlanta.

 

[imported_Mike]

How many acres are we talking about?

 

[Whoozyerdaddy]

How much land are we talking about here?
Where is it?
Where is it in relation to other subdivisions?


If you are looking to sell it call an appraiser and pay him his $500 to get a value.


Here's the catch. If you have a LOT of land and are thinking about selling to a developer be prepared to accept less per acre than the land is really worth.

If you have money... or can finance the development... spend the money, subdivide and make a killing. If you can afford it, create a develpment company and build the houses too.

Of course all of this depends on the first three quetions I asked.

 

[Taggart]

The land is in Ball Ground, GA. I think it is in the 70-100 acres range. This is rural GA we are talking about here (not many subdivisions around), but Cherokee County is really growing I think because of its proximity to Atlanta.

 

[imported_Mike]

Originally posted by: Taggart
The land is in Ball Ground, GA. I think it is in the 70-100 acres range. This is rural GA we are talking about here (not many subdivisions around), but Cherokee County is really growing I think because of its proximity to Atlanta.

100 acres 30 miles from ATL? Nice

 

[Kanalua]

Originally posted by: Taggart
I have a relative that has a lot of land. They are old, so an LLC has been set up for them when they pass away. I believe the area is really growing so the land prices are going up.

My family is naive when it comes to real estate. There is a guy that is really pressuring to sell. What is the process for getting a fair price for the land? An independent appraisal? I assume that you shouldn't sell to the first guy that comes along!

Should my family get an agent to represent them? Is it common to get a bidding war of sorts started? I just want to make sure they get a fair price!

Hire your own appraiser.

 

[Taggart]

Thanks for the info.