Profile picture for sammy4345

Lake Property

I made an offer on a Lake Property private lake 90 acres, in Oxford MI. It needs some tlc and new roof and  is on a dbl lot. The asking price was $127,000 the bank countered my offer of $120,000 at $126,000, no appliances are included. Not sure if I should counter again or take the $126,000 the average comps is $138,000 but these are homes with appliances and good roofs. How much do you usally add on to a lake front property because it's on a lake? How much do you add on for a dbl garage? Also can I ask for anthing else when excepting the banks offer? The seller plans on taking the garage door opener and the ceiling fans which I thought anything attached could not be taken. The home is a short sale by buyer/listing agent in MI.

  • April 16 2012 - Oxford Township
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Answers (9)

Profile picture for Ofe Polack
The value of a property is a composite, it depends on the year built, square ft, acreage, condition, location, demand for such property etc...so one needs to be very careful, when you use the word average, without taking all those items into consideration. 
  • April 17 2012
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Without seeing the listing, public records and comps, it is impossible to give you an answer. The bank has probably done their homework and obtained a BPO (Brokers Price Opinion) and perhaps an appraisal. So they have a pretty good idea of what the property is worth. The double lot is a huge selling point. Appliances-big deal, go buy used on Craigs List. Get the roof done and you good for 15 years. With summer around the corner, chances are good that the bank will get what they are asking. If you love the lake, lot and house and it appraises out, buy it.
  • April 17 2012
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Pay the $126,000.00 Try to find another property on a 90 acre private lake for that price with or with out the items you are talking about.
The seller can take what ever he or she wants as long as it's not in a sells offer to stay in in go  as reserved.  Generally speaking fixtures are left but anything can be reserved i.e. written to go.
  • April 17 2012
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Profile picture for sammy4345
Ofe Polack, Not sure what you mean about the $138,000 comps having 90 acres of land? Our buyers agent did run the comps and the average price of similar homes was $138,000...Can you explain further...Thank you.
  • April 17 2012
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Profile picture for Ofe Polack
I believe you have entered this question already.  Talk to a buyer agent who can provide you with some comps.  By the way the average comps that you are talking about at $138,000 do they also have 90 acres of land?
  • April 17 2012
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If you are looking at Zillow for "comps" you definitely need a buyers agent who will use reliable data from the local MLS.
  • April 16 2012
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Profile picture for Eric Jurmo
You have to remember that the listing agents first interest is representing the sellers. To make sure your best interests are being represented you need a buyers agent looking out for you.

  • April 16 2012
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Profile picture for realtorjay1
James nailed it. These are questions for a buyer's agent--this is a unique property and cannot be assesses without viewing it and comparing it to simlar properties that have sold in the area.
  • April 16 2012
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You should hire a buyers agent to protect your interest.
  • April 16 2012
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