I was just in "Misery" - Oak Grove just north of Lee's summit. I did not know of the friendly feud between Kansas & MO. Sounds like the feud here between Wisconsin & Ill-in-NOISE ppl LOL. There are some fights that happen occasionally at Packer/Bears games & Brewer/Cubs games.
Sometimes we call them FIP's or FIB's - *Fricking* Illinois Ppl (or B*sterds). I don't, but some do. I like everyone I don't know what their name is for us LOL
There was lots of land for sale in MO & they say that it's cheaper than land in Arkansas (went there too for a day).
My fiance' is in a dilemma - deciding whether or not to buy a property next door with a small former insurance building on it. Been for sale since last Oct. for about 160K (3/4 acre lot). He offered 60K & I think they laughed at it (LOL Philip). If it is bought before this Oct., it must be a business or after one yr can be made residential. (or other way around?) This is a small town with no businesses & about 50 houses, one cemetary & corn fields, so it might be hard to rent as a business, -better to rent as residential. It's a small building - 1000 sq ft or so - one story. I told him to buy it as he might be sorry in future if he doesn't,- so do his friends. We can add a 2nd story or just remodel what's there & rent it for income. What do you think??? His big house doesn't have much property around it, but this would add to it.
I helped him refinance his house from 7% to 4.5% interest last Feb! He has enough saved to put 20% down. He wants to make another offer soon so should he offer 100K? Any opinions? I am a real estate dummy.

Patty, I have an offer analyzer. It would calculate what your chances are of the offer being accepted or rejected compared to previous history of sales in the area. I don't know if there is enough data for your place. Perhaps if you can PM the street address of the property, I might be able to look it up to calculate the chances of offer at various prices. It is based on a normal curve of the offers versus sales value in your locality. It is not a guarantee, only calculates what the chances are.

WOW, thanks Joe! I will PM you. You can do Google Earth & see it - it's next to Mike's house & on a corner of an intersection. I love this google earth thing. Michael's addy is 3820 & I'm not sure if the Insurance building is 3818 or 3822 but I think it is 3818 (going east of Mike's house). It looks like a plain old pole building with steel siding.
You've got mail.

WOW, thanks Joe! I will PM you. You can do Google Earth & see it - it's next to Mike's house & on a corner of an intersection. I love this google earth thing. Michael's addy is 3820 & I'm not sure if the Insurance building is 3818 or 3822 but I think it is 3818 (going east of Mike's house). It looks like a plain old pole building with steel siding.
You've got mail.

Shoot, I tried ggogle & it'ss all messed up..try again tomorrow.

Patty, here's my "Voodoo" numbers:

Zero percent of properties have been sold for less than 62% of the similarly listed price in your area.
15% of properties have been sold for less than 80% of the similarly listed price in your area.
24% of properties have been sold for less than 95% of the similarly listed price in your area.
61% of properties have been sold for prices that are at least 95% or more of the listed price in your area.


*"Similar homes" are defined as houses within (+ or -) 20% of the listing price. Users can select the distance and date range for the sales data used for the offer evaluation. Percentages have been rounded to the nearest whole number.
Numerous factors such as remodels and precise location may also impact the price of a home. This tool provides data on the sale price to list price of other homes in your selected area and is not intended to provide a recommended offer price or amount.

What it means is that you have very tiny chance of getting the property at 62% of the listed price. If the offer is within 75 to 80% of the listed price, then there is bigger chance, although small, but definitely not zero chance.

Of course actual conditions vary, depending upon how desperate the sellers or the banks are in your locality, then my Vodoo stats would be way off. This is just to give you idea based on recent past data from your area.

"Vodoo" means... I don't want to discuss how I got those numbers, it would severely limit my available time. So take it with lots of grain of salt, but don't fry your kidneys with it.

Gotcha Joe, no need to explain the "voodoo" numbers. Thanks for taking the time to do this.
Michael called the realtor today & offered 85K. This time they didn't laugh! Realtor will tell owner. Mike also called an attorney & our banker.
Thanks for your input Phillip. I agree that the market is higher for renters. I'm so excited!

I was at Mike's house this wkend & the realtor wrote up the 85K bid & showed us the place.
WOOOO HOOOO - they accepted today! Ahh shucks, we shoulda offered 80! I was wrong about it for sale at 160K - it was 120K. So, 85K is about 71% of the original price.
It is 120ft X 120ft (14,400 sq ft) corner lot, about 1,200 sq ft house. 2 half baths that I can add a tub/shower to. Has gas forced air heat & central air.
Neighbor around corner already wants to buy a small chunk of the land - just enough to build a garage on. It will be a nice rental....I'm sooo excited!
Now, I will have room to build a sunroom there for my plants. (I built one here just a few yrs ago)
We've been engaged since Dec. but I have a houseful of furniture & he has no room for my plants (very important LOL).
I'm going to bottle up my 5 gal of elderberry wine so I can crack a bottle to celebrate. Please join me!
I have my graph paper out -- it will be a nice 2 bdrm place.
Phillip, how are you doing on that nice property & house? You can always wash out & disinfect the walls & smell from those animals. Looks like you'd be getting a real deal on that place. Good luck, and thanks for starting this thread!
I'm gonna do the happy dance now.

Thanks Phillip
I don't understand ----" Ohh well. I'll own a piece of the property through our $700 billion government bailout."
Sorry if I'm a dummy. I missed something on the news? What government bailout?
Make another bid if the property is still for sale months from now. Maybe you'll get lucky like my fiance' did!
That sounds like a lot of money. Glad you rejected. Maybe they'll consider your proposal soon.

Congratulations Patty!

Sounds like a great deal Patty, glad you are a happy camper!!!

Patty, having spent many years in a profession of auditing, it's in my second nature to point out an apparent error in your post. You might want to double check the square footage of your mansion!