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Hello! We were approached by someone who just inherited 1/3 of an acre. The property is in a subdivision, it is the only property that wasn’t built on in the neighborhood. (I guess the deceased never had a chance to build on it.) The heirs (who have never seen the property) are wanting to sell. The land is free and clear however back taxes are due (about $2500) and the new owners can’t afford to pay the taxes.
The property was originally purchased for $130K. According to a realtor it is probably worth $70-80K in today’s market, but of course, land really isn’t selling these days.
We have researched and visited the property. We even visited the neighbors, and it appears that they may be willing to buy.
Our thoughts are to pay the taxes on this land (that’s the most $ we are willing to spend), with an agreement that if and when we sell the property we share in the equity. This is our first venture into the world of creative financing so we are feeling very green as to how to set this up.
Any suggestions? Or do you see a different way to do this deal?
Thank you so much!
Remy
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