Posted by Andy Martin on December 29, 2016 at 20:44:09 from (209.213.149.120):
In Reply to: Landsharks posted by Thomasthetankengine on December 29, 2016 at 16:04:49:
My dad was sitting in a coffee shop and somebody mentioned land bringing $1,000/acre (SW Mo about 2005). He says "if it is I've got some for sale" and he subsequently agreed to sell 100 a for $100,000. When I found out a few days later he was laughing at how much the guy was going to pay. They had not made the deal yet, and I begged him to get an appraisal. He was too sure of himself and the buyer doubled his money within a couple of months. The folks have both died now and my brother and sister didn't think what what was left would bring much. We got an appraisal and it appraised for more than three times what they thought.
Realtors will tell you what they want to list it for, and it is usually high, but not if they have a buddy that wants it. Certified appraisals are more trustworthy and the few hundred dollars they cost are what you need to pay to avoid a mistake. Just the cost of doing business.
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