Posted by MarkB_MI on January 31, 2008 at 19:57:48 from (216.234.123.62):
In Reply to: update and more info posted by caleb on January 31, 2008 at 12:45:19:
First thing is this: You've already spent the 1200 bucks. It doesn't matter whether you walk away from deal #1 or not, that money is already down the drain. So do what makes sense right now and don't worry about the money you've already spent.
Second thing: time is PROBABLY on your side. Unless the real estate market is really hot in your area, you can afford to be choosey. You may find something better than either of your choices.
Regarding the appraisal on the first place: mobile homes and outbuildings take a beating in an appraisal. No doubt the seller of #1 owes more against the trailer than it is actually worth. Her hard-nosed position may be because she needs $165K to pay everthing off. It may be that sooner or later she will end up walking away from the property. But until it comes to that, she probably won't budge on the price.
Is the building on #1 really what you want? 30 x 12 is a pretty small building. If you are willing to do the work yourself, you can put up a nice 30 x 40 post frame building for under ten grand.
One last thing: If you are out west, water rights may be the single most important consideration if you are keeping horses.
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