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Real Estate
Reply to "Buying lot adjacent to ours"
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[quote=Anonymous]We bought a house out of state a few years back and there’s a small lot next to our property. We are acquainted with the owners and they are nice people. They’ve reached out to us asking if we would be interested in buying their lot. If we go through with this, we expect to pay in cash and not use a broker. We’ve only ever used a broker in prior home purchases, and they’re the ones who make sure we dot our i’s and cross our t’s with home inspections and what not. Given we won’t have any representation, what should we be sure to do to protect ourselves through this process, aside from an inspection? This property is a little unusual and likewise, has few or no comps. We have not talked price yet. How do we determine a fair value for the lot with no comps? Alternatively, should we hire someone, like a real estate lawyer or broker but at greatly reduced commission, to help us through this purchase? [/quote]
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