We own a house and the neighbor said he would sell us 2 or 3 acres behind our house below fair market value. The land is landlocked. What would a fair price be. I know there are a lot to take into consideration, but i just need an idea.
can anyone just give me a price.
forget about the landlock. what would a fair price be for 2 or 3 acres to add to the back of my property. please someone give me a number.
uh…. if it’s being done as an adjacent land transfer to your lots, it’s not landlocked.
If he owns it, he probably has access to a road somewhere.
If he’s going to discount it to you because it’s “landlocked” give him 25% below current value to cover the cost of zoning and having it added to your current lots.
Under current ALTA rules, it is illegal for a property to be landlocked. Only issue is what has to be done if anything to get a right of way or access easement in place.
Without knowing where in Ohio you are????
The land is useless and worthless to anyone, unless you can get access. My question is what market value? The market value of a piece of land that has access? You can not compare two different types of utility use like that. Land locked land is worthless unless you can get access to it, so below what market value is he talking about. What is the highest and best use for the land? Is there any? Is it worth anything or just a tax liability?
Normally by law a parcel of land can not be landlocked. You must have access to your property via some method, even if it is crossing someone else property.
There must be a road of access. You should not be expected to fly into you property.
A fair price would be what a willing person is willing to pay for this land to your neighbor. Now if he is willing to sell this land at a discount then he price is negotiable, so you and he would have to come to an agreement on the price you are willing to pay and he is willing to accept.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
i would look at your tax statement where the county has assessed you land value before the amount assessed on your improvements. I am not sure how much your property is worth so this is how I would do it if it were me. take your assessed land value and figure out how much value the county has put on an acre for your home. then you can get a rough idea of what each of his acres is worth. it is VERY rare to ever have a truly landlocked property. I would get a title report from your local title insurance co to double check that there is not a very old easement running through your land. but regarding the number I gave you the info how to figure it out roughly. I would check the easement before giving him an answer, if he finds a different buyer than you, you could be looking at litigation and someone tearing a road through your property. good luck