Need some wisdom from folks I trust. . . (I didn't use to be a chicken, but I seem to have reached that feathery place with age!)   There is a property that has come up for sale that we're interested in that could be purchased for about 80 % what it appraises for.   Would be so nice for our whole family, plus it has investment opportunity also.   I'm just scared to take the plunge;  at my age do I want to go into debt the magnitude of purchasing house/land again???   Would love to hear thoughts from y'all 

If you can truly buy realestate for 20 cents on the dollar, you do it. 

Turn around and sell it for more if you want. 


You can never go broke by turning a profit 

i don.t know how old u are but if you can be comfortable with outlay.    do  it     but but  do ur own apprassial where you buy it the apprassial from a certified person  do not trust any one   if u do buy hire ur own attorney to look over everything  i speak from a 2 year lawsuit 17500  later  and i was right from get go

Do you know why it's selling below market value.   I would proceed with caution.  It might be there's a very good reason that you don't want any part of.  

I am like this OP -- if something seems a bit too good to be true, I take lots of time researching and digging.  I'd just do lots of research to find exactly why it is up for sale so low below value....  it might be that the owner is in dire straits financially and really, really, really needs to sell it to raise cash..... or there could be a different reason.... one that would stop you from buying.  Research. Dig into it. 

No advice but wanted to say good luck in what ever you decide. 

We don't want to resell, but we could if had to.  Would be starting off with about 50000 in equity (purchase price vs appraisal).   Sounds stupid when I type that to even have doubts. . . . 

I'm 50, C is 21; thinking we would do this as joint purchase possibly.   One of my oldest friends is an appraiser, so we would definitely have it appraised again if we buy.   This friend appraised the land a couple of years ago for more than seller is asking---since then a huge shop/house combo has been built.   (It's 1 year old.)   I've seen both appraisals, with and without house.  

To answer Frodo and DC--yes, this is  young man going thru divorce wanting land gone because payment is due.  Land had been in his family for years, his grandfather reached point he couldn't keep it, son took over and couldn't make payment, so HIS son took it.   He works pipeline making good money but now between divorce and just life I guess, he wants out quick.   

The property could have judgements on it? 

We will definitely check all that out.   Thanks everyone for weighing in 

Make sure the property has a clear title and get title insurance. If you are concerned about investing at you age get a term life insurance policy for the amount of loan. It is much cheaper than credit life. That is the best help I can give. If you buy it without title insurance you are asking for problems. 

Make sure it has a clear tittle. Get title insurance. If it is financed they will require it. You might want to get a term life insurance policy on the primary person. Credit life is way more expensive

Would be financed and we'll follow all standard procedures for appraisal, insurance, legal aspects,etc.   I have both term and whole life that is more than we would be borrowing.    It's hay ground, pasture, hunting, with shop/house combo.   Could lease it for duck hunting as well as the house for a "lodge" we believe. . . . 

Sounds like a good buy and you certainly seems well informed.   

Thank you--I feel like I can help other people usually when they ask my opinion, but I sure doubt myself when shoe's on the other foot tho!

Girl jump off the porch and run.  It sounds like a good deal and you are smart and well informed. If there are issues you'll find out about them before you close and the only thing you might be out is the appraisal cost.

He has told us we have first right, and unless someone offers considerably more, he's holding for us.  Now to get financing straight!

A great way to really boost C's credit might be to have him get the loan and you cosign.  Go talk to your credit union.