A local bank recently contacted me regarding the empty lot next to my wash. Through a series of events, the bank now owns it, and needless to say does not want to!
My focus for some time has been paying down the note on my wash as it seems only the bank (same bank incidently) is making money (7.5%).
Can anyone offer general advice?
I have dreams of expanding someday, which would require more land, but maybe it's more prudent to keep my money and keep cutting that principal balance.
Also, how can I determine the fair maket value of the land? Bank wants $52k. Where can I find comps?
It's not a great time for banks to own real estate, so I could haggle it down some I'm sure.
Thanks in advance.
My focus for some time has been paying down the note on my wash as it seems only the bank (same bank incidently) is making money (7.5%).
Can anyone offer general advice?
I have dreams of expanding someday, which would require more land, but maybe it's more prudent to keep my money and keep cutting that principal balance.
Also, how can I determine the fair maket value of the land? Bank wants $52k. Where can I find comps?
It's not a great time for banks to own real estate, so I could haggle it down some I'm sure.
Thanks in advance.