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| It might be a deal or it may not. Biggest questions need answers such as: How much money materials and labor does it take to finish in a 2 million dollar style? What is it going to sell for when finished? How long to sell such an expensive house in this location? How many of the existing residents of area can afford such a house? AND how much does 140 acres sell for at that location, or all 160 acres for that matter(I was assuming it would take 20 acres to make a reasonable lot size for a 2 million dollar type house)?
Even the BEST appraisers of all time are going to have trouble finding comps for this price range and therefore value is only a best guess. People that are looking to spend this amount are capable of building a CUSTOM home of their own desires and designs. Therefore existing houses would have to be discounted quite a bit. How much? No one knows.
Besides, how many lenders are you going to find willing to make jumbo loans if this is a remote area?
Edited by don@nebr 10/12/2018 10:31
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Unfinished house sold today
