| reply to Nick_L
Re: Mid-Mod buiding rehab (Fingers crossed!!!) All that property and 18,0000 sq ft for a price of a family car? Does that sound too good to be true?
I'd be wary - get a home inspection done and any liens on the property, God only knows what the property taxes they will hit you for etc
Good luck though, nice style. |
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 Nick_LPremium
join:2003-01-22
Pittsburgh, PA | Good comments, thanks.
It does sound curious, but there are reasons. When you are selling something that most people would view as a liability rather than an asset, your price better be low. the building is owned by the largest employer in the western half of Pa, was acquired in a merger/takeover, has been vacant for almost a decade, and is located in a formerly economically depressed area. they have a huge catalog of properties they are working to get off of their books, simply because they dont need them anymore.
An inspection would be rediculously expensive and would be unlikely to tell me anything I dont already know, not that it would change my ability to bargin anyhow.
The suggestion regarding liens is a good one that I had not thought of before.
local and state property taxes are a little south of 9k a year. |
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 UHFAll static, all day, ForeverPremium,MVM
join:2002-05-24
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| said by Nick_L:The suggestion regarding liens is a good one that I had not thought of before. This would normally come up in a title search, and is why you always need an attorney when purchasing real estate of any kind. Around here a title opinion by an attorney runs between $125-300, and is money very well spent. |
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 KrKHeavy Artillery For The Little GuyPremium
join:2000-01-17
Tulsa, OK | reply to Nick_L
said by Nick_L:local and state property taxes are a little south of 9k a year. Ouch. Question, when you buy it, would your purchase price basically become the new "value" of the property?
In Oklahoma, a property's tax assessment changes to "whatever you just paid for it" automatically.
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"Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini
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Nick_LPremium
join:2003-01-22
Pittsburgh, PA | said by KrK:said by Nick_L:local and state property taxes are a little south of 9k a year. Ouch. Question, when you buy it, would your purchase price basically become the new "value" of the property? In Oklahoma, a property's tax assessment changes to "whatever you just paid for it" automatically. Ouch, really? Huh, I thought that was really good. I know that our last house in the city, an older 2400sf home on an average lot, taxes were 4000+ dollars. My sister recently moved to Buffalo, NY and her house, while nice and in a nice neighborhood, is nothing special. Her yearly taxes are over twelve thousand dollars a year!!
The county I'm currently in uses a base price valuation, which is being fought in the courts. The building is just over the line into the next county and I dont know how they apraise value. Ill have to look into that as well. One thing that I may do is donate some of the wooded land back to the city, to take if off the value of the property. |
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