Hey all. I got wind that my neighbor is looking to possibly move and I’d love to secure the property as a rental with the intent to maybe demo it down the line and merge it with mine.
A house across the street just sold for a little over $700k. The properties are somewhat comparable but I haven’t done a close analysis yet.
I’m looking for any tips on how to address the situation. I am friendly with the neighbor and would love to broach the situation before they get a real estate agent involved since that would just suck away 6% of the closing price.
What’s a good way to come up with a fair price to offer that would make them feel like they’re getting the right price? Are there any contingencies or stipulations I could give to sweeten the deal and make it appealing to them? I’m not looking to really get it unreasonably below market or anything like that. The property just has unique value to me since I own the adjacent property.
I can likely make a cash offer using my HELOC and savings. (My house is paid off).