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How much of a discount should a Buyer get for buying in a bad location
A couple of years back I had an out of town buyer looking for the biggest home for the least amount of money. He was shopping price. He did not care much about location at the time. I came across a newer home built adjacent to a commercial area, right behind the home is a fast food restaurant. Looking at home while hungry at me craving the strong smell of burgers and fries.
The house was priced way lower than any other home this age, size and good condition. The buyer acknowledged he was getting a great deal for it's location. Fast forward 3 years and he wants to sell. He knew i was the person to sell it and had me come over. Values are up over 20% in 3 years. The seller then quoted the higher prices of homes 1/2 mile away down the road on the quiet cul de sac section of this area.
The problem is, that his home still sits behind the restaurant. It still smells like fries. He then said that is why he was selling, he cant stand the smell of the cooking any longer.
As we went through the home, he kept quoting the high prices. Sadly I told ... more
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