What should I offer on this home? Any tips?

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We have no experience buying a house & was looking for some advice. What are things we should be looking at/for? What kind of an offer can I make?
The house we’re looking at it on leased land on a reservation, but because I’m a tribal member its two dollars for 50 years. its a three to four bed room, one bathroom, on the lake with 300 feet of frontage, has a fireplace with a loft overlooking it and a small garage, but its RIGHT next to the road. Like, we’d have a driveway that goes along the house and then the road. The asking price is “$ 79,000 (with big letters) negotiable” Its been for sale for about 8 years with the price dropping. (I attribute this to it only being available to Tribal members, which including the kids under 18 there are only about 2500 of us). Any thoughts? Or tips on buying a home you’ve never been in? My spouse is currently in the military and will be discharged and home within a year so unless I fly back to look, I’ll have to send a relative to look for me.
Leasing land on the reservation is much different than leasing land off reservation. So the question is not should I buy on leased land (that I own partly because I am a Tribal member and all the land is owned by all members collectively), the question is what should I offer.

  1. Reply
    September 29, 2012 at 12:08 pm

    DROP the notion of buying this property. Do you understand that your tribe has control of the land, and you do NOT ? If your tribe wants you ‘out’, all it needs to do is repossess the land, and you are screwed.

  2. Reply
    dog ma
    September 29, 2012 at 1:03 pm

    Offer whatever you want, obviously there is not a big market to compete with you there. If the seller doesn’t like your offer, they should at least counter back with whatever they are willing to accept. Have there been any other sales of other homes on the reservation in the last year? Can you find out what they sold for?

    Make sure your relative has some knowledge of construction and an idea of what is important to you, and have them take lots and lots of pictures! I personally would not buy a house I’d never been in, but have handled similar situations – one where both parties were out of the country, seller had not seen the house in 5 years, and the buyer bought it based on my photos and a home inspection.

    Unless the tribe or the seller is offering financing, you will need to pay cash for whatever you purchase, since mortgage lenders will not lend on leased land. Good luck!

  3. Reply
    Ratan Roy
    September 29, 2012 at 1:37 pm

    Since it has been the market for so long, and is listed in the assessment, I will ask for a lower price .. Perhaps closer to 140,000, the worst they can counter-offer or decline. It depends on the shape of the room you want to be sure, for example. You can get help from a real estate agent, they may be able to give you a good idea for a.

    Also, see what the price is listed in the same room. Because they do not sell below those prices go.

    Since the house is sold, I suggest you set the minimum to be

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