Terreno Región 10, Lote 13 & Lote 14
Two contiguous titled lots on Tulum’s inland side, listed at a price FEUDO’s own reads say is roughly double what the land is worth until a street reaches it.
FEUDO listing. FEUDO holds a non-exclusive sale mandate on Lote 13 and Lote 14 from their current owner. What follows is our own read of this land, published because we represent this listing, not an independent review of a project we have no stake in.
Terreno Región 10 is two contiguous titled lots, 13 and 14, in Manzana 846 (city block 846 on the municipal plat), inside the Región 10 / Selva Norte corridor on Tulum’s inland side, held by a private owner since 2006-2009 and offered for direct sale, not a developer’s pre-construction program. Combined they run 10,448.88 m² (112,471 sq ft), with 100 m of frontage, zoned H2 residential. Escriturado (deeded) and free of liens. The asking price is $14,500,000 MXN (≈ USD 854,716), the owner’s own number since October 2025, and it sits well above FEUDO’s own reads of what the land is worth today: a 2021 appraisal of one lot at $6,468,354, and FEUDO’s own more recent readings of $5.3M to $6-9M for the pair. That gap is published here, not smoothed over.
Source: FEUDO’s curated listing data; FEUDO’s own system, FEUDO’s own system; Levantamiento de propiedad, L1314R10Tulum.pdf and Propuesta de Comercialización, L1314M846.pdf (the owner’s own field survey and proposal), INVERSTARTER SAPI DE CV, Oct-2025. Captured 29-Aug-2026.
It fits you if
You want titled, lien-free land in a corridor that’s visibly filling in around it: Selva Norte is already built next door, and a shopping centre (Centro Tulum) is under construction at the corridor’s own highway frontage. You’re comfortable being early, not buying into something already finished.
You have, or plan to raise, the capital to open your own street access, not just to buy the land. This corridor’s own paved frontage stops roughly 500 m short of these two lots today.
You want enough combined frontage (100 m) and surface (10,448.88 m²) to subdivide or run a small multi-villa project, not a single house squeezed onto a single lot.
You’re comfortable negotiating against a documented gap between what the owner is asking and what FEUDO’s own reads say the land is worth today, and using that gap rather than fighting it.
It doesn't if
You need turnkey infrastructure. Nothing here has it yet: no CFE, no drainage, no paved frontage, on the more conservative and more recent of two documents that disagree on exactly this point.
You want to pay something close to the $6-9M range FEUDO’s own reads put on this land today. Nothing in the record suggests the owner is near that number; he has held at $14,500,000 since October 2025.
You need bank financing to close. There is no completed structure here to secure a standard mortgage against, and nothing reviewed documents a land-specific credit product on this listing.
You want to move in weeks. Opening the missing 500 m of street is a real project on its own, before anything gets designed or built.
North of town, and filling in on this side of the highway.
Región 10 sits north of central Tulum, on the inland (west) side of the highway. It has drawn a real share of Tulum’s residential expansion: Selva Norte, already built, sits at this corridor’s doorstep, and a shopping centre under construction at the highway frontage (Centro Tulum) may open within the year. Two emerging gated communities of a higher concept and more privacy, Selva Norte and Villas Amari, are already established on this side. Streets are already laid out on the far side of the highway. Growth here is real but not at the pace of Región 15, the corridor immediately south.
This reading, unlike the rest of this site’s zone coverage, is not backed by a formal dossier: FEUDO’s own zone-research repository carries no separate entry for Región 10, and this land’s own commercialization documents openly flag the same gap (“zona no encontrada en snapshot”). What follows on this page is Vinny’s own direct observation of the corridor, dictated 29-Aug-2026, cited as exactly that: a working read, not a 49-page dossier like the ones this site’s other zones carry.
Source: zone observation dictated by Vinny Govea, 29-Aug-2026 (no formal dossier exists for this corridor, confirmed against FEUDO’s zone-research repository the same day); FEUDO’s own system, FEUDO’s own system (market_context).
The first person to open the street sets the value for the block.
A comparable priced per m² only tells half the story here, because the number that actually separates this listing from the paved comparables in its own market-read chart below is not location or size, it’s the roughly 500 m of street that doesn’t exist yet. FEUDO’s own buyer-profile note for this listing puts it plainly: the first buyer to open that street doesn’t just serve his own two lots, he sets the value for the whole manzana around him.
The same note names four other lots in the same Manzana 846, numbers 7, 8, 11 and 12, as owners who could, in principle, also be sellers, and who could, in principle, share the cost of opening that street rather than one buyer carrying it alone. That’s a real angle, not a confirmed deal: nothing in the material FEUDO has reviewed shows those owners have actually been approached about either selling or splitting the cost. A buyer who wants to explore it is exploring something FEUDO hasn’t closed yet, not something already arranged.
Source: FEUDO’s own system; no name or contact detail from that record appears on this page.
Six questions to settle before you sign.
Each one comes straight out of the owner’s own field survey and proposals, or FEUDO’s own system. Open any for what they say, why it moves the decision, and how it gets settled.
Question 1 of 6
Two surfaces are on file for the same land, 10,448.88 m² and 10,598.88 m². Which is right?
The lower figure has three independent documents behind it, and its own arithmetic checks out. The higher one doesn’t have a document behind it at all.
Read the reasoning +Close −
The owner’s own field-survey intake form (Levantamiento de propiedad, Oct-2025) states the surface as “10,448 m² ~” and, separately, prints a per-m² cost of MX$1,387.83. Dividing the $14,500,000 asking price by that per-m² figure reproduces 10,448 m² almost exactly, meaning the document checks its own number internally. Both versions of the owner’s commercialization proposal repeat 10,448.88 m² (Oct-2025), and a separate valuation memo derives the same total independently: a 2021 appraisal covering one lot of 5,224.44 m², doubled for the pair, is 10,448.88 m². FEUDO’s own system and the portal export it generated instead carry 10,598.88 m², described there as “2 lotes de 5,299.44 m² (media hectárea cada uno)”, but 5,299.44 m² is not half a hectare (5,000 m² is), so that figure’s own label doesn’t hold together.
Why it moves the decision
At $14,500,000, the two totals move the asking price per m² by about 1.4% ($1,387.83 vs. $1,368.28), not decisive on its own. But a buyer citing a per-m² comparable, or checking the frontage-times-depth math (100 m × ~104 m ≈ 10,448 m²), should work from the figure with three independent documents and an internal check behind it, not the one carried in FEUDO’s own database with no supporting document found for it.
How it gets settled
Use 10,448.88 m² as the working surface. Treat 10,598.88 m² as a superseded figure in FEUDO’s own system, flagged here rather than silently dropped, in case anyone downstream is still working from it.
Source: Levantamiento de propiedad, L1314R10Tulum.pdf (INVERSTARTER SAPI DE CV, Oct-2025); Propuesta de Comercialización, L1314M846.pdf and its V2 revision (Oct-2025); Valorización L1314M846 (Inverstarter/ISX GPT), Paso 1; FEUDO’s own system.
Question 2 of 6
Two coordinates on file for this land sit roughly 100 km apart. Which one is real?
FEUDO’s own listed pin and the field survey’s coordinate agree within about 350 m, inside the same corridor. A separate figure in FEUDO’s curated listing data places the land roughly 100 km inland, past Felipe Carrillo Puerto, and doesn’t hold up.
Read the reasoning +Close −
The google_maps_url on file in FEUDO’s own system resolves to 20.215766, -87.493267. The owner’s own field-survey form independently states 20.213057, -87.495376, about 350 m away, both inside the Región 10 / Selva Norte corridor and consistent with the postal code Tulum itself uses (77762). FEUDO’s curated listing data instead carries a coordinate expressed in degrees-minutes-seconds, 20°12’47.7”N · 88°30’26”W, that converts to roughly 20.213, -88.507: the latitude matches the field survey almost exactly, but the longitude sits about 1° (roughly 100 km) further west, consistent with a single-digit transcription slip (87° copied as 88°) rather than a second real location.
Why it moves the decision
A pin 100 km off would send anyone navigating from FEUDO’s curated data to the wrong municipality entirely, not just the wrong street. The 350 m spread between the other two is ordinary variance for an unbuilt corridor with no street address yet, not a conflict worth resolving further.
How it gets settled
Use the pin below (20.215766, -87.493267) for anything requiring navigation. Do not use the degrees-minutes-seconds coordinate carried in FEUDO’s curated listing data.
Source: FEUDO’s own system, resolved 29-Aug-2026; Levantamiento de propiedad, L1314R10Tulum.pdf; FEUDO’s curated listing data.
Question 3 of 6
The asking price is $14,500,000. FEUDO’s own reads of the same land say $5.3M to $9M. What does that gap actually mean for an offer?
Four separate reads of this land, produced across roughly fifteen months, split into two pairs: two land close to the asking price, two land close to half of it. The lower pair is the more recent, more conservative correction, not an average of the two.
Read the reasoning +Close −
A 2021 appraisal valued one of the two lots (5,224.44 m²) at $6,468,354 MXN, about $1,246/m². The owner’s original October 2025 commercialization proposal reads considerably higher: a Valor Observado of $13-14M and a Valor Fundamental (once urbanized) of $16-18M, built on the same comparables this page’s own market-read chart uses. That same proposal’s own later revision (V2) corrects sharply downward: a Valor Observado of roughly $6M for the land “crudo actual” and a projected $8-9M once partially urbanized, explicit that “el precio de $14.5M representa el valor post-urbanización más un margen, mientras que el valor efectivo actual ronda $6-9M.” Separately, FEUDO’s own system, per the blocking note in its 10-Jun-2026 portal export, valued the land at roughly $5.3M against the $14.5M aspired.
Why it moves the decision
A buyer negotiating off the $14.5M asking figure has real room, not because the owner is bluffing, but because FEUDO’s own record shows that number was set against an optimistic 2025 read that a later revision, and FEUDO’s own separate system, both walked back toward $5.3-9M. Whether the owner will actually move that far is untested: nothing in the record shows an accepted offer at any of the lower figures, and his sale reason (tired of paying predial (property tax) on land he’s held since 2006-2009, plus a real capital-gains tax bite on his side, ISR estimated at roughly $3.5M against a $12.5M taxable gain per FEUDO’s own system) shapes what kind of offer might actually move him, more than the number alone.
How it gets settled
Anchor an opening offer to the V2 range ($6-9M) plus a documented allowance for opening the street, not to the $14.5M asking price and not to the 2021 appraisal alone, which is now four years stale and covered only one of the two lots.
Source: Valorización L1314M846 (Inverstarter/ISX GPT), Paso 1 and Paso 9; Propuesta de Comercialización, L1314M846.pdf and its V2 revision; FEUDO’s own system; no name or contact detail from that record appears on this page.
Question 4 of 6
There’s no street to the property yet. What would it actually take, and who pays?
The nearest paved street in this corridor stops roughly 500 m short of these two lots, and opening that stretch is the single biggest lever on what this land is actually worth.
Read the reasoning +Close −
FEUDO’s own system flags a discrepancy: the address names Calle 15 Norte (Av. 15 Sur), which does not exist yet, while Calle 20 Norte, the nearest paved street, is roughly 500 m of terracería (unpaved track) away. The owner’s own V2 proposal itemizes urbanization costs at $150-180 MXN/m² for opening interior vialidades, which scales to roughly $7.5-9M MXN for a full 500 m stretch; a blocking note in FEUDO’s own system independently lands on a similar figure, about $7.5M MXN for the 500 m. The same buyer-persona note in FEUDO’s system that carries this listing’s central pitch, “el primero que abra calle define el valor de toda la manzana” (the first to open the street sets the value for the whole block), also names four neighboring lots in the same Manzana 846, numbers 7, 8, 11 and 12, as owners who could, in principle, also be selling, and could in principle share that cost. Nothing in the material reviewed confirms those owners have actually been contacted.
Why it moves the decision
Every one of FEUDO’s own higher reads on this land assumes the street eventually gets built; every lower one assumes the buyer, alone or with neighbors, pays for it. That single fact is most of the distance between the $14.5M asking price and the $5.3-9M FEUDO’s own reads describe.
How it gets settled
Before valuing this land against a comparable that assumes paved frontage (see the market-read chart below), get a firm, current quote for opening the specific 500 m these two lots need, and ask FEUDO whether any of the four named neighboring lots have expressed real interest in sharing that cost.
Source: FEUDO’s own system; Propuesta de Comercialización V2, section 3; no name or contact detail from that record appears on this page.
Question 5 of 6
The land is zoned H2. What does that actually let you build?
H2 means residential, with FEUDO’s own system noting room to grow, but nothing in the material reviewed states the actual buildable ratio or height limit for this specific zoning sub-district.
Read the reasoning +Close −
FEUDO’s own system records the land use as “H2 (con potencial de incremento).” The only municipal planning document found in the material reviewed, the Plan de Desarrollo Urbano de Tulum 2023, exists here as a map graphic showing zoning boundaries, not the regulatory text or table that would carry an H2 sub-district’s actual COS (ground-coverage ratio), CUS (total buildable-area ratio) or height limit. FEUDO’s own guía de compra is explicit that uso de suelo (land-use zoning) is set by municipal urban-development programs and is accredited with a formal, dated certificate, not the H2 label alone, and that this certificate is a separate document from a construction permit or an operating permit.
Why it moves the decision
On a lot this size (10,448.88 m² combined), the buildable ratio decides what this land is actually for: one house, a small boutique compound, or a subdivision into several parcels. That number is exactly what this expedient doesn’t have, and no comparable-price chart substitutes for it.
How it gets settled
Request Tulum municipality’s own certificado de uso de suelo / zonificación for these two specific cadastral lots before designing anything or pricing this land against a project that assumes a particular density.
Source: FEUDO’s own system; Plan de Desarrollo Urbano de Tulum 2023 (map graphic only; no regulatory table found in the material reviewed); compass guía de compra, parte-4.
Question 6 of 6
Why is a clean, titled, unencumbered lot still sitting unsold?
The owner has held both lots directly since 2006-2009 and is tired of paying property tax on land producing nothing. FEUDO’s own system logs the urgency as low, not distressed.
Read the reasoning +Close −
FEUDO’s own system records the sale reason as the owner recovering capital from two lots he has held since 2006-2009, an original combined acquisition cost of roughly $2M MXN ($1.4M for one lot, $0.6M for the other), against today’s $14.5M asking figure. Urgency is logged as low. A blocking note in the same system flags a real capital-gains consideration on the seller’s side: an estimated $12.5M MXN taxable gain, with ISR (income tax on that gain) estimated at roughly $3.5M MXN, a real reason a seller might prefer to hold at a high asking number rather than discount into a smaller net after tax.
Why it moves the decision
Low urgency plus a real tax bite on the seller’s side means a lowball offer isn’t likely to move quickly on price alone. A structured offer that addresses the seller’s ISR exposure, whether through timing, payment form, or both, may move faster than a straight discount would.
How it gets settled
Negotiate on structure (timing, payment form) as much as on price, and confirm the ISR estimate with the owner’s own accountant before assuming it caps his flexibility either way.
Source: FEUDO’s own system; no name or contact detail from that record appears on this page.
What exists on these two lots, counted.
This is a thin expedient by design: raw land held by one private owner for close to two decades doesn’t generate the paperwork a built, branded development does. What’s below is what was found, not what should exist.
From the owner’s own expedient and FEUDO’s own system · checked 29-Aug-2026. This declares what exists, it doesn't vouch for what's inside.
Floor plans
1 file, e.g. Levantamiento de propiedad, L1314R10Tulum.pdf (frontage, depth, colindancias and coordinates, filled in by the broker who first walked the file)
Price list
4 files, e.g. Levantamiento de propiedad, L1314R10Tulum.pdf (Oct-2025)
Legal / trust documentation
1 file, e.g. A scanned filing (numbered 2672-2159) in the owner’s own expedient
Brochure / sales materials
No separate developer brochure exists. FEUDO’s own two-page broker ficha for this listing is the closest equivalent, and is not cited here as a source; it is the same broker kit C5 excludes from a public analysis, not an independent document.
Construction / delivery status
There is no urbanization progress record for these two lots, because there is no urbanization under way on them. General aerial footage of the wider corridor exists (see the photography below) but does not document work on this specific parcel.
HOA & fees
Raw land with no condominium regime; there is no HOA to document.
Payment terms
No formal payment-terms document exists. What the expedient documents is a set of price scenarios, not a payment schedule.
Purchase contract
No signed purchase contract exists for this specific sale in the material reviewed. FEUDO’s own system logs contract_status as pending.
4 smaller gaps, worth knowingopen +close −
Whether water and drainage actually reach the lot line. The original October 2025 proposal says both are present, without CFE; that document’s own later revision, and FEUDO’s curated listing data, both say none of the three (CFE, water, drainage) reach the lots. This page uses the more conservative, more recent reading; confirm on site before assuming either way.
Whether any of the four neighboring lots (7, 8, 11 and 12 in the same Manzana 846) named in FEUDO’s own buyer profile as possible sellers have actually been approached, or would share the cost of opening the street. Nothing in the material reviewed confirms contact with those owners.
The exact buildable ratio (COS/CUS) and height limit for this specific H2 zoning sub-district. Only a map graphic of the municipal Plan de Desarrollo Urbano was found in the material reviewed, not the regulatory text or table that would carry those numbers.
A machine-readable copy of the escritura itself. The scanned filing in the owner’s own expedient wasn’t legible in the material reviewed; “escriturado, libre de gravamen” is reported here from FEUDO’s own system field, not from an independently verified document.
One asking price, four FEUDO reads, and a real gap between them.
Asking price
$14,500,000 MXN
≈ USD 854,716 at Banxico FIX 16.9647 (25-Aug-2026), this page’s own conversion
Combined surface
10,448.88 m² 112,471 sq ft
2021 appraisal (one lot, 5,224.44 m²)
$6,468,354 MXN ≈$1,246/m², now four years stale
FEUDO’s own reads (the pair, 2025-2026)
$5.3M-9M MXN system valuation and the owner’s own V2 revision
Where these figures come from, and why they don’t agree +Close −
10,448.88 m² comes from the owner’s own field-survey form, cross-checked against that same form’s own printed cost-per-m² figure (see the diligence question above). The 100 m frontage is consistent across every document reviewed; the depth is not: the field-survey form itself prints 208 m, while a later version of the owner’s commercialization proposal (and FEUDO’s own curated listing data) gives roughly 104 m, half that. Neither figure changes the combined area, which every document agrees on; the frontage-by-depth breakdown underneath it doesn’t reconcile, and this page declares that rather than picking one. FEUDO’s own operating system separately carries 10,598.88 m² for the combined area, a figure this page treats as superseded rather than silently dropping, in case anyone downstream is still working from it.
$14,500,000 is the owner’s own asking price, unchanged since October 2025, and not a number FEUDO’s own reads support at face value. A 2021 appraisal valued one of the two lots at $6,468,354 (≈$1,246/m²). The owner’s own commercialization proposal originally read considerably higher (Valor Observado $13-14M), but its own later revision corrected down to roughly $6M for the land as it sits today, projecting $8-9M once partially urbanized, and stating plainly that the $14.5M asking figure “representa el valor post-urbanización más un margen.” FEUDO’s own operating system, separately, valued the land at roughly $5.3M. None of these figures are averaged into a single number here; each is named with its own source and date in the diligence section above.
Financing follows what is actually for sale: bare, unserviced, titled land sold directly by its owner, with no developer anywhere in the chain. How financing works here is a separate page; this is only what is specific to these two lots.
How this one can be paid for
Five ways a property changes hands in Mexico. Which of them are actually open on this project, and what gates the ones that are not. How each one works is a separate page.
- CashOpen
The plain way this closes: pay the negotiated price directly to the owner at notary, against the escritura already on file. No lender, no developer, no assignment, just a deeded transfer between two parties.
- Bank mortgageNot available here
A standard Mexican mortgage secures a completed, deliverable structure with an appraisal value a bank can lend against. There is no structure here, only bare land, and nothing in FEUDO’s own financing doctrine or in the material reviewed describes a retail mortgage product for unserviced land bought outside a development.
- Pre-construction instalmentsNot available here
There is no pre-construction program to join. This is a private owner reselling deeded land he has held since 2006–2009, not a developer selling inventory on a payment calendar tied to construction progress.
- Developer financingNot available here
This modality assumes a developer administering the payment plan. There is no developer anywhere in this transaction: the seller is the same private owner who has held the land for close to two decades.
- Infonavit / co-financingNot available here
Infonavit and co-financing products are built around delivered, appraisable housing, the same structural gap that rules out a bank mortgage here, and Infonavit itself has no equivalent for a foreign buyer regardless of what’s being bought. Worth checking only if you are Mexican, worked formally in Mexico at some point, and are buying to build a home rather than to hold raw land.
Each verdict below comes from what’s actually for sale (bare, titled land sold directly, no developer involved) judged against the five ways property changes hands in Mexico. Four of the five come back no_aplica for the same underlying reason: no completed structure and no developer counterparty, not a shortcut taken to fill the table. They are not quotes, and no rate appears here because the one modality that is open, cash, doesn’t carry one.
Where this sits in what the zone actually moves.
Not a valuation. Where this listing’s combined asking price per m² stands against other land in the same corridor, and whether buyers are actually asking at that price point.
Asking price per m², land in the Región 10 / Selva Norte corridor
MXN/m², as the source proposal states them. Sale type not specified in the source document for these four comparables; treated here as asking prices, not confirmed sales. FEUDO’s own broker-request monitor carries no raw-land comparable for this corridor at all, which is itself worth stating rather than substituting a built-condo figure that isn’t comparable to bare land.
- Lote habitacional, 423 m² (more central, premium)$5905
- Lotes residenciales, 250 m² (smaller scale)$4000
- Same street, Selva Norte, 10,613 m² (where the pavement ends)$1700
- Región 10, paved frontage, 5,000 m² (full services)$1440
- This listing, 10,448.88 m² combined ask$1388
Fifth of five. This listing’s combined ask prices below every other comparable in the corridor, including the two closest to it in scale (5,000 m² with full services, and 10,613 m² at the edge of the pavement), both of which already have paved frontage this listing doesn’t.
Broker requests for Tulum land, by price band
May-Jun against Jul-Aug 2026. This listing’s combined ask (≈USD 855,000) sits in the 700k+ band.
Under USD 150k
the thickest band the monitor logs for Tulum land
USD 250-400k
thin on both sides
USD 700k+
where this listing’s combined ask sits
Thin across every band. FEUDO’s own system logs demand fit for this listing as “nulo”: land in Tulum draws real interest only from a buyer planning to build or hold long term, not the wider pool shopping for a finished home.
Source: FEUDO’s own broker-request monitor, land listings tagged Tulum. It measures what brokers wrote down, which is not the whole market and skews toward what circulates between agents. A read on direction, not a valuation, and no price on this page was derived from it.
Two coordinates circulate for this land, roughly 100 km apart (see the diligence section above). The pin below uses the one FEUDO’s own system lists for this listing, cross-checked against the owner’s own field survey: the two agree within about 350 m, inside the same corridor. It is not a survey pin for either individual lot.
Región 10, Manzana 846, Lotes 13 y 14, Tulum, Quintana Roo, México
Open the full mapPin: the map link on file in FEUDO’s own system, resolved 29-Aug-2026. Cross-checked against the coordinate in the owner's own field-survey form, Levantamiento de propiedad, L1314R10Tulum.pdf (Oct-2025), roughly 350 m away.
How far to what
- Costamed (private hospital)7.5 km11 min
- Chedraui, Avenida Cobá (supermarket)7.7 km11 min
- Tulum town centre9.1 km13 min
- Hotel Zone beach (Playa Paraíso)11.7 km19 min
- Tulum International Airport (TQO)More than double the straight-line distance. Consistent with this corridor’s own frontage street not reaching the lots yet: the route runs out to the nearest paved access before heading to the highway, not a routing error.38.9 km42 min
Road distances and drive times measured from the pin above, routed on OpenStreetMap's street network on 29 August 2026. The pin marks the two lots as listed in FEUDO's own system, not a survey point for either one individually, so these distances carry that same margin. Times assume clear roads.
Worth being precise about what sits inside what: Lote 13 and Lote 14 are two parcels inside Manzana 846 of the Región 10 corridor, itself on the inland side of the highway north of central Tulum, inside the municipality of Tulum. Selva Norte, a developed community immediately adjacent, is a private residential name, not a formally registered colonia on its own, so a listing that leans on that name alone is describing a neighbor, not this specific manzana.
Start here
The land,
or the street it needs?
FEUDO holds the sale mandate on Lote 13 and Lote 14. Tell us whether you’re weighing the land on its own, or the wider question of opening access to the whole manzana, and we’ll follow up with what’s confirmed today, what we’d settle before an offer, and where the documented gap between the asking price and FEUDO’s own reads actually leaves room to negotiate.
Or write directly to [email protected]
Tell us what you’re weighing.
FEUDO represents this listing. We’ll come back with what’s confirmed, what isn’t, and what an offer would look like.