Another surprise to landowners attempting to subdivide their land is that the act of subdividing can raise any number of additional requirements and costs on your land. While your existing parcel may have been grandfathered so that it does not have to comply with some newer laws and regulations, undertaking a subdivision can trigger a new set of impacts and requirements.
My question is how does the land being full of trees affect the value? We received an estimate of clearing 1 acre of land of trees (logging plus stump removal & grinding) of $17K with a potential timber profit of $11k. It seems that my realtor is under the impression that the land is worth more because off all of the timber. In our opinion, it is worth less with all of the work plus out of pocket costs to clear for building.
I’m so happy that you mentioned to send out letters to your neighbors that say you are planning on selling your place. My sister had the worse time trying to sell her place. She put ads online and in the newspaper, talked to real estate agents, and tried other methods. It wasn’t until she sent letters out to her neighbors that she got a response. All in all, don’t give up! You’ll find someone to buy your place one way or another!
The gross value figure per acre that the land is worth once it has planning consent in your locality. This is normally referred to as ‘the headline price.’ Developers generally make deductions of up to 10-15% to the headline price to cover the costs of their efforts to secure consent. It’s very rare indeed for a developer to offer a landowner 100% of the headline price!
There may be some back and forth with the seller. You may offer a lower amount than the asking price and the seller in turn will counter with an offer higher than yours. The key is to head to the negotiations table with your well conducted research in hand. Don’t waste time playing games or questioning the seller’s integrity, warns King. "If you educate yourself about the market, you can determine if an offer is a good deal or not. You won’t get taken for a ride."
I like the suggestion to send out neighbor letters to the surrounding property owners. That is a great way to get the word out that you are selling your land. When I went to sell my land, I made sure to tell my neighbors or post of social media and every other platform in order to allow more people to see that my lot was for sale. I ended up way over my original price and with a good buyer that built his family a home there.
I really appreciate your posting this blog subject. I would ask the neighbors and previous owners what they know. If applicable, go to the Planning and/or Building Department and find out what permits have been issued for that parcel in the past. You might get an indication of what waste products might be on the property. You should also contact your state’s department of the interior or forestry department to see if there are any endangered species, plant or animal, located on the property. Contact the Sheriff’s department to see if there have been any reports of drug manufacturing on the property. If they don’t know, they may be able to direct you to the correct authority. Not all drug manufacturers use stick built houses to do their business (trailers and vans). Also, if there is a stream or creek on the property, you should investigate what is up stream from your property; like a turkey or hog farm or dairy. These may affect the water in the creek upstream, but they may also smell bad coming from the prevailing wind direction. Ask the neighbors.
There are hundreds of millions of people passing through this site each month (with many of them coming from syndicated outlets like AOL, Yahoo, Trulia and more) and most of them are there with the sole purpose of looking for real estate to buy and rent. It's also worth noting that many buyers start their search with Zillow (instead of looking only at their local MLS listings), so it's a great way to gain exposure to a massive (and targeted) audience at no cost.
Disclaimer: The information published in this section is of a general nature only and does not consider your personal objectives, financial situation or particular needs. Where indicated, third parties have written and supplied the content and we are not responsible for it. We make no warranty as to the accuracy, completeness or reliability of the information, nor do we accept any liability or responsibility arising in any way from omissions or errors contained in the content. We do not recommend sponsored lenders or loan products and we cannot introduce you to sponsored lenders. We strongly recommend that you obtain independent advice before you act on the content.
Overall, I like how Oodle makes it pretty quick and simple to compile a listing, and the syndication with Redfin is another huge selling point for the site. Assuming you can get the site to keep your listing active without flagging and removing them (which was unfortunately a big obstacle for me), it's a nice little outlet to get some additional exposure for your listings.
Since it is near the New Year, please allow me to use this illustration. Many people make a resolution to diet and exercise to lose weight in the New Year. They may buy a new piece of equipment and some new workout clothes. They go hard for a couple of weeks, and slowly excuses begin to interrupt the routine and eventually there is no real progress. Then the person can say, “I tried the Bowflex for a while, but it didn’t really work for me.” The truth is, they didn’t do what Bowflex recommends and therefore they did not achieve the desired result.
In the right location, today’s seller’s market makes it so you could put your home on the market as-is and likely still receive interest. But if there’s a possibility you’re misdiagnosing your home as a desirable purchase for a teardown, you should think about preparing the home properly for the market, as minor updates and cleaning can go a long way. You could have your property appraised to see how it would likely fare compared to similar homes in your neighborhood, or consult a real estate agent to see if they expect more builder versus homebuyer interest.
I requested a quote 13 days ago & I accept the fact that you are back logged & it could take up to 14 days to get a written response. I just hope that you seriously consider our property for purchase. It really is a great lot. We had plans 13yrs ago to build a house with a walkout basement & even add a pole barn to the property. Times change, situations change & we've been trying to sell this since 2008. I'll keep my fingers crossed & hope that I hear a response with an offer very soon. I appreciate that you look at every property & realize it might take a little longer than 2 weeks to hear something. Thank you very much for your consideration. Amy
As for whether the seller will accept a lower offer – you’ll never know until you make the offer and wait for his response. It could obviously go either way, but my philosophy is usually to err on the lower side – because unless he’s got other buyers waiting in line (which I doubt he does), you can always come back with a higher offer later if you really want it that badly.
Writing a legally enforceable contract for sale with your buyer means spelling out any contingencies like the buyer obtaining financing if needed and doing due diligence to ensure the property suits intended needs. Look online to review real estate land contracts for your state to ensure that you don't overlook crucial factors. Processing the sale through an escrow at a title company will ensure that there are no liens or other claims to the deed that could cause problems down the road. Title companies also make sure that all legal details are in order, all documents are properly prepared and signed and the deed is officially recorded.
Selling lots and land has its unique challenges and strategies when compared to selling a home, and these are several of the ways you can boost your selling efforts. Whether you’re just starting the process of selling your lot or land or you need to re-energize your efforts, we hope these tips help you. So take action and find a way to reach past the home buyers and get to that pool of active lot and land buyers.