The asking price may not always be the agreed-upon purchase price. You may try to negotiate a lower price upon review of the current title of land for sale. In reviewing the property, look at the vesting deed (available from the county clerk's office) and the appraisal, advises Veissi. Real estate property interests are usually conveyed by a deed. Sometimes people sell or transfer partial interests in a property. Check the deed to see if there are any easements or rights that have been granted for use of the property without having to own the property. Either the seller or buyer (even both) may order an appraisal. Ask the appraiser for a like property analysis, Veissi suggests. Meaning, request to see a list of like properties that have sold in the area and compare those prices to see if the asking price for the property you seek is reasonable.
Hello Elizabeth, thanks for posting. LandInvestors is a great place for you to start. It is an incredibly valuable tool for newcomers (and old-timers alike) to bounce ideas off other (like-minded) investors, ask questions, share concepts, etc. It’s a remarkably symbiotic community that everyone gets a lot out of. This forum-based site should be the first place you go with questions, and Jack, Jill, myself, and the rest of our staff are on there often helping in addition to our whole community. There is a wealth of free information about selling properties on the site. The Cash Flow from Land Program is also a place that fully covers selling your property. Feel free to email us if you have any questions.
Hi, Viz. That really is going to depend on your local laws and any possible restrictions related to the land, as well as the best size to make the new lots appealing to builders and home owners in your local market. You should get in touch with local real estate experts in your market, like a surveyor, attorney or real estate agent with lot and land expertise to help you better understand the local regulations and the most marketable lot sizes for your subdivision plans. Good luck!
Consulting with a licensed property assessor to fully understand the value of the land you want to sell is important. Get one from an assessor and another from a Real Estate agent and then compare the two estimates. If you want to sell land fast then you should choose the lower of the two estimates and then create your marketing strategy based on that estimate.
Your potential buyer needs to see more than just the words you use to describe the land. They also need to visually connect with the property via high quality maps and pictures of the parcel and surrounding area. You don't need to have 50 pictures but you do need at least five or so to give the buyer an idea of the terrain, soil and views as well as the road of where they would access the land. You should include a plat map (call the county for a copy), general area map (I like to use Google Earth for maps) and a topographic map is always helpful as well. You can always contact a local surveyor if you need help preparing the maps and getting the GPS coordinates.
Great information.. l just acquired a parcel of land on the coast with a beautiful ocean view. The city says it can be broken into three or maybe four lots. It has all at street , water sewer, electricity, etc. for one lot., lm to old to fool with it and needed some ideas of how to market it , pre Estate sale. Your list gives me lots of ideas, where l had none. Thank you so much….
Before getting started, check out a few sample ads for houses and you'll notice that they are emphasizing the benefits and amenities of the house. Don't sell the steak, sell the sizzle. Raw land is no different. Take a good look at what makes your land compelling. Mountain views? Water? Hunting? Recreational area? Good access? In the path of development? Trees? Then get out the thesaurus and use some colorful adjectives to describe the area and land. Of course, you will need a section for just the facts such as: elevation, access, terrain, deed conveyance, taxes, driving directions, GPS coordinates, sewer, water, utilities, mineral rights, etc. I like to use a simple table outlining all of the basic attributes and facts about the land. It is essential that the potential buyer have easy access to this basic information but it won't help sell the land. Your language and conviction about the area need to be conveyed to a potential buyer and that is what will sell the property. More information is always better than less. Once you have your content well laid out then you need to add images.
Just got a cheque for £970 from BA for delays in 2009 thanks to you telling me about new legislation. More than I actually paid.". Flight Delays Compensation I took your advice and have claimed PPI from all the companies we had loans with. The result has been overwhelming, approximately £19,000 back... thank you.".PPI Reclaiming Go to full Reclaim £1000s section
I would appreciate your opinion about my situation. When I purchased my home on 5 acres twelve years ago, the builder included two acres at no additional charge. Both the 2 acre and 5 acre parcels are adjacent to each other. So, I have two properties with two tax bills. In the future, I plan to obtain a reverse mortgage, so I would like to maximize the value of my home by combining both parcels into one larger 7 acre parcel.
Hey Seth, great info in this article, a couple things I didn’t take into consideration. I’m looking into purchasing approx ten acres which has federal land to one side and state land on the other two sides. This seems to be a good deal as far as no one building around the property and being a secluded tract. Just wondering if there is any specific things I should be paying attention to, do to the bordering of state and federal land.
Other options to consider are selling your land with owner financing which makes it easier for people to afford. Trying to find cash buyers can be difficult depending on your asking price and banks don't typically want to lend on vacant land. Also, if you have land you want to sell in a hurry and you'd like to get cash for it there are a number of wholesale land buyers that make be interested in making you a cash offer for your land.
You also have to bear in mind that you cannot be exactly sure how the development will change the landscape of your street, or impinge on your privacy, or cause other problems, until it is actually built. David Henry of FPD Savills cites one case in which the owners of several large Victorian houses clubbed together and sold part of their gardens for development, only to find that their baths would no longer drain properly at certain times of day. The existing drainage systems could not cope with the extra load.
Double check ad data for any property you’re considering; they’re often full of mistakes – not necessarily misleading information, but it comes from laziness. What doesn’t help is that when a listing first gets posted, apparently nearly all real estate websites post it as their own without checking it for accuracy. For example, we’re considering a property that has multiple issues:
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 visited the property on Sunday and most of the lot was inundated with water. It is apparent that the soil is saturated for significant periods. Based on my observations, which are consistent with the available online data, it is my opinion that the lot is unbuildable since it does not meet the minimum New York State Dept. of Health (NYSDOH) requirements for the design of an onsite septic system. NYSDOH requires at least 12 inches of native useable soil above the high groundwater level and the septic system cannot be situated in a wetland. While NYSDOH has many other requirements to comply with, these two deficiencies cannot be addressed by any approvable design.
I am currently listing a 10 acre piece of vacant land, which is zoned R-1, in Hesperia, California. The seller states the property can be zoned commercial. I spoke to the planning department and they stated it is zoned residential. My client is totally convinced they are wrong and it can be switched if someone pitches a commercial rezoning presentation. What is your take on this?
First, find experienced professional advisers. Arranging the deal yourself to avoid fees is almost certainly a false economy. An experienced agent, a solicitor and importantly, an accountant, are all essential before any sale negotiations are begun. Developers will have strict criteria for the land they wish to purchase in order to maximise their own profits, so obtaining the correct advice at the start will help ensure you can offer land for sale in the most appealing way to the developer and lucrative way for yourself.
Great list of ways to reach potential buyers Seth! If someone does ALL those, they’re very likely to get their house sold. We Buy Houses investors can be a great way to sell your house fast if you are short on time or don’t want to mess with the hassle. Otherwise offering the seller financing option can be a game changer and even more profitable for sellers. If you’re in a position to offer that, be sure to vet your buyer for their ability to make good on the payments. Thank you!
I have lived on this property for 20yrs. Its in Harrison county in WV, I have been trying to buy it for 20yrs. I have a doublewide on a permanent foundation, a 16×16 permanent building, a pool with a 40×60 deck around it, all underground utilities, septic tank with fields, and $10,000 road and parking to the house, THIS IS ALL INVESTED BY ME,, this was all on a verbal family deal , (a hand shake like in the old days, when your word actually meant something) and we were supposed to be the first option to purchase if sold , now they have put it up for sale, we have offered them $1,000 over asking, they have not accepted our offer, they have continued to keep advertising the property for sale, what are my rights as a buyer when this situation occurs as a buyer that has a dwelling on this property for 20yrs.
Great Job John Cooper! I recommend that you do your research, talk with your accountant and if it’s the right process for you this is a great company to work with. You will help each other in the process to make it happen. When all the work is finished the funds are immediate! John Cooper was the Loan Acquisition Officer I worked with and I certainly would again. Perfect!read more
Hi, Jane. Some of your situation will depend on local regulations (as always), but I would think you could handle this scenario by subdividing the 2 acres off as a building site but your son still keeps the land in his name. In other words, there likely is no need to transfer the property to you at all (unless you just wanted to do it that way). If he keeps title you also may avoid incurring unnecessary taxes, transfer fees and other transaction costs. Check with a local real estate attorney, and good luck!
If you’re in a neighborhood where builders are particularly active, you may have already gotten a knock on the door or letter in mail asking if you’re interested in selling. Stanley says he receives many calls from sellers to bring his attention to a property as well. When it's the right kind of property, most builders are happy to make an offer on a home – often in cash – that makes the process simple, quick and free of commission paid to any real estate agents.
Know what the land is zoned for. From the beginning, you need to have a clear understanding of what this land is zoned for. You don’t want to discourage buyers by keeping them waiting until you have the answer, and you definitely don’t want to mislead a buyer with incorrect information. It’s better to be honest and then refer the buyer to information about changing land classifications and zoning exemptions.