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!
We’re considering selling our 103-year-old home, which is located in a multi-use zone where condos and townhomes have been going up, changing the entire neighborhood landscape. We’ve been getting purchase inquiries from developers and are wondering if we should sell to them directly or through an agent. How do we assess a reasonable price? By the way, our home needs updates in electrical, plumbing, HVAC, paint, appliances and flooring.
Thanks so much for this article! I’ve run into a unique situation, where we found an amazing historic house that we’d like to restore, but it is currently listed as a vacant lot for sell with a shell house on it, rather than the house itself being listed. We know it’s not in a flood plain, the deed is unrestricted, and the home appears to have been lived in within the last 30 years so there is electric, heating, and plumbing. Any suggestions on potential issues we should be asking about before we jump in? We’ve never looked at land before, so we’re a bit overwhelmed by how much more complicated it appears to be vs buying a house.
Hi Eric – that’s a good question. I haven’t done much work in that part of the country, but I know that (as you mentioned) there are workarounds for both water and power IF you’re willing to pay for it. I guess it’s just a matter of understanding which one would be more expensive to sustain over the long term, and then you’ll have your answer as to which utility is more important.
Steve, my son in-law has 10 acres of land. About 13 miles from a town & we have talked about me living on a small part of the land he would need to subdivide about 2 acres to me. But if he does sell me these aces. I want to make sure that he gets the land back can the land be in both our like a car title. & being I am getting older it would be nice to live close to one of my family members. & I love to out country. Jane
When some people look at the prospect of owning land, they get wrapped up in the dream of property ownership. The idea of owning a large tract of property can seem very appealing, even if it is of no practical use to them. This kind of trap is especially easy for people to fall into with land because it's a low maintenance property and doesn't seem complicated (even though there are a lot of factors to consider).
Selling land is one of the most difficult real estate transactions to conclude. The seller must create an imaginary future for that land and market it to the appropriate buyers. This involves creative thinking on the part of the owner and the expense of illustrating the future use of the land in the form of flyers and brochures. Obtaining financing is difficult and requires the owner to be flexible on his price and terms if he wants to sell the land quickly.
LandSaleListings is a great site to know about if you're trying to list and sell vacant land specifically. The site offers a few paid listing options, but it also allows users to post listings for free (with only one picture). It's not necessarily the most versatile or beautifully designed site on this list, but it's another valid option that doesn't cost anything and can potentially get your ad seen by a new audience.
Even if you’ve confirmed that there are no restrictions that forbid subdividing the land (or make it unfeasible), you and your experts also should research the local zoning, subdivision and development laws so that you can understand the layout and size limitations for your planned lots. Each county, city or other authority will have its own regulations that describe important items like current zoning requirements, minimum lot widths, setbacks (front, rear and side), buffers, building heights, required open space and other significant details that affect the size and layout of your lots.
Thanks for sharing great information about selling land online. I also have acreage of land for sale. I didn't want to spend money on hiring a real estate agent. But I was confused how can I sell my land without the help of an agent. After reading your blog, now I'm confident that I can sell my land easily. Once again thanks for sharing your thoughts.
MLS usually is a first step for real estate agents when they get a new home listing, and it certainly should be part of any real estate marketing plan. But keep in mind that MLS is focused on marketing existing built homes, and should not be the only online marketing tool used for your lot or land listings. LotNetwork.com was specifically designed for selling residential lots and land, and attracts targeted lot and land buyers like potential homeowners, builders, developers and investors, among others.