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 have an opportunity to buy 53 acres of recreational land. 9 of the acres is a pond and another 16 acres is CRP land. I was thinking about sub dividing these lots for a private campground. I currently own a single lot in a private campground about 70 acres and most lots are .18 ac that sells for $4000 each. I am looking to do the same as the owner did years ago, but with possibly my own piece of land. Without tipping off the owner on this opportunity, land for sale, what problems may I encounter, or unforseen costs will I run into?
Always offer to ‘show’ the property to prospective buyers. It’s an obvious step for home sales, but some people neglect it for land sales because they believe there isn’t a lot to really show. That’s the difference between a strong seller and a poor one. To be a successful salesperson, you’re always selling. You want to show the buyer the property lines, and then, lead them out to see the neighborhood, local businesses and other aspects that could seal the deal.
This is fraught with problems due to human fallibility. As long as you and your neighbor(s) get along great, everything’s fine, but there are about a million ways for it to go wrong. If he get’s pissed off at you, your water goes off. If he dies and stops paying the electric (pump) bill, your water goes off. If he decides to fill his private lake and uses up all the water, your water goes off. What if it was originally his well, you move in, then a month later says the well has to be redone – are you paying for half of his expenses enough though you just got there? If you refuse, your water goes off. The possibilities go on and on… so keep it in mind.
Additionally, the land contract should indicate how many payments will be made, their due dates, grace periods (if applicable), fees for late payments, and how the buyer should deliver each payment. Under a land contract, buyers are usually treated just like a property owner, and will be responsible for paying property taxes, insurance, and any utility bills associated with the land use.
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.
I worked with Grace Chang in liquidating a mortgage I held on property my late husband and I had owned. It was probably the easiest land related business deal I have ever been involved with. Grace was knowledgeable, informed and available. She was in contact with me and I never had a question she was unable to answer. I was amazed at how quickly the transaction happened; which was far quicker than estimated at the onset. It is refreshing to do business with an organization that has such wonderful customer service and professional business associates. I would highly recommend First National and specifically Grace to everyone.read more
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?
If you are a potential buyer looking to purchase property directly from a seller - Many properties are available across the country and outside of the U.S. including vacant residential lots, large acreages, homes and ranches, hunting and fishing properties, investment properties, land ready for development, commercial buildings and much more. View Listings.
Learn to evaluate the risks and rewards of subdividing land into residential lots. In this first of three articles on the subject, a developer and real estate lawyer provides landowners specific items to evaluate when considering whether or not to subdivide land. Come back for the next articles in this series that provide insights for landowners based on the author’s real world experiences with the subdivision process, as well as a hands-on description of the steps landowners should take when subdividing land.
Can you tell me how does the developer acquire and secure several acres surrounding the 1 acre he owns to expand his development. The problem is that the developer lacks financing and cant afford to acquire the adjacent land, yet he wants to prevent other parties from building on the adjacent land so as to ensure there is enough space to expand his development.
LANDFLIP offers quality exposure for my company's rural real estate listings. It also provides an excellent avenue to search for land for our clients who are looking to buy. LANDFLIP is a great starting point for anyone who is looking to buy or sell land. Due to the national exposure and user-friendly website, I use LANDFLIP to help supplement my marketing campaign.
In the very least, your land contract should include the address of the property and a full legal description of the land. It should also include the down payment amount, purchase price, the number of payments that will be made, the monthly payment amounts, and any balloon payments that may be required. You may also consider creating and attaching an amortization schedule.
Here is an example of the kind of sites that I prefer: landandfarm.com Although these sites are not free, they charge no more than $40 a month for a basic listing package which is actually cheaper than eBay and tends to fetch higher prices as eBay buyers are typically deal hunters. These sites have easy to fill out forms requesting all the basic information a buyer will want to know prior to acquiring the land. They have easy features for uploading pictures and inputting maps. Don't expect the property to sell within the first month. However you should get some inquiries that first month and if you don't you will want to edit and adjust your advertisement or switch aggregator sites. Once you have a link to the property you can start sharing it on social media sites like Facebook and Twitter. You just never know if a friend of a friend might be in the market for your property.
With the Arizona housing prices climbing up to pre-crash levels and single family homes being snatched up by investors to flip or rent back to millennials, do you think buying raw land now is the best strategy ? In my opinion, the fact that its hard to generate income off of raw desert land many investors pass because there in no rate of return. Million dollar homes are within a few miles of these parcels I’m looking at and i can buy a 2.5-5 acre parcel below 250k. I want to park my money in land because i know this area is up and coming vs risking it in the stock market. I would sit on the land for 10-20 years before building. Am i crazy or just see something a lot of other investors are missing out on? Also, small washes on parcels are not a huge issue right? I avoid anything that falls in a flood plane
In addition to online listings that target lot and land buyers, effective property signs always should be part of your marketing plan. Don’t just use a standard “For Sale” sign; we suggest that you have a sign custom-made for selling your lot or land (which can be done relatively inexpensively these days). You can help tell the story with your custom signs by including a few key points like acreage and property features. The sign(s) should be located for visibility, look professional and be kept clean and upright.
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