My grandmother is thinking of selling me her lakefront parcel that has been sitting for 40 years. My wife and I have recently began to look into real-estate investment homes but think we might want to go this rout instead. My question is how you generally attract people out to land that is rural ( no airport within an hour rural)? And do you recommend any websites, companies, or law firms that can help us build a house on the site from scratch purchase laws. We are also looking into premade cabin homes.
Here are reasons why I believe an Exclusive Listing Agreement is better for the seller when it comes to selling land. (Let me preface all of these reasons with the assumption that you have researched prospective listing agents with experience in selling land and you are only going to deal with ones that appear to be qualified and have good reviews. For more explanation read, “Not All Agents are Competent About Land.”
Undeveloped land without significant zoning limitations is open to a variety of uses. Reach out to all types of buyers who might find the land appealing. This may include home builders, private individuals looking for land to build on, park or camp developers and environmental groups that want to keep the land undeveloped. Reach out to the owners of adjacent land to see if they want to add to their property. Advertise in different publications and websites, not just in local real estate magazines targeted at people looking for new homes.
This has got to be one of best articles out there about land investment. Thank you so much for the advises. I live in San Jose, CA and I am also looking into buying land myself to build a residential home on. I’m somewhat skeptical about it as i’m very new to this whole process and afraid i might be stuck on a parcel that is not build-able or would cost too much to develop. The parcel i’m looking at is currently zoned “commercial”, however, the surrounding area is heavily residential so i wonder if this was a city’s mistake. To avoid troubles down the road, I plan to hire a professional for all the permitting and developing advises/estimate (if you know anyone in the Bay Area that provides this type of service, could you please refer?) but I just don’t know how much i can completely close my eyes and just sign wherever i was told by the professional. Any advise will be much appreciated.
2. The answer to this question depends entirely on the property, how much timber is on it, and how much money you can get from the sale of the timber. If you’re really lucky, you might even be able to sell the timber for more than you paid for the property itself (however, I would say this is more the exception than the rule). You might want to check out this article for some more insights if you haven’t already.
A major issue that we see when people try to sell property to their friends is that they’ll cut breaks for their friends. Perhaps their friend doesn’t have the money, so they’ll allow for later payment while transferring the property to their friend. Always ensure that you are engaging in a business deal that is within your best interests. If your friend does not have the money to buy the land, have a contract written up with payment details and guidelines. Never trust someone blindly - this is a business deal and should be treated as one despite your friendship.
When you make the statement that I Need to Sell My Land Fast it is most probably because some circumstance has arisen in your life that has created a need for getting rid of the property. Inheriting land, or being stuck with a vacant property you don’t know what to do with and don’t want to build on can seem suffocating. It could be that you need the money that you will glean from the sale. Or, it may be that you are moving and will no longer be able to care for it. Then possibly you are following the market trends and feel now is when you will get the best return on your investment.
Hi Steve…great article! In my village there is a 1.4 acre lot that is of interest to me, but I don’t want the whole thing. I am only looking at about a third of that. Problem is…the entire 1.4 lot is owned by our local school district and the administration building sits on the front part of it. The backside of the lot (the part I am interested in) is totally unused and mostly wooded. There is a very distinct treeline to where the lot could be divided. How difficult would it be acquire that piece of land behind the building…given it’s owned by the school district?
Consider your own needs when pricing, and understand how pricing could impact buyers’ interest. When selling real estate, you sometimes have to choose between getting the highest price and possibly selling quicker. Plus, your pricing may be influenced if you need to sell for financial reasons. In addition to your own situation, pricing your property ultimately requires an understanding of the land market as a whole, why people are buying lots or land in that area and who these people are. A good real estate agent with land expertise can help greatly in this process.
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