Hello and thank you for this great topic. I have about 4 acres of land in on my residential property. My home is on the river with a dock etc and has about 1.5 acres itself. I have these 4 parcels of land that can be developed into residential properties yet I have no idea how to approach a developer. There is easy access to the main road and I have been told I could subdivide these plots and also provide river access via a trail running along the side of my house, that wouldn’t actually interfere with my main home at all. Should I simply put a sign up advertising these available lots or should I contact private home builders in the area. The home is in a highly sought after area where many would like to build homes. The previous owners told me they had been offered well over $1.6m for the lots but turned them down.(They were elderly and didn’t want to sell just the land). Any suggestions would be greatly welcomed! Thank you!
If you find items during your review that may be problematic, you and your attorney should evaluate them carefully to find a solution, or see if you are able to get title insurance that provides specific coverage to protect you and ultimately your buyers. But never ignore a tricky restriction or convince yourself that it won’t be a problem. Beware, even the pros can get into trouble if they become too wedded to their grand plans. You may get away with bypassing restrictions for a while, but doing so can cost you down the road – especially when trying to sell or finance the property. We’ll describe more of these real-world risks in the second article.
Even though Craigslist is clearly the winner in terms of traffic, it's not necessarily the most versatile medium. There are plenty of restrictions in place (like the inability to link to third-party websites and embed videos), however with the tools that are available – it's more than enough to inform buyers about what the property has to offer and drum up enough interest to generate some legitimate leads and sales.
The trick with vacant land is to understand why it's vacant in the first place. I've run across quite a few vacant lots that seemed attractive at first glance, but eventually, I discovered the reason nobody was using them was that you CAN'T use them. If one (or more) of the issues above are prohibiting someone from putting a property to good use, believe me – you don't want to find out after you already own it.
To a shrewd investor, any asset of value is for sale, for the right price. Undeveloped land, also known as raw land, represents a real estate investment that is different from more traditional house and land deals. While undeveloped land sells for less than land that is ready to build on, or already includes viable structures, it can still turn a profit if you put care and thought into the sale process.
Fortunately the lot is over 500 feet deep. The price reflects the known fact that the front erodes due to natural occurrence. I really love this lot but am scared that it might be too many loopholes and fees to deal with DEQ regulation because of the topography. Do you recommend walking away from this lot? It’s only $25000 and is less than 1/4 the cost of almost any other lot half its size anywhere else in the state.
Planning Consent. This will be needed before development is begun, but who obtains it is a question for landowners. Embarking on the planning process at your own risk can pay off, but it is a gamble and we recommend that you speak to either a surveyor, a planning consultant or a planning officer at your local authority to get an idea as to whether or not an application for consent for development would be successful. Many such applications will go to appeal. Is the planning consent you obtain going to be the one developers need? This is why many landowners enter into promotion agreements or conditional contracts which oblige others to apply for planning, as they often have a greater chance of success on the right terms. Be aware though, that extensive price negotiations can take place once planning consent is obtained, and the actual net development area can be calculated. This will take into account any ‘extra’ costs such as wildlife surveys or ground investigations that are required as a result of the planning conditions.
In most cases, rural land owners should enlist the help of a professional land agent in selling their properties. Unless they have a lot of experience or it is a slam-dunk deal, the seller will benefit from having an agent on their team. In fact, most serious land investors have at least one agent that they go to for finding deals or making sales. Take a cue from sophisticated land investors and enlist the help of a true land sales professional to market and sell your rural land. You will be glad you did.
Like most free listing sites, the format isn't necessarily optimized for vacant land properties (like the kinds I typically sell), but it's certainly possible to work within the parameters they give you (Pro Tip: On the first step when they ask for an address… you can also enter in the GPS coordinates of your property, in case it doesn't have a registered address yet).
This issue can be overcome if you can establish a legal, recorded easement to the property. This can be done if one of the neighbors is willing to allow you access through their property – to yours. In many cases, a neighbor shouldn't be expected to do this for free, you'll have to give them a reason to help you (usually in the form of money). Again, this isn't an impossible issue to overcome, but it is definitely something you'll want to be aware of before you purchase.
If you're a rental property owner, I can't think of any good reason not to use this site, especially considering the software is free for the landlord (any fees are covered by the applicants and tenants). It's definitely not the right fit for every real estate professional since it's only intended for landlords and tenants, but if you fit that profile, you owe it to yourself to check this site out.
LoopNet operates the most heavily trafficked commercial real estate listing service online, with more than $425 billion of commercial real estate for sale and 5.1 billion sq. ft. of commercial real estate space for lease. LoopNet also attracts the largest community of commercial real estate professionals looking for Land with more than 7 million members comprised of brokers, corporate executives, service providers, and more than 3 million buyers, tenants and other principals.
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.
If you need to find a buyer fast, our company is in the land buying business. If you've got time to wait for a few months, then get it posted on your standard online sites (don't underestimate Craigslist!) and consider hiring an agent. If that doesn't work out or you don't feel like waiting, we've got a network of buyers at Landmark Property Buyers.
“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.
Do you have land that you would like to sell and are unsure of how to progress? We welcome your call, whether it's to sell or buy land. You can be sure of a helpful and professional approach. We utilise the latest software and systems to source and sell land, enabling us to assess land parcels quickly and appraise the planning potential for most sites, saving you time and money.
Use a title company if you are not familiar with deeds, deed conveyance and closing of real estate. I prefer First American Title and you can find them anywhere. They will handle the monies, title search, title policy, deed, recording of the deed and pro-rated taxes, etc. Fees will vary and you can certainly negotiate. Typically the seller pays for the title policy and the buyer pays for half of the escrow fees. You can always charge an extra recording fee to offset these expenses.
Hi Prakash, the best way out to sell your property is to advertise your property through different media including online property portals like 99acres.com since online media is faster and quicker. You can also go for offline media options like magazines and newspaper in which you can easily give your advertisements in the classified sections and specific real estate supplements. Apart from this, you may also purchase a paid package service provided by various online portals in which they will charge you on a monthly basis and in return they will give prominence to your ad over non-paid ads. For paid package services, you may refer to 99acres.com and choose option buy our services: http://www.99acres.com/do/buyourservices
Whether you are working with a real estate agent or not, we absolutely encourage you or your agent to target your marketing to the right types of buyers. Adding a development parcel or lots to a general real estate listing site, or even MLS, just doesn’t get your property the exposure you would want to builders, developers, investors that are actually looking to buy this type of property.
Be sure to use visual tools to tell the story of your lot or land in your online listing in a beautiful and compelling way. You can’t show photos of a kitchen or great room, so be creative with your lot or land photographs. Use attractive photos of the home site, natural features of the land, the view from your property and even community amenities (see tips for creating great photos for lot and land listings). Use maps and surveys to show the property boundaries and where it is located. Learn more in our related article about 5 tips for selling lots or land with online listings.