You’ll want as much money as you can make as quickly as you can get it – but developers play a longer and broader game. Land you sell may become one small part of their land bank in your locality and, if you’ve signed the wrong deal, you may find they never get planning permission for your land because they choose to promote one of their other local sites which looks an easier consent to win.
Unfortunately, I owe $4000 in back taxes on the 2 acres. Most of the $4,000 owed is mostly penalty fees, since the annual tax on the 2 acres is $300 yr. My home on the 5 acres is valued at $500,000 and the 2 acres is valued at $14,000. If I pay the past due tax fees and penalties on the 2 acres, and have both properties joined, will the value of my home increase since it will be on 7 acres instead of 5 acres. And if so, will my homes value only increase by the value of the 2 acres ($14,000) for a total of $514,000? Also, the 2 acres is land locked and on a steep hill. Thank you in advance for your help.
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!
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!
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.
Ideally, you should employ a realtor and real estate attorney that know what restrictive covenants there are and what you can and can’t build on that piece of property, says Veissi. "But you still may need to do some grunt work. Find out how the property is zoned." Zoning ordinances and regulations are laws that define how you can use the property. Depending on your needs, will you have to change the zoning? For instance, if the property is zoned for an industrial warehouse or office building and you want to build a retail outlet. Also, zoning ordinances will typically limit the total height of a building or require a certain number of parking spaces for a commercial building. Opposition to zoning changes by local residents or other invested parties can be fierce—time consuming and costly.
When you sell land by yourself, this is called a private sale. So, you will need to find a private buyer. It may help you to talk with local farmers if you are looking to sell raw land; farmers have all kinds of experience in purchasing land for their crops. If you are selling your land on your own without the aid of a real estate agent, this next section is for you.
Selling land is usually a more complicated process than selling improved property. When you sell a property with a building, its use and value is established by the building on it. Before buying unimproved land, most buyers want to investigate what they can do with it to determine what it's worth. At the same time, the buyer pool for land is usually smaller than the buyer pool for improved property. With this in mind, selling land quickly requires unique strategies.
Side Note: While it's easy to assume that your property listings only belong on websites where tons of people are already there, I think it's also important not to overlook the value of having your listings in front of many different audiences. Even when an advertising outlet is less-recognized or newer to the market, it could still be worth your while to post your property information there.
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.
The way that we found it was by checking our local county tax assessor site and seeing that it was vacant and owned by a gentleman who lives out of state. It wasn’t on the market, but I asked our realtor to contact him and low and behold he is willing to sell (it was inherited). As soon as we were ready to make an offer, he stated that he wants to go forward with an independent appraisal to see what the value is since he does not live in the area, which I understand (he is also a realtor in CA).
All properties are sold for cash or hard money. Buyers responsibility to do your own due diligence and verify all information. Prices are NET to seller with buyer paying all closing costs. Opinions of value / rents are given as a courtesy and no guarantees are expressed or implied. Our properties move fast so contact us quickly if there is a property you want to purchase.
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.
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And consider that the developer may not really “need” your property, and may just be looking into options for improving the entrance to the community. It’s worth noting that a more beautifully landscaped or designed community entrance adjacent to your 10 acre property could increase your property’s value. Also, building a friendly relationship with the developer may lead to a buyer for your property in the future.
Hi, I found your blog via searching for help for a decision. I have two 10 Acre parcels with views of the Stanislaus Mountains in Northern California that are part of an 8 parcel development back in 2006 for $160k each (ouch) with the intention of building a home on one and the other as an investment. One has a well the other does not. There were two owners of the development that built right before the financial crises but no one has built since. I wanted to lower the property tax so I listed them each for $60k, not thinking I’d ever get an offer and since dirt is not selling in that area well, but low and behold within two weeks I received two offers on the parcel with the water well (one from a real estate agent/2nd from a neighbor behind the property). I’m not sure but I think both have different intentions for purchasing which doesn’t matter (you are able to grow marijuana in that county). Now I’m uncertain about selling since it was not my intention and I’d really like to recover my investment. Should I wait to see if land values rise to what I paid back then or should I take the money and run!? They both asked for owner financing. There is access to power and the development’s access is through a gated community. Any comments would be welcomed and appreciated. Thank you!
Hotpads is a unique one on this list, because it's only intended for listing properties (houses, apartments, condos, etc) for rent, not for sale. Nevertheless, this still fills a major need for many property owners, and since it's one of the bigger players in the space, with a very well-designed layout and interface, it's definitely worth mentioning on this list.
If you want to get the inside scoop on how to start and run you own land investing business, come and check out the REtipster Club – where you'll get access to a full 12-week course, videos, bonuses, downloads and a members-only forum (where I spend time answering questions every week). There is no better place to learn this business from the inside out.
First and foremost, it is vitally important to understand what a property can be used for, and what the highest and best use of the property is. With a simple phone call to your local planning & zoning department, most offices can give you the answer to this question in a matter of seconds. Once you know the zoning classification (e.g. – residential, mixed-use, commercial, industrial, agricultural, etc.), ask them to give you some examples of what type of property would be allowed under each of these particular zoning classifications. They may even give you some ideas that you hadn't previously thought of. Once you understand the most ideal use of the property – you can quickly determine whether it will fit your needs (or the needs of those you intend to market the property to).
We hope this helps provide valuable insight for landowners about the pros, cons and items to evaluate when considering subdividing your land. Check back soon for our second article in this series about Subdividing Land: Tips for Landowners from a Developer, where we will describe some real world issues that we have seen in subdivision attempts. Plus, the third article in the series will provide hands-on details about the steps to take if you decide to subdivide your land into lots.
Land Requires Different Sales Techniques – A home has a kitchen, bathrooms and a façade that can be visual and photogenic. You can hold an Open House for a home and walk a buyer through each room to help make the sale. Buyers can easily visualize themselves in – and fall in love with – the built home. It’s just not the same for vacant residential lots and land.