One of the best ways to do this is by using Google Earth (which is free) and the topography map from Earth Point (which is also free). With Google Earth, you can search for your property (using the address or coordinates) and zoom in using your mouse buttons and the control/command and shift keys on your keyboard. This will allow you to tilt the earth so you can see precisely where all the hills and valleys are in your area.
Thinking of selling your land? Whether youre working with a real estate agent or selling your property on your own, there are certain documents that youll need in order to close the deal. While requirements may vary depending on your state, there are a few general documents that youll need in order to legally transfer your property to the buyer.
Honestly, since you’re the buyer, there’s no real reason not to use a realtor (because they’ll take their money from the seller, not you). I’d just be sure to get one who knows their stuff (i.e. – make sure they have some level of experience dealing with vacant land, as it’s a whole different animal than what most realtors are used to dealing with).
Get Proper Tax Advice. This is an absolute, and again must be done early on in the procedure. Professional advice is needed to structure the transaction in the most tax efficient way, making the most of any reliefs and exemptions that may be available. Income Tax, Capital Gains Tax, Inheritance Tax, Value Added Tax and Stamp Duty Land Tax are all taxes which may need to be considered and planned. Many developers will want to certain that the seller has obtained professional tax advice before exchanging contracts.
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.
Having a knowledgeable professional on your side always helps when selling your lots and land. There are many benefits from having specialized expertise on board, so we encourage you to work with a real estate agent who specializes in lot and land sales. They will help you understand the market, set a price and market your land to the right buyers.
I am a relatively new real estate agent and just got a land listing. This is a great article with many helpful strategies for selling land. I think selling land can be a bit intimidating because most sellers have such high expectations that you will sell their land for them quickly and it usually takes much longer, as you pointed out in your article. Thank you for the great information!
If the buyer has secured financing or is planning on paying with cash, a contract for sale will be necessary. This contract will specify the terms of the sale and may also specify other documents required before transferring the deed. This may include the financial documents that are necessary to secure financing. The contract may also indicate that title insurance will be provided. In this case, the title company may be involved in the transaction.
The last option is to call a company like mine and field an offer. We will do all the research and make an offer (typically below market value so we can make money) and pay all the fees. If you are looking for quick and easy this option might work for you. Try it on your own first though as it's a fun process and you'll exercise a bunch of brain muscles in new ways. Good luck and feel free to contact me with your questions for a free 20-minute land coaching consultation.
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.
Offer owner financing. Land is usually hard to finance and if you're willing to take back a mortgage for the buyer, you'll expand the number of people who can buy your land. On the other hand, you're also taking the risk that the buyer won't make his payments and will default. To protect yourself, work with an attorney to draft strong legal documents that follow your state's laws and get as much money up front as is reasonably possible.
Hi Cassie, sounds like an exciting opportunity! I might suggest that you call your local planning and zoning department. Tell them about the property and what you’re interested in doing with it. Ask them if they know of any particular issues you should be aware of. They should be able to help you check at least a few of these things off your list from the get go.
If you’re looking at a vacant lot in the middle of the desert or near the top of a mountain with nothing around for miles, you will probably want to verify with a professional that water will be accessible if/when you need it (and if your only option is to have it hauled in by truck, you'll want to get an idea for how much this will cost on an ongoing basis).
The truth about land investing is that most people have no idea how powerful it really is. Land is a massive opportunity that most investors aren't paying attention to – and for the few land investors who know how to pursue this business with the right acquisition strategy, it's an extremely lucrative way to build wealth and financial freedom with real estate.
Advice: One of the added benefits of hiring this agent is that they can advise you on much more than just the price of your land. A true professional will have a network of individuals that can help you with anything from tax planning to pond building. An experienced agent can tell you what is possible. They may know many things that can save or make you money during your transaction. Most of the time a good agent will help you net more money from selling your property than you can get on your own.
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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!
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.
At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1986 it has nearly tripled the S&P 500 with an average gain of +26% per year. These returns cover a period from 1986-2011 and were examined and attested by Baker Tilly, an independent accounting firm.
Hi Giselle – all of the properties I’ve bought have been SUPER cheap, so I’ve always just paid with cash. I have done plenty of seller financing when I’ve sold properties, but not so much when I’m buying. However, what you’re saying could certainly be a feasible way to get properties without taking out a hard money loan – you’d just have to find a seller who is willing to work with this kind of arrangement and then hold their hand to make sure they understand the process and that everything is being done correctly (paperwork, recording, processing of payments). There are a lot of additional moving pieces when seller financing enters the picture, but for the right deal, it could absolutely be worth all extra effort.
Hi Chris, thanks for the comment. That’s a pretty subjective question (there are a lot of variables to consider), but I don’t see how it could hurt the value of your overall estate. The question is – what is the land actually worth? Is it worth more or less than $25K? One way to find out would be to follow the ideas in this blog post. As long as the property is worth substantially more than $25K (and assuming you actually want the additional land), it’s probably a worthwhile investment… but again – it’s impossible for me to tell you anything concrete without looking at everything (which I can’t really do).
My only real complaint with Zillow is with their video feature. While I'm certainly glad they provide ANY options to add video (unlike most of the free listing sites I've come across), I'm not a huge fan of their 2-minute self-shot video option. It's not easy to show a property in it's best light in under 2 minutes and/or by only using the camera in your pocket. It's unfortunate that they don't offer the ability to upload or embed a higher-quality, better-produced video. If they added this option, it would be a MAJOR improvement to their FSBO listing platform.
I have lived on this property for 20yrs. Its in Harrison county in WV, I have been trying to buy it for 20yrs. I have a doublewide on a permanent foundation, a 16×16 permanent building, a pool with a 40×60 deck around it, all underground utilities, septic tank with fields, and $10,000 road and parking to the house, THIS IS ALL INVESTED BY ME,, this was all on a verbal family deal , (a hand shake like in the old days, when your word actually meant something) and we were supposed to be the first option to purchase if sold , now they have put it up for sale, we have offered them $1,000 over asking, they have not accepted our offer, they have continued to keep advertising the property for sale, what are my rights as a buyer when this situation occurs as a buyer that has a dwelling on this property for 20yrs.
Great Job John Cooper! I recommend that you do your research, talk with your accountant and if it’s the right process for you this is a great company to work with. You will help each other in the process to make it happen. When all the work is finished the funds are immediate! John Cooper was the Loan Acquisition Officer I worked with and I certainly would again. Perfect!read more
I’m not the best person to answer that, because I’m not a lawyer and I know very little about what your rights are – but I imagine it could be difficult to prove much without a signed contract. That being said, I’ve heard that there are potential claims on the grounds of “squatters rights“. If you’ve lived at the property for 20 years, there may be something worth exploring here.
If you are familiar with ANY of the situations listed above, you are not alone and we want to help. We invest in properties all over the United States and WE WANT TO MAKE AN OFFER ON YOUR PROPERTY. We are not real estate agents and we are not asking you to list your property with us; we want to buy your property now and we are prepared to pay cash for it.
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.
Calculate all of the costs to bring the land up to the condition you would like. What is it going to cost you to build out the property? That is the cost of acquiring the land, the entitlement, the cost of construction of the land, the cost of marketing to people to build it up if it is a retail space, plus the cost it takes to secure any money (i.e., loans)? You also have to factor in a reserve for costs associated with things such as air conditioners, wall coverings, and so on, says Veissi. "Those things have a shelf life, so, they are going to take x amount of time before they need to be replaced."
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.
There is swampy/nonbuildable property next to me that is landlocked by 5 residential properties. We are interested in purchasing it – yes, we want landlocked swampland. We spoke to the owner who said he wants to sell it at whatever the going rate is for vacant land. Prior to offering him a very lowball offer, we’d like to gather resources that show the property’s true “potential” so that we don’t offend him. Other than a printout of a map, is there something more official we can acquire that shows he is landlocked? Also, the tax record shows the property’s assessed tax value is 100k, which is definitely inaccurate. Is there a way to have that reassessed to reflect its true tax value? We heard through a neighbor that it is recorded as nonbuildable and he doesn’t have to pay taxes, but I have not been able to find anywhere to verifiy that. Thanks in advance for any advice you can offer!!!
That's tricky. It is not as easy to find a buyer for land as it is for a residence. Not all buyers have the resources or the vision to do a project like that. I would say try marketing to a builder that will put something on it, or try marketing to those that would like to build. First, and most important is location. What is in the area. Is it a highly sought after residential area, is it a commercial area. Know what your zoning is, and who this piece of property would appeal to. You have to have some kind of a vision for who it would suit in order to know who and where to market it.
Overall, I like how Oodle makes it pretty quick and simple to compile a listing, and the syndication with Redfin is another huge selling point for the site. Assuming you can get the site to keep your listing active without flagging and removing them (which was unfortunately a big obstacle for me), it's a nice little outlet to get some additional exposure for your listings.
If you have created a land contract, youll also need a memorandum of land contract. This is, essentially, an abbreviated legal document that references the main contract created. This simply serves as a public notice that the buyer is interested in the property without you and the buyer having to disclose and record the entire land contract. Because the deed of the property will not be filed until youve received full payment on the purchase price indicated in the contract, this memorandum will be filed with the county and the city to serve as a record that the buyer is interested in the property.
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.
Tenants. Informal arrangements with tenants can also pose a problem when it comes to selling. If you let any buildings to business tenants they should be on proper leases which are contracted out of the security of tenure provisions of the Landlord and Tenant Act 1954. Any residential tenants should be on Assured Shorthold Tenancies. For agricultural tenants, make sure they are on licences if appropriate or Farm Business Tenancies under the Agricultural Tenancies Act 1995. Bear in mind the long notice periods and that compensation may also be due for these tenants. Agricultural tenancies that were granted before 1 September 1995 are likely to have lifetime security of tenure and if they predate 12 July 1984, successors can also be named by the tenant so that up to three generations can farm the same land. Compensation will also be payable on termination for any tenant improvements to the land. Again, it will help to have all the paperwork accessible and to hand.
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).
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.
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.