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.
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.
This is a great article! I agree that there is a lot to take into consideration when investing in land. Most people fail to realize as well that investing in land is most time, if you find the right deal even better than buying properties already constructed on a piece of land. People also forget that there are many expenses involved in developing vacant land to be “usable”. All of the points made here are extremely important to consider and one should do extensive research before purchasing any property and ask yourself these 15 questions mentioned above before purchasing. I have done lots of research and have bought properties in the past, the best company/website in my opinion is http://www.cheaplands.com I have never seen deals like theirs in my real estate career.
You always have the option of selling your land through a professional which is your real estate agent. There are some significant benefits to doing this when you are looking for a quick sale. These experts have the training and expertise for selling property. They also have a large database of potential buyers. Then they have ready access to many more forms of marketing that you as a private seller may not have. This includes selling through the internet. Most have high profile sites set up that draws traffic from interested buyers. If you are attempting to sell your property online you probably don’t have this same outreach.
Get your title sorted. This may seem obvious, but title issues will deter developers and delay sales. Unregistered land, missing documents, restrictive covenants, boundary problems, lack of easements, or rights of access or rights of way- these can all be resolved but it is better to address the issue early and ensure the title is good and marketable. Does your land have direct access to the adopted highway? This is one of the key things developers look for.
Maurice "Moe" Veissi, president elect of the National Association of Realtors says that the first step in negotiating a fair land deal is to make sure that it’s a clinical, not an emotional purchase. When it comes to a land purchase it is not unlike buying a car, he says. For example, would you purchase a new car without knowing what it is you want, what price are you willing to pay, and what the average purchase price is for the car you are eyeing?
Devon Thorsby is the Real Estate editor at U.S. News. Since joining the Consumer Advice team in 2015, she has focused on breaking down the homebuying and selling process, as well as reporting on trends in the real estate industry and their effect on the public. Thorsby previously worked in research and communications for commercial real estate information company CoStar Group, and received her bachelor’s degree from the University of Michigan, where she worked for the student-run newspaper, The Michigan Daily. You can follow her on Twitter, connect with her on LinkedIn or email her at email@example.com.
If you want to investigate the situation on your property, you could always order an environmental report. They can either do a high-level look at it (without doing any soil sampling), or they can drill soil borings to verify if there are any chemicals in the soil (which of course, will cost more). I’m guessing you could find out more on whether or not it’s an issue to be concerned about with a quick phone conversation.
Sorry if it’s too commercial but beycome.com syndicate your listings on a lot of websites as Yakaz, Mitula, Nuroa, Listanza, Trovit, globallistings., waa2, Gvanga, Oodle, Geebo, Global free classfieds, Domesticsale, Recycler, Zumthing, Next-immo, Claz, Classifiedsgiant, locanto, Askalo, sell.com, rentalads, Zumper,Lycos, Yahoo, Msn, aol, Google, bing, facebook, duckduckgo, youtube… and it’s free;)
A type of local council zoning covers every home in a suburb. This is a planning instruction that tells developers and planners what can be built on different parcels of land. For most houses, the zoning is low-density residential – this means that only houses can be built on this land. But in some areas, high-density zonings are more common, or even mixed-use zonings. And zoning can change, if the plans for your suburb change. When a piece of land moves from low-density to high-density zoning, it has increased in value for a developer.
If you have chosen to sell your land privately, then you need to know that there are several ways that you can advertise your property. The absolute easiest way is to put out a ‘For Sale By Owner’ sign. This might give you better results than you expect. Many people searching for land simply get in their cars and drive around looking for a for sale sign. Make sure that you have some contact information on your sign.
The properties next door can have some MAJOR implications for the value and “sale-ability” of a parcel of land (e.g. – Think about it, would you rather live next to Yosemite National Park or a Landfill?). For understandable reasons, most people care a great deal about who and what they live next to, so be sure to get a good idea for what the surrounding properties look like (hint: this is another potential area where a service like WeGoLook can help).
We own about 4 acres with a house on it and a land locked property adjacent to ours is for sale. The owner came by to offer it to us for that reason. It is a 17 acre raw piece of land with a creek and cliffs really is a beautiful property. The town values it at 18K with annual taxes of about $600. He wants 25K for it and has owned it for about 50 years. The value to us is as a private wild life refuge which we could hike and camp. It’s in the Hudson Valley and close to transportation to NYC. We plan to be in our home for at least another 15 to 20 years. Would this add any value to our home or be an asset at the time we sell our home?
A really rough guideline that alot of spot-lot developers use is that the land should be somewhere between 10 and 15% of the sales price of the home. So, if the homes on ten acres were selling for $1 million, the developers were likely paying $100-150k for the lots. The home on your lot would likely sell for substantially less given the smaller lot size, so expect less for the land sale.
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.
Alternatively, you could talk to the county health department about doing another perc test – just because it failed once doesn’t necessarily mean it’s impossible (though it is a fair indication that you won’t have much luck). You could also try investigating some alternative septic options, like building a mound septic system. I don’t have any experience with these, but it could be worth your while to investigate it further.
I’ve never heard the tip to create your own website when you have a home for sale. I also have never heard the tip to keep an eye out for “For Rent” signs to in order to look for more homes for sale. I’ve heard that it’s a good idea to find homes for sale that have been on the market for a while because there’s more room for negotiation, thanks for the tips!