As a buyers agent my question always is “what do you want the vacant land for ?” as the buyer considerations may differ from the sellers considerations as for the value associated to the land
Generally they fall into this category
- Future planned use
- Water rights
- Mineral rights
- Existing use
- Asking price
Most buyers of large plots of vacant land for development will have carried out their own area due diligence to determine if the location is suitable for their long term plan.
10 Steps to successful purchasing of vacant land
- Financing or cash : Before you embark on your search for vacant land make sure you have your finances in order. Many lenders will not lend for the direct purchase on the vacant land but will lend as part of a construction loan to build on it. As part of my services I will introduce you to a number of loan intuitions who can advise you fully on your options
- Location & Future use: It may seem obvious but many people start looking for vacant land in one area and end up buying in another, maintain focus on what your future use will be for the property and don’t get sidetracked by what seems to be a good deal elsewhere. Remember prices are always based on location.
- Utilities and sewer : Many parcels of vacant land are outside the boundaries for local utilities and sewer so be prepared and budget for installing, well, septic, generators and maybe solar power
- Rights of access : Always check the boundaries to the property and identify if any other land owners of the public have right of access over the property.
- Environmental hazards : Check the existing and previous uses of the property to see if any contamination was recorded or even possible on the property.
- Deed Restrictions : Many properties have deed restrictions stating what can or cannot be done on the property so check if they exist and that your future planned use is not affected.
- Planning & Zoning : Determine your future planned use and check with the local planning & zoning department to see if it is allowed under current zoning and what would be required to change the existing use classification.
- Size & Location : It maybe be listed as 10 acres in the South West section but if you don’t have access to a survey and full legal description it might be a lot different. Lenders will require a survey before considering a loan.
Now you are ready to make a serious offer
- Make an offer that is hard to refuse : If you have covered all of the above points and are happy to proceed you are in a good position to make an offer based on all of the above findings from your own due diligence, also have pre approval for funding if necessary. You will now be considered as a serious buyer to the sellers
- Time is of the essence : From the moment the offer is submitted a critical clock is ticking on both sides to either accept, reject or renegotiate. When the offer is accepted strict timelines should be followed to avoid delays which can have a daily rate penalty written into a purchase agreement. Remember everything is negotiable so carefully consider how much time you need to complete your due diligence.
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If you are a Buyer, Developer, Investor or corporation, for initial any questions and answers please contact John McLoughlin directly on +1 310 918 4623.
To refine your search criteria please use the "Contact Me" tab to the right also entering the following details
- Buyers name
- Contact details
- State required
- Acreage required
- Land use required
- Future land use required