HelpQA Tags Search FAQ
Start a New Post Chat Login & Registration
314sftf
Nix
last online: 11/28, 9:31
Verified User (7 years, 2 months)
Long Term User
Shoutout0

Buying land

theres a bit of land that im interested in buying, its in a rural area just off a main road. so I need to know how i would go about buying it?

I would need to do checks to see if i could develop it. but not sure how to do this? i think i would be able to, theres a service station across the road (McD, a land rover garage and a hotel) theres an agricultural building on the land also.

any way, would i need to approach the owner through a lawyer or agent? or by myself? I need a price in mind so that I could hopefully get a loan or at least have a ball park.

and theres always a risk that the land is currently being developed as my dad said he saw people working on it a couple of times.

I guess thats making me panic a little bit. this land would be perfect and after losing the retail unit, i would be super pissed if i lost this too.

This open post was written |
Views: 49, Subscribers: 5 |
Leave a reply | Report Post

⇩ Zoom to bottom
Reciprocity (0)
Reciprocity
Since writing this post Nix may have helped people, but has not within the last four (4) days.
Post Tags (5)
lost, bit, road, land, buying
Replies (9)
Electric
BA1
last online: 01/25, 20:20
Verified User (7 years, 2 months)
Long Term User
Shoutout0
#
(1 hour after post)
Quote this reply Report this reply to moderators

You may find the land is not for sale if there is progressive development going on. Then again, they may be doing that to raise the value for resale.

Normally, if it were for sale, it would be posted. Said posting would clarify if it is for sale by owner or represented by a realtor.
In your case, I would contact the owner and inquire if it is for sale.
If it seems the property is for sale, you can directly ask the owner how much they expect for it.
Nothing says you have to be a doormat regarding price (specifically if you have a large sum to immediately offer). Figure a 20% margin to negotiate with.
From there you negotiate terms.

10% down
A negotiable contract that determines the following:
1. Monthly payments.
2. Intrest rate.
3. Timeframe of payoff
4. Early payoff/late payoff
5. Late payment remedy
Here in the US there is a choice of bank finance or owner finance.
Owner finance is usually more forgiving and flexable.

Yearly tax rate of property?

Value of the property?
How much land involved with the property?

Search values of equal properties.

Former history of property - why is it for sale?

Access to utilities of property.

Is it developed or raw property.

------

Since the age of 23 I have owned property, payment free. The moment you sign, I suggest you make it a priority to pay pay it off asap.

All my best!

Sherlock by olga tereshenko d9qdidc
Sherlock
last online: 07/08, 10:43
Verified User (7 years, 1 month)
Long Term User
Shoutout0
#
(4 hours after post)
Quote this reply Report this reply to moderators

Look at zoning. Make sure someone can't put in a pig farm or cement factory next door.

Make sure you can get clear title.

Make sure there are no underground streams or other geological anomalies, e.g., shifting clay.

Try to see if there's a hoard of Roman coins buried on it! ;-)

Animation2 2
PepperJ
last online: 04/30, 3:52
Verified User (7 years, 2 months)
Long Term User
Shoutout0
#
(5 hours after post)
Quote this reply Report this reply to moderators

In the U.S., as of late, it would be near impossible for a property owner to claim those Roman coins. In the old days, people OWNED their land. Now, if you buy a house/land, it's likely you own 6" of dirt and 6" of air. Such a pissy system. Big Al... since you've owned for so long, you may be one of the lucky ones๐Ÿ˜Ž

Nix....idk about laws there, but I've bought and sold houses and land, along with land interests, for a while. There are TONS of ways you can get screwed...in a big way, and even just a little bit, so do your homework.
There's nothing quite so satisfying as owning your own lil' piece of earth. Good luck in all your ventures, lady!

TWO YEARS FROM NOW: Helper real life reunion @ Nix's place

Electric
BA1
last online: 01/25, 20:20
Verified User (7 years, 2 months)
Long Term User
Shoutout0
#
(7 hours after post)
Quote this reply Report this reply to moderators

PepperJ wrote:
Now, if you buy a house/land, it's likely you own 6" of dirt and 6" of air. Such a pissy system. Big Al... since you've owned for so long, you may be one of the lucky ones๐Ÿ˜Ž

Not lucky at all. In Alaska you own no mineral rights. The only State i'm aware of where you own mineral rights is Texas. (I don't think it's the only State though).

My dad received monthly oil revenue because of a drill site that was in his neighborhood. It wasn't big bucks but like 50 or more a month.

Animation2 2
PepperJ
last online: 04/30, 3:52
Verified User (7 years, 2 months)
Long Term User
Shoutout0
#
(8 hours after post)
Quote this reply Report this reply to moderators

Big-Al-One wrote:

PepperJ wrote:
Now, if you buy a house/land, it's likely you own 6" of dirt and 6" of air. Such a pissy system. Big Al... since you've owned for so long, you may be one of the lucky ones๐Ÿ˜Ž

Not lucky at all. In Alaska you own no mineral rights. The only State i'm aware of where you own mineral rights is Texas. (I don't think it's the only State though).

My dad received monthly oil revenue because of a drill site that was in his neighborhood. It wasn't big bucks but like 50 or more a month.

I know of some people personally here in Colorado who DO own their mineral rights, but they bought a long, long time ago (late 60's). The woman in this instance, has oil under her land and is talking to attorneys about selling her mineral rights outright versus retaining the rights and having the oil company "rent" her land. Lucky situation to be in....

2j0e9up
Max
last online: 07/27, 11:05
Verified User (7 years, 2 months)
Long Term User
Shoutout0
#
(10 hours after post)
Quote this reply Report this reply to moderators

Find a time that's good to meet the owner and talk to him first. It's the same if somebody wanted something you had. You'd be pissed if they went around you. But they my be friendly or....the other. Open the box lol.

Sherlock by olga tereshenko d9qdidc
Sherlock
last online: 07/08, 10:43
Verified User (7 years, 1 month)
Long Term User
Shoutout0
#
(18 hours after post)
Quote this reply Report this reply to moderators

One thing about land--they're not making any more of it!

314sftf
Original Poster
Nix
last online: 11/28, 9:31
Verified User (7 years, 2 months)
Long Term User
Shoutout0
#
(20 hours after post)
Quote this reply Report this reply to moderators

i only have an address for the owner, no number so i guess i would have to write. the main concern is that its surrounded by greenbelt land. the only saving grace is the commercial properties opposite, the small garage size building on it, and the fact that its over grown with trees, brush and some concrete. Even if i cant erect a building, i could use a barn, or if nothing at all i could still make money from it.

the problem is i dont have the money available, which means i need a bank... or the lottery. maybe i have better odds on the lottery.

Animation2 2
PepperJ
last online: 04/30, 3:52
Verified User (7 years, 2 months)
Long Term User
Shoutout0
#
(20 hours after post)
Quote this reply Report this reply to moderators

If you are thinking of making a major purchase....get a bank acct set up, start trying to save so your DTI (debt to income) relationship looks better, and get a pre approval letter from your bank. In ieu od cold hard cash, that letter will suffice

A
⇧ Zoom to top

Help-QA supports basic Markdown, emoji ๐Ÿ˜, and tagging friends with @username!

To use this site you must be 13 years or older and occasionally submit your email address. Your email address is only shared with your explicit permission.

Home Page - Privacy Policy - Terms of Service - Feedback