Buying Raw Land- Anyone?

I would suggest that you find a buyer before you work out the transaction of the properties. This will ease the question of what you should do or handle with the land. That is suggestion number one.

Second there are different approaches with the land. You can buy the land well below value and then sell to a developer. You can also take the land and get it lots divided with the city if they are not already. From there you can make sure the electric, water and sewer are attached to the land. From there if you add a way to get to the properties you can sell the land as "paper lots". These are more valuable than just plain raw land.

Nstreet:
Through ghost ads I have solicited a buyer for land, so I think Im set there. Will follow up today to see the motivation of said buyer. As far as sewer, electric & water this is a residential lot(s) so no town/sewer water available. Potential buyer would have the cost of sewer and well on their tab, which I know can be expensive. Electric wouldnt be that big of a deal as this is an established road with other homes on it, so there is existing power that can be tapped into. In terms of reselling the land are there stipulations, that you are aware of, in terms of how long you have to hold onto land or does it matter? I am imagining each state may be different. Could the town clerks office tell me that type of info? In addition, I have never heard the term "paper lots" can you elaborate?
Thanks as always.
-marc

I've been asked to find a buyer for someone's land also. so I look forward
to gleaning information from your thread. Thanks for posting!

Kim

Deed states cant be subdivided, which is not a big deal. The more I think about it this, this one might be a buy and hold situation. The price is so cheap that I think I will just hold it myself, perc it ($2500) and market it to one of my buyers. Total spent could be under $10K. I checked with the town clerks office and the FMV of this lot is $21600. Called some local agencies and asked if they had any land in my town on their books and they didnt.(tried to find a current price comparison this way) But the closest active comp was 2 miles away, right over the town border, and is being advertised for $59K. Perc test in place, 1.4 acres. The lot Im looking at is +/- 2 acres per the deed. Tomorrow I will spend trying to find SOLD comps, not active. So at this point its a matter of do I take the risk of spending the money for the perc test, state permits etc etc and have that as the contigency in the contract and find out the land isnt percable and move on.. or spend the money, have a successful perc test and start marketing to potential buyer. Tomorrow is a new day and I know I have to move on this as I dont think this one will last long.
-Marc

Deed: "a deed is any formal document that confirms or transfers interest or right of ownership (title) to an asset from one person to another" ~ www.wikipedia.com.

Are you speaking of a trust deed state not subdividing?

Trust deed states subdivide land all the time and they can be divided. As the definition above states the deed its self is the transfer of interest. In our case the property is transferred. True the deed cannot necessarily be divided but the land can. If not how do you get subdivisions?

The Deed I referred to was the "Warranty Deed". Is the Warranty Deed I got from the town the same as a Trust Deed that you reference above? In the Warranty Deed it states: "The lot hereby conveyed shall not be subdivided".

Again, I think that the way the lot is positioned in relation to the neighboring house, I wouldnt divide it up anyway. It would make for an awkward set up. And with Septic and Well still needing to be installed (eventually) there wouldnt be enough room on the land to accomodate two home sites with wells and septic.

According to the information that I shared before talks about deeds. Warranty Deeds are - deeds. The particular deed that you have noted states "The lot hereby conveyed shall not be subdivided". This is particular to this deed not all deeds. This also does not mean that the property cannot be subdivided. The ones that would decide on this change would be the city council and the planning division. They can allow for changes in plots and subdividing.

Great Thanks for the info as always!