Any advice on buying land?

yourchoice · 08-04-2011, 11:53 AM

Even though you don't plan to subdivide or build on it, I would suggest finding out what the property is zoned (residential, commercial, etc.) and its minimum lot size. That would help you ascertain what the value may be (especially for the future if/when you want to sell it).

Also, being it's wooded; I would want to have a feel if any of the land would be unusable for its zoned purpose. Here in NJ, we have the Department of Environmental Protection (NJDEP) who determine if any of the land should be protected wetlands, and therefore unusable. That wouldn't affect your intended use, but again, could impact the property’s value, be it now or in the future. Unless the auctioneer has some sort of delineation done, you would have to assume or guess this based on what you see since the auction is Saturday.

I'd also want to confirm the property is being sold without any liens or judgments (clear title). Since it's going to auction, I would assume it wouldn't be any liens or judgments, except for the possibility of any municipal liens which carry over to the next owner. But I would want to confirm my assumptions.

Of course, NJ is a screwed up state from what I understand, so some of this may not be relevant in Indiana.

Good luck!

08-04-2011, 11:53 AM	#4
yourchoice Down the stretch Join Date: Oct 2008 First Name: Joel Location: South Jersey Posts: 4,106 Trading: (36)	Re: Any advice on buying land? Even though you don't plan to subdivide or build on it, I would suggest finding out what the property is zoned (residential, commercial, etc.) and its minimum lot size. That would help you ascertain what the value may be (especially for the future if/when you want to sell it). Also, being it's wooded; I would want to have a feel if any of the land would be unusable for its zoned purpose. Here in NJ, we have the Department of Environmental Protection (NJDEP) who determine if any of the land should be protected wetlands, and therefore unusable. That wouldn't affect your intended use, but again, could impact the property’s value, be it now or in the future. Unless the auctioneer has some sort of delineation done, you would have to assume or guess this based on what you see since the auction is Saturday. I'd also want to confirm the property is being sold without any liens or judgments (clear title). Since it's going to auction, I would assume it wouldn't be any liens or judgments, except for the possibility of any municipal liens which carry over to the next owner. But I would want to confirm my assumptions. Of course, NJ is a screwed up state from what I understand, so some of this may not be relevant in Indiana. Good luck!