Buying land

captain53 · 03-13-2010, 08:37 AM

Real Estate Agents are hit or miss as to value. If you can find a well qualified one it could prove very worth while. Keep in mind that urban house agents usually know little or nothing about land, you would need to seek out a highly experienced specialized land agent in the area to have any real advice.

When shopping undeveloped land proceed with extreme caution, there are a lot of major issues to beware of.

yourchoice · 03-13-2010, 08:51 AM

As stated, the seller's side typically pays the commission to the buyer's agent. I would recommend hiring an agent unless you know the agent who owns the property is also the broker of record for their agency. If not, the seller will only have so much control when it comes to how much you can save. If yes then I may recommend hiring a real estate attorney for your side if you can negotiate the price down based on the absense of a buyer's agent. Regardless, you may want to hire an attorney anyway.

If you do hire an attorney, hire him/her early, for contract review. It amazes me how many people hire an attorney for settlement only when everything (charges) have already been decided in the contract. Now is the time to negotiate those things, not at the table.

Basically, I suggest representation of some sort unless you're experienced in land development.

Good luck!

BigFrank · 03-13-2010, 10:44 AM

Quote:

Originally Posted by captain53

When shopping undeveloped land proceed with extreme caution, there are a lot of major issues to beware of.

Good point. Friend purchased some property to build his cabin on. No water even by well. So now he's going to drop a couple bills to get a rain collection system for his cabins water. Something they "left" out when they sold him the property.

03-13-2010, 08:37 AM	#1
captain53 Have My Own Room Join Date: Jul 2009 First Name: Dave Location: Lake of the Ozarks & Austin, TX Posts: 1,333 Trading: (3)	Re: Buying land Real Estate Agents are hit or miss as to value. If you can find a well qualified one it could prove very worth while. Keep in mind that urban house agents usually know little or nothing about land, you would need to seek out a highly experienced specialized land agent in the area to have any real advice. When shopping undeveloped land proceed with extreme caution, there are a lot of major issues to beware of.

03-13-2010, 08:51 AM	#2
yourchoice Down the stretch Join Date: Oct 2008 First Name: Joel Location: South Jersey Posts: 4,111 Trading: (37)	Re: Buying land As stated, the seller's side typically pays the commission to the buyer's agent. I would recommend hiring an agent unless you know the agent who owns the property is also the broker of record for their agency. If not, the seller will only have so much control when it comes to how much you can save. If yes then I may recommend hiring a real estate attorney for your side if you can negotiate the price down based on the absense of a buyer's agent. Regardless, you may want to hire an attorney anyway. If you do hire an attorney, hire him/her early, for contract review. It amazes me how many people hire an attorney for settlement only when everything (charges) have already been decided in the contract. Now is the time to negotiate those things, not at the table. Basically, I suggest representation of some sort unless you're experienced in land development. Good luck!