jenL Posted September 25, 2012 Share Posted September 25, 2012 We were just told of a plot of land that would be perfect for us. The gentleman selling it is a licensed broker and builder. It's family land that he has not advertised, but he is a neighbor to a friend of ours. We are not sure how to proceed from here, and we want to be overly cautious. There was a recent thread regarding buying land and where to look, but dh and I are interested in learning more from others who are experienced, so I'm seeking deeper help from the Hive. How do you determine the best place to buy land (ie. zoning restrictions, etc)? How do you know if you are getting a fair price? Do we need a broker, lawyer, etc in order to protect ourselves? What are some KEY things you feel a buyer should know when seeking to buy/purchase land? Is there a good book/website you would recommend to help us educate ourselves? Quote Link to comment Share on other sites More sharing options...
Mommyof4ks Posted September 25, 2012 Share Posted September 25, 2012 When we bought our land we looked up the appraised value at the county clerk's office, and we looked at neighboring land and how much it had sold for per acre recently. We were given a standard form to sign by the seller that they had gotten from a local title company. Looking back it would have been smart to get a real estate attorney to look over everything. Quote Link to comment Share on other sites More sharing options...
jenL Posted September 25, 2012 Author Share Posted September 25, 2012 When we bought our land we looked up the appraised value at the county clerk's office, and we looked at neighboring land and how much it had sold for per acre recently. We were given a standard form to sign by the seller that they had gotten from a local title company. Looking back it would have been smart to get a real estate attorney to look over everything. Some of my research is showing that we would need at least 20% down, and possibly up to 50%. Is this true in your experience? Quote Link to comment Share on other sites More sharing options...
fairfarmhand Posted September 25, 2012 Share Posted September 25, 2012 personally, I'd call a real estate agent to get advice If it is not on city sewer, you would want a perc test to make sure that the septic would drain on the house site. You also want a title check. Go to the county registrar of deeds and ask if there are any deed restrictions or covenants on the property. You will want an up to date survey too. Quote Link to comment Share on other sites More sharing options...
fhjmom Posted September 26, 2012 Share Posted September 26, 2012 I would recommend consulting a real estate agent that is experienced in land deals. Quote Link to comment Share on other sites More sharing options...
besroma Posted September 26, 2012 Share Posted September 26, 2012 Some of my research is showing that we would need at least 20% down, and possibly up to 50%. Is this true in your experience? It depends on the bank. Call several banks and ask to speak to a loan officer. They can give you this information over the phone. Since you are in NC, try Carolina Farm Credit. Sometimes you can get better terms at credit unions. You should be able to check the county's GIS online to compare tax values of similar tracts. I would hire a realtor to do a market analysis if you cannot determine what you need from the tax information. I would also hire a real estate attorney that you trust for the loan closing. If you really like the property, I would decide quickly. Usually, the best pieces of property sell like this....before they even come on the market. Quote Link to comment Share on other sites More sharing options...
jenL Posted September 27, 2012 Author Share Posted September 27, 2012 Thanks, everyone! This has helped greatly! Quote Link to comment Share on other sites More sharing options...
russiantwins Posted September 27, 2012 Share Posted September 27, 2012 Make sure you also get the mineral rights to the land as well, so no one can come in and drill for whatever may be underground. Quote Link to comment Share on other sites More sharing options...
Carrie12345 Posted September 27, 2012 Share Posted September 27, 2012 NOT EXPERIENCED, but discovered a new flag for myself. Is this an area you're already familiar with? We have been considering keeping our search local, then I had to call 911 earlier this week. My call, tagged "severe respiratory distress", had an ambulance here in 30 minutes. And the EMT told me she made great time. We're expanding our search! Quote Link to comment Share on other sites More sharing options...
Forget-Me-Not Posted September 28, 2012 Share Posted September 28, 2012 NOT EXPERIENCED, but discovered a new flag for myself. Is this an area you're already familiar with? We have been considering keeping our search local, then I had to call 911 earlier this week. My call, tagged "severe respiratory distress", had an ambulance here in 30 minutes. And the EMT told me she made great time. We're expanding our search! And find out what areas law enforcement covers too. Quote Link to comment Share on other sites More sharing options...
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