2. Ask friends for
referrals. They might know someone selling a property. Go to banks and
financing companies, most of these entities have foreclosed or acquired assets
which you can buy on a bargain. Search the internet by going to sites that post
ads on real estate or you can simply type the kind of property you want to buy.
3. Find a broker or a
real estate agent to help you especially when you are busy or have some
important things to do. Real estate agents can help you find the property you
are looking for. As a caution however, make sure you know the agent you are
dealing with.
4. Hire a real estate agent or broker to assist you. This is
especially important if you have a busy schedule or if you are planning to buy
out of your current area. This way the agent can work for you to find what you
are looking for.
5. Investigate the land
you are buying. Find out details about the location. If you do not have an
agent you can start by getting all the paperwork from the sellers. They may
already have detailed reports as far as floods, earthquake zones and soil
analysis report.
6. Check if there are water and sewer lines or if you still need
to get them done. It will be less of a hassle if these are already done and
permitted. Check for phone lines, electrical and cable lines if they are
readily available in the area. If not, be prepared to spend for permit and work
to get those.
7. Find out from the city or county planning commission if the
land that your buying is not accessible via public road. If so find out if it
would be part of their maintenance.
8. Check if there are any restrictions on the property. There
maybe limitations to what kind of architecture to build. Some cities or
counties restrict building certain types of homes, like homes that are
manufactured, or mobile type homes. There maybe size restrictions as well.
9. Make an offer. Once you are satisfied with all the
requirements, restrictions as well as the price of the lot, it's time that you
come up with the numbers to offer. Offer as close as possible to the asking
price. Get comparable pricing in the area. If you are building your home right
away, factor in the price of the home to the offer you want to make on the lot
so that you do not go over budget. Better yet, talk to the lender and get a
pre-approval for loan construction, ask them to include the price of the lot on
the loan.
