Motivated seller with 9 acres in a good area? - Posted by LeonNC

Posted by David on May 31, 2000 at 14:19:59:

  1. I’d ask Ray Alcorn @ commercial board here.
  2. I’d find out what the current zoning is and what it permits. Around here some areas are zoned conservation with 5 acre minimum lot sizes, if that would apply to “your” land you’d have ONE building site. Other areas have building rights, so 4 home sites per 100 acres as it existed 25 years ago. If 4 house now exist “your” 9 acres could have NO houses.
  3. Check out enviornmental issues, underground storage tanks, dump sites, landfills, as well as wetlands, streams and other non buildable areas like cliffs and ravines.
  4. Check out public utilities avaulable, water, sewer, gas, electric, etc.
  5. If no public water and sewer what about septic/onlot sewage disposal and water supply?
  6. How long does it take to get a subdivision approved? around here a minor subdivision 4 or less lots will take about 6 months, and major subdivision will take more than a year.
  7. How much does it cost to get a subdivision approved?
  8. How much road frontage?
  9. How much will the infrastructure cost?
    hope this helps,

Motivated seller with 9 acres in a good area? - Posted by LeonNC

Posted by LeonNC on May 31, 2000 at 13:02:41:

I came a across a guy today who is in need of cash and has nine acres in a good area. He is motivated and I won’t go over the details as to why.

It seems like this could be a very profitable situation as people everywhere around here are looking for land. The growth in my area is unreal. I know this is a very broad statement but what can I do with this property and how can I determine its worth to a potential customer? What are my options in a situation like this. I don’t want to hold it so I guess my only option is to flip it. That leads me to think that I need to know what it’s worth to a developer.

I guess I could call an appraiser and ask what land might go for in that area and tie it up. But, I don’t know what a developer might pay for it. I believe it has residential and commercial potential. I know you can’t steal in slow motion so I’m really looking for some direction as to what to do with this. Hope you can help. Thanks!


Re:Help:mot.seller - Posted by Matt

Posted by Matt on May 31, 2000 at 21:07:05:

I’ve come across a motivated seller in my area. The individual has filed bankruptcy and has 20 days to sell the property but, the asking price is $130,000 and first of all it’s not worth that much, second of all, I’m not qualified for that much. I’m going to be qualified for $100,000 within 30 days which will most likely not be enouph time to make a deal. I do like the property because it is a 5 bedroom in a fairly good location. It needs lots of cosmetic work- some siding, lots of trash left in the yard(fences,dead trees ect.), a shed that needs to be taken down, a garage that needs to be taken down, and painting in and out. Anyone know what kind of creative offer I could offer this person that would benifit both of us? The individuals can’t hold any property because of the bankruptcy. I feel that it could be a good investment because of the size and the likely aspects of renting to college students for a good profit.
Any input will be greatly appretiated.
Thank you,
Matt B

Re: Motivated seller with 9 acres in a good area? - Posted by Neil Roseman

Posted by Neil Roseman on May 31, 2000 at 19:44:50:

I really can’t help you with what the land is worth but you might want to consider a few things.

I’m in the restaurant business. When we look for raw land for new sites, the cost to get the land to greade level is enourmous, especially if you need to fill it with dirt, or take dirt away. The land can (and it seems almost always does) have rock underneath which can triple or quadruple the excavation costs. I think there is a lot more due diligience that needs to be done on raw land vs a developed building…

Just some thoughts…