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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: archben82 on June 15, 2015, 11:25:44 AM

Title: Buying a Vacant Lot
Post by: archben82 on June 15, 2015, 11:25:44 AM

So my wife and I are looking to build a home on a vacant city lot within an old established neighborhood.  There are a few lots we've had our eye on, but none really seem to ever come on the market.  We think the best approach is to send a letter to the owners, asking if they've considered selling their lots....that being said is it better to have our realtor do this?  I can see the benefit to keeping all correspondence through an agent, but didn't know if anyone here has any experience with the process.

Title: Re: Buying a Vacant Lot
Post by: ShoulderThingThatGoesUp on June 15, 2015, 12:50:37 PM

When we were considering this, I sent an email that got a response. I don't see a reason to involve a realtor.

Title: Re: Buying a Vacant Lot
Post by: jda1984 on June 15, 2015, 02:36:32 PM

Your city or town may also own some lots.  It might be worth calling the office of development or similar named department and see what is currently for sale and what could be for sale if they had a buyer lined up.

Title: Re: Buying a Vacant Lot
Post by: ShoulderThingThatGoesUp on June 15, 2015, 05:28:07 PM

My county has a repository of lots that nobody bought at tax sale. They cost $100. But there's a reason for that.

Title: Re: Buying a Vacant Lot
Post by: theoverlook on June 16, 2015, 08:41:58 AM

I think a personal letter coming from you would be more well received than a letter from a realtor.  Lay out why you want to buy the lot.  Most people will assume a realtor's letter is coming on behalf of a big money investor wanting to cash in on an increase in value they don't know about.

Sign it personally.  Make it conversational, not formal.  Follow it up with a phone call or email if you can find their number/address.  You might place 25 phone calls and get a no from every one, but you might have a nice conversation with someone and end up with a good deal on what you want.

Title: Re: Buying a Vacant Lot
Post by: archben82 on June 16, 2015, 10:59:58 AM

Thanks so much, I'm leaning towards a personal letter now.  I can really see how it'd help too if you're trying to buy the lot directly adjacent to the owner's home.

Title: Re: Buying a Vacant Lot
Post by: adamcollin on June 25, 2015, 03:31:25 AM

Sending letters to homeowners is a really creative idea. Do let us know about the responses.

Title: Re: Buying a Vacant Lot
Post by: jooles on June 26, 2015, 03:49:27 PM

It's always worth a shot.  Unsolicited purchase offers are rarely successful.  But that just means that sometimes they do work out.