How to List a Building Lot for Sale
If you want to list a building lot for sale, you can list the property with a real estate agent, and let the agent do the marketing, field offers from buyers and facilitate the transaction. In some states, you may need the assistance of an attorney after you accept a buyer's offer. Another option is to offer the lot for-sale-by-owner, or FSBO, and pay for your own advertising and marketing. Before contacting a real estate agent to list the property or offering the lot as FSBO, compile specific information on the lot when preparing the listing.
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Instructions
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Identify the property, including the address and parcel number. A building lot may not yet have an assigned address, yet it will have other identifying numbers, such as a parcel number, or lot, block and track numbers. Contact your county tax assessor to get this information.
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Determine the size and dimensions of the property. Typically, you can get this information from your tax assessor.
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Verify zoning. Contact your local building department to verify the zoning on the lot, such as commercial, residential, residential agriculture or multi-family.
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List the available utilities and sewage needs. Potential buyers will want to know if electric, water, gas and phone hookups are available at the lot. Another consideration is sewage, or if the lot requires a septic system.
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Itemize the lot's amenities by listing all the features, such as if has a view, trees, paved road access, is level or requires extensive grading.
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Calculate the property's debt. Add up all the outstanding debts against the property, such as unpaid property taxes, property loans or liens. This is necessary when pricing the lot.
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Establish an asking price. Review the recent selling prices of comparable lots that sold within the last six months when determining an asking price. The estimated value of the lot will be an average of the recent sold prices.
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Contact a licensed real estate agent specializing in lot sales, if you intend to list with an agent. One way to locate licensed real estate agents in your area is to go online to your state's real estate department. Many real estate department websites list agents, along with any complaints against the licensee.
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Tips & Warnings
Let neighbors to the property know about the pending listing, as it may result in an early offer.
If you agree to finance the lot for the buyer, agreeing to subordinate to a construction loan can be risky for you, should the buyer default.
