How to Make an Offer on a Parcel of Land

Video Transcript

"Make an offer on a parcel of land is a fairly easy process if you know what you're doing. I'm Richard Blake and I'm here to explain how to make an offer on a parcel of land. First thing that you want to do is once you've located your subject property, the property that you're interested in purchasing, contact your local real estate agent if you haven't already done so. Ask them for a list of properties that have sold recently. Generally, you're going to want the most recent information. Any properties that have sold in that area in the last six months. Take the properties that have sold in the last few months there and get an average of what land has been selling for in that specific area in comparison to the similar size of the subject property. This is going to give you an average number to go on when you're making that offer. And then based on the how hot the market is or slow the market is, if it's a buyer's market or seller's market, you're going to want to either up that offer a little bit or take a little bit off of that offer. Once you've submitted the offer make sure you make the offer contingent upon financing and then you're going to contact your local mortgage broker and ask them what loan programs they have specifically for lots and vacant land. Okay? I hope that hopes you a little bit on putting in an offer on a parcel of land. It's slightly different than putting in an offer on a single family home. Most importantly, just contact your local real estate agent, as well as when you talk to your mortgage broker, make sure that they to push you in the right direction of programs specifically for vacant lots. Okay? Thank you and have a great day."