Posted by VaTom on January 07, 2015 at 09:32:11 from (70.32.219.33):
In Reply to: Buying Land posted by picassomcp on January 07, 2015 at 08:53:15:
I've never bought land that didn't pay for itself, but cropland I know nothing about.
If you have a specific area in mind, send letters to the registered (tax bill address) owners expressing your interest. I've done that, gotten several favorable responses, though no closings so far.
Seller financing can solve a lot of problems, for both buyer and seller. Just be prepared to pay a higher interest rate than today's standard. For my first Va purchase I got the seller to accept 3% down, just enough to cover his legal fees. As part of the same deal, he agreed to allow me to sell half the acreage and keep the entire amount.
Sound fishy? He knew what my plan for the property was, and knew that the cash improvements I was putting into the property would more than cover his risk of having fewer acres if he had to foreclose. It wasn't a simple agreement, but it worked perfectly for both sides.
Determine what's a good deal for both sides and you have a good shot at getting what you need. BTW, I've never found this possible if Realtors are in between buyer and seller. Maybe why you're seeing sales without them.
Nothing wrong with Realtors, other than they're like anybody else, many prefer to do as little as possible. Sometimes they confuse the issues. I was licensed for more than a few years.
Figure out your business plan and proceed accordingly. If a property doesn't fit, keep looking.
Good luck. One caution: never get your heart set on a particular piece. Almost never works out.
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