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Discussion Starter · #1 ·
I am getting ready to buy an empty lot. It is for sale by owner.
What steps/guidelines do I need to do to buy it?
What kind of fees are involved when it is by owner and not a realestate company?
 

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Bank loan application fees (if any), land survey, title search, your real estate attorney fees for closing....title fees, taxes, federal flood zone certification.
first things that come to mind.
Ken
 

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He is the one saving the fees by not paying a buyer and seller Realtors combined 6% commission, so hammer him down on his price accordingly.

You should probably have a real estate attorney handle the papers for an hourly fee. It might cost ya $500 or so, but it would be worth it. You could hire your own Realtor to represent you, but that will possibly drive the price up, as they will want to charge 2.5 - 3%, which will automatically make any offer you present 2.5 - 3% less attractive.

You could also approach a Help-U-Sell or someone like that to represent you as a buyer, they would do it cheaper than a full boat Realtor would. I sold my house with Help-U-Sell and part of the deal was to write unrepresented buyers offers for free.

Realtors hate Help-U-Sell. That is why I chose them to represent me for selling my California home during the hot market there. Despite the scorn of the Realtors the house sold in 2 days with multiple offers presented. One Prudential realtor was so pissed when I refused her services and basically mocked her commission rates she backed into my neighbor's RV when she whipped out of my driveway. My pissed neighbor came charging out the door yelling what the F$%# is going on here. It was quite a scene :laugh
 

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:) :laugh duke, i think you need to post the picture of the tractor truck thing that was parked across from you house... is that what she backed into?? :laugh

good luck with the purchase tiller :thumbup
 

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Bank loan application fees (if any), land survey, title search, your real estate attorney fees for closing....title fees, taxes, federal flood zone certification.
first things that come to mind.
Ken
:stupid...............open an account with an aggreed upon Escrow company too. Don't exchange any money to the seller directly! I'm sure the Bank/Lender/Title company will walk you through all that. I hope it all works out for you :thumbup what kind of plans do you have for the land? Building a new house? Make sure you know what the land is zoned for before you get too serious. There could be rules/regulations that prohibit you from what you had in mind.
 

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Why don't you just do what some of the characters back in NZ have done ... lived in rent controlled state owned housing all their lives, then when their parents have died (who the house was being rented to) claim the house as their inheritance? :coocoo

No wonder I dont read newspapers anymore :dowhat

Make sure all the extra bits have planning permission ... our house had a conservatory (sort of a covered patio) that didn't have it & caused issues.

Feckin' police state ...
 

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Just FYI if you don't mind a bit of extra leg-work you can even do all the attorny stuff yourself too - only fees that you can't avoid (unless you can pay cash for the place) will be whatever your mortage company charges (often little to nothing other than interests etc). Most folks would probably be more comfortable with having a lawer do all the paperwork, but it is not a requirement, at least in VA - when my dad sold his house in fairfax station (to friends) we did everthing ourselves - no relator, no lawer etc. It did help that the one of the buyers had just finnished her relastate law courses at G-town Law though:D
 
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