I bought my home about 6 years ago, and have spent that last few years renovating it. I recently installed a pool in my backyard and am fortunate that the yard backs up to a wooded area and a creek, so I don't have to worry about privacy issues at the rear of my property (fencing is not allowed in our subdivision).
On the other side of the creek is a vacant lot which has been for sale for years. It is currently off the market however. The last time this lot was on the market, the asking price was about $60K. The reason this lot doesn't sell, in my opinion, is that it fronts to a major road and access is not easy.
I have found the owner through the assessor's office and am thinking of making a very low-ball offer on the land. My reasons for doing so have less to do with wanting the property as an investment and more about not wanting anyone to build behind me. Although, in time, I would assume this land would become more valuable and I may be able to build something on it myself (no plans at the moment).
My questions are, would you buy this lot if you were me? And if so, how would you go about contacting the owner to make an offer?
Thanks in advance!!
@David Lewis - The question I would ask myself (which I believe you have and already answered) is; how much is my privacy worth? Once you put a numerical value to what your privacy is worth, I would make a very low ball offer to the owner, at least 50% below it's current market value.
Also, do not assume the owner wants to keep this land. He may want to give it away and not have to pay taxes, (if there is not a lien on it) and if that is the case, I would suggest he transfer deed to you and you will pay the taxes. You never know.
I wish you the best David.
Sorry to resurrect on old thread, but I have now made on offer on the property. I didn't low-ball because I found out another party made an offer a while back but the size of the lot couldn't accommodate their building plans.. Their deal fell through and at that point I made an offer about 20% below asking price. The seller accepted.
One of my contingencies was that the land would need to successfully pass a percolation test. This test is scheduled for this coming Tuesday. However, the county environmentalist who will conduct the test has already told me that he is certain that this property will not pass the perc test. So, I am expecting it not to pass and therefore have the ability to back out of the contract.
The only problem is, I still may want to own the land. If this property fails the test, how would you guys approach the seller about lowering the price? How much would you lower the price? I have been told that the seller will now have a much more difficult time selling the land because she will now know that the land does not perc and she must disclose that to future potential buyers. Do I have leverage here? I guess I'm looking for some negotiating tactics to get the land cheaper.
Thanks in advance!