Huge Land Wholesale deal

Huge Land Wholesale deal

Real Estate Agent · Richmond, VA · Member since 2022 · 81 posts · 12 votes

I've made an offer on a huge piece of land that the owner agreed upon with contingency to close all cash within 25 days.  I haven't sent the contract over for acceptance yet for signature.  It will be my first deal ever so I'm a little lost and don't want to lose control of the deal.  It's 80 acres already approved for 120 lots for building.  Of course I need to see certificate of approval and verify through county but are there any other steps I should be taking before diving into this deal?  Any help is greatly appreciated.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    3y

    well think who your buyer is.. it will be a new home builder. or lot developer..  as such they will know far more than you will about the property. And nothing you tell them will be taken as gospel they will do their own DD.

    U can do your checks to make sure the seller is not fibbing to you.. Unless your getting an absolute smokin deal no builder developer is going to close in 25 days thats just not done.  Most land deals like this closing times is 3 months to a year or longer..

  • Real Estate Agent · Richmond, VA · Member since 2022 · 81 posts · 12 votes
    3y
    Quote from @Jay Hinrichs:

    well think who your buyer is.. it will be a new home builder. or lot developer..  as such they will know far more than you will about the property. And nothing you tell them will be taken as gospel they will do their own DD.

    U can do your checks to make sure the seller is not fibbing to you.. Unless your getting an absolute smokin deal no builder developer is going to close in 25 days thats just not done.  Most land deals like this closing times is 3 months to a year or longer..


     Thank you for the straight forward answer!  This is all new to me

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