Raw Land Deal Advice and Suggestions Needed
Hi all,
I have extremely motivated sellers looking to sell a large number of acres (170+) in a rapidly growing area right outside of Austin. They actually had the land under contract, but the buyer failed to show up to closing. The land was appraised for $5mill a few years ago.
Just for a quick run down on what I'm walking into: there's water access, but no utilities. It's currently zoned as Ag-exempt and taxes are $5K. The thing is, in a perfect case scenario, the sellers would like to sell the land together and sell to someone who would be able to develop a subdivision here, but they are so strapped with medical bills and finances, they just want to get out.
The good: There are two major subdivisions that have been built (Santa Rita Ranch) very close to the land.
The bad: I haven't worked with this much land before
The ugly: (Please refer to the bad).
Any insight or recommendations as to approach and/or potential exit strategies would be greatly appreciated!