Tips on Wholesaling a VACANT LOT

3 Replies

Hey guys give me your thoughts on this potential deal. 

I spoke on the phone with a woman today who is wanting to sell her vacant lot. She says there are tax liens on the property. I looked on my county appraiser's website, and I believe she owes about $500 in taxes on the property. 

Her mother just passed away, and I think she is wanting to sell to cover the costs of a funeral. 

I have not told her that I'm a wholesaler, I have only told her that I make cash offers for property in my area. She is wanting to close quickly on the deal, and I'm just afraid of making her an offer and then not being able to find a buyer for the property before she has to pay for the funeral. Or I don't want to offer too much and her think ok I have $xx amount of dollars to spend for the funeral, and then me not be able to find a buyer. 

How can I be sure I'm giving her an offer that is at the right price, and should I tell her I will have to find a buyer before the deal can be officially closed??

This would be my first official deal if I can actually make this work, so any help would be greatly appreciated!!!!!!!!!! Thanks 

really depends on where the land is..  if those are lots in a major metro area with a ton of new construction and infill.

like Portland or Charleston or charlotte or other really really hot markets.. this would be as simple as sending it to local builders which are the ONLY buyers.

if its rural not much activity it takes a lot of time sometimes years to sell vacant land.

and given the fact that there is a pressing family need.. I would put your self in her shoes would you want your mother dealing with someone who really cant close .. when there is such a pressing need ???  

At least with a TRUE realtor they know they are listing it.. if you tell her Hey will try to sell it just like a real estate agent and no promises.. then that's one thing.. 

Do the right thing I am sure you will.. !!!

@Robert Wilson Great question! It’s your first deal so maybe you won’t be motivated to do this but having the seller bring equity in form of the land, a developer/investor interested in the area and carries the construction financing, you really only bring them together (whatever that is worth to an investor) or some sort of partnership with the seller that outlines duties and recompense. Build something and either offer to manage it or just be happy you did something nice together or position yourself for a fee