All Forum Posts by: Katy Nguyen

I'm sorry for not making my question clear. Let's say my friend gives me a FSBO purchase agreement she used to purchase a lot in California. If I used that same purchase agreement to buy a lot in, say Seattle, is the process of purchasing that lot (in a FSBO scenario) the same? As mentioned, I know in certain states, they require a witness in a signing of a deed, but Washington is not one of them. Other than this issue, is the PROCESS of buying a vacant lot in a out-of-state scenario the same as if I were to buy a vacant lot in California?

What are some common differences that I need to be aware of?

I saw a few Craigslist ads selling vacant land in other states.  Is buying/selling land out-of-state any different than if that property was in the same state?  I understand that in some states, there needs to be a witness when the seller signs the contract.  Other than that, is the process of buying/selling land the same for all states?  Thanks.

Thanks for your response, David.  So, in this case where it's all cash and no bank financing for the land purchase, will the buyer need to sign anything at the Title company?

A buyer pays all-cash for a vacant lot. The Buyer and Seller signed the Purchase & Sale agreement. It is then provided to the Title company. Before close of escrow, the Seller will need to sign over the Deed for it to be recorded. But in this case where no bank financing is involved, does the Buyer have to sign anything before Escrow closes?

I forgot to mention that the land is zoned residential.

The current mortgage rate at BofA is about 4.0% for 30-year fixed, and 3.25% on 15-year fixed.  What is the current, average loan rate for vacant land in California?  About how much does the bank require for down payment, and for how many years is the loan?  How difficult is it to get these land loans?  What major banks in California do these land loans?  Thanks.

Is a 20% discount a good number to determine the "quick sale" value for a vacant lot?

So assume the "market value" for that vacant lot is $100k, then, its "quick sale" value would be 

$80k.  Thanks.

Thanks for both great answers.  @Kenneth, sorry, I forgot to state that about recording ownership.

Consider this scenario:

A seller is tired of paying property taxes on his vacant land.  He doesn't care to keep this lot anymore.  He gives it to you for virtually free of charge.  Say he sells it for $1.  It's now under your name.  You try to sell it for a few months, and it doesn't sell.  The property tax bill arrives.  You decide not to pay for it.  If you don't pay for it for a certain number of years, the County can put it on auction for sale.  Say the property tax bill and penalties add up to $2000 at the time of the auction.  Questions:

1) Can the County sue you for that amount if it's not sold at auction?

2) Will this affect your credit score?

3) What negative consequences can happen to you if you just simply walk away from a vacant lot that you have title to?