Buying land that's not for sale
Contributors to this thread:General Topic
From: John in MO / KY
20-Oct-18
I've found a piece of land that I'd like to make an offer on, but it's not for sale. I live very close to it, and it seems to be used very little. Someone is brush hogging the pastures, but that's about it. I've found the owner's name and address, but no phone number. They live in town, about 15 minutes from the land. I'm sure some of you have found yourselves in similar situations. Did you send the owner a letter? Knock on their door? I'd like to hear some advice on how you handled the situation and what the outcome was.
From: craig@work
20-Oct-18
Knock on the door. Worst thing they say is no. They may not want to at this point but it puts the idea in their mind. I don’t see how it hurts you.
Craig
From: Capra
20-Oct-18
Nothing beats door knocking, the problem is that most people don't have a stomach for it.
In a one off case like this one, I would do as much research as I could about the potential seller. run their name through your local recorders office to see if the chain of recorded documents leaves any clues.
Then, knock the door. Even if they say it is not for sale, Follow up with a written offer.
Good Luck !!
From: Buffalo1
20-Oct-18
“Knock and the door shall be opened” Didn’t say anything about send a letter, email , phone call or text.
From: cnelk
20-Oct-18
Ive bought a pile of stuff that wasnt for sale.
Trucks, guns, etc...
From: t-roy
20-Oct-18
Definitely, a face to face meeting would be much better than an impersonal letter, IMO. Even if they aren’t interested in selling at that time, the meeting may bear some fruit down the road. You might even possibly gain permission to hunt the place initially.
From: LBshooter
20-Oct-18
Make him a offer he can't refuse, if he does try the horse head in the bed lol.
From: Kevin Paul
20-Oct-18
My sister did this when they found their last house. They wanted five acres, in town, and all the listings were stupid high priced. She knocked on a dozen doors and found a guy needing to sell but not wanting to deal with a realtor. Bought quite a bit under market value, too!
From: WV Mountaineer
20-Oct-18
I knock on peoples door for a living asking to buy their timber and, sometimes their land and timber. Even if they are not the least bit interested, it leads to meeting someone that knows where to look when they or someone they know, wants to sell theirs. I can't remember the number of times I've had people call weeks, months, even years later due to that introduction. It's definitely more successful when its an in person introduction. God Bless
From: Screwball
20-Oct-18
Worst thing anyone has ever told me was no. Ask, plant the seed, let them know who you are. Have had plenty of people send us letters, phone calls, etc. wanting to buy our property. Never respond to them. the ones that have come face to face we have talked with. Never offered the price that would make my brother and I blink. Everything has a price.
From: Chuckster
20-Oct-18
I think a $20 bottle of crown would go a long way during the initial door knock. Even if the guys says no, offer the bottle with some contact info and thank him for his time. I about guarantee he wont let you walk away and will be very appreciative of the gesture. Like someone suggested above, he may let you have access.
From: WV Mountaineer
20-Oct-18
A good bit of people don't drink and, would wander about anyone that offered them liquor as a gift the first time they did meet. Just sayin' its a gift you give once you know their preferences and, they know you aren't a drunken fool.
From: DRR324
20-Oct-18
One of my Dad's go to sayings, "everything is for sale, for the right price" Knock on the door, or you may never know.
From: altitude sick
21-Oct-18
After some research with the county. I drove an hour and a half to knock on the door of a landowner, he did not want to sell it but I now have permission to hunt it, keep an eye on it. and I have dibs on it when it is for sale. So yes knock on the door.
From: drycreek
21-Oct-18
I know a guy who sent a letter to a lady who inherited land from her uncle. The land joined him, and she lived in NYC. Seventeen years later her lawyer called him and the deal was done. He had already forgotten who she was. :-)
From: altitude sick
21-Oct-18
I have had people call me about parcels I owned in Colorado also and it worked much better than the form letters I recieve wanting to buy them. I immediately throw them away.
From: sportoutfitter
21-Oct-18
I found several hundred acres that were incredible and not listed for sale. After a little research, found the owners in another state. An elderly brother and sister. Called and introduced myself. Long story short, it ended up being perfect timing due to health reasons. Bought it for about a fifth of what they asked 10 years ago when they were trying to sell. Go face to face or a make a call. Never hurts to ask :)
From: Elkwhisperer
21-Oct-18
I bought a decent farm several years back from an older gentleman. It wasn't for sale when I was looking for land but he said he would think about it. About a year later he decided to sell it but his children wanted to go the auction route. He told them that I have first chance to give them an offer before they decide to take it to auction. Never hurts to at least talk to them, if nothing else you might be able to secure permission to hunt it until he does sell it.
From: Franklin
21-Oct-18
Knock on the door if there is a door to knock on...call if you have a number or send a letter. Some properties are being handled by estates, banks, power of attorneys or trusts. Just use the address the tax bill goes to, it will get to the right person.
I owned a 40 acre farm in central Wisc. I got a call out of the blue from a guy in California saying he was born in the area and there was no way he was raising his kids in Cali and wanted to move back. The strange thing was I got a call from a buddy that said his cousin was wanting to sell his log cabin in sw. Wisc. I sold the farm and got the log cabin with land rights to 600 acres for hunting. All without even thinking about selling....so you never know.
From: Grasshopper
21-Oct-18
I'd send a letter and knock on the door. Most folks aren't home when you stop by, requiring multiple trips. The problem for most buyers and sellers is they don't know value or how to close the deal. Without an appraiser, how does the seller known your not a scheister looking to steal equity? If the seller is in an upper age class, laws exist in some areas to protect them from schiesters, you need to comply. You can get a real estate attorney, but who are they representing, the seller or buyer? In some areas flat fee brokers can assist at nominal fee rates. Get good advice on survey and other matters, it is a lot less expensive than bad advice.
From: altitude sick
21-Oct-18
All that’s needed is a reputable title company. Easy to search previous sales price comparisons in the area. A title company can recommend someone to hold in escrow the funds until the deed and title work is done. A couple hundred bucks and done. Many are not comfortable with all of that so Maybe an agent is willing to come in at a reasonable rate since no listing or showing time is involved.
From: WV Mountaineer
21-Oct-18
Appraiser don't know the value either. I've never seen land go for 60% of what they say it's worth. It is really pretty easy though. Ask him what he wants for it and, if its something you are willing to do, then pay it. If not negotiate. Its been working for about 100 years
From: cath8r
21-Oct-18
My .02, if you get ahold of the guy and he seems receptive, dont low ball and be insulting right off the bat. Do your research and make a fair offer, never seen negotiations go south faster than when someone makes a post poor offer.
From: TreeWalker
21-Oct-18
The low-ball tactic works when have a lot of targets and really do not care if you have upset dozens of people. You only need one to say yes.
In your case, you have one property you want. Research value, go in ready to make a fair offer, certainly not less than 80% of the estimated value from your research. Keep in mind, in some cases a create a larger land mass by joining two or more properties that the value per acre gets a slight premium over what was worth if two properties 5 miles apart. Good luck.
From: Franklin
21-Oct-18
WV.....until you want something appraised to get a loan from the bank....then it`s appraised at 60% of it`s actual worth...lol
From: RutnStrut
21-Oct-18
The absolute best time to buy something is when it's "not" for sale. It catches people off guard and doesn't give them a chance to drive up the price.
From: grossklw
22-Oct-18
Call, knock on their door, write a letter. All work fine, buying off-market is easy. I've done it twice on rentals this year with direct hand-written letters and gained roughly 20k in equity on each of the properties based on the actual appraisal. Find a title company in the area, tell them you have an order once you have an agreement. Draft an offer to purchase (each state should have a standard one you can download and fill out). If you're really nervous about it, pay a real estate attorney a few hundred bucks to go through it and make sure everything's good (I don't do this but understand why someone who isn't comfortable with this process would). Send earnest money to said title company of your choosing, pick a closing date, get financing set up early so they can get appraisal ordered, and close. Easy as that. Certainly do not need a real estate agent.
From: grubby
22-Oct-18
I recently had someone contact me to inquire if I was willing to sell a piece..... I was. He offered me 50% of market value, conversation was over at that point. I would have entertained a fair offer.
From: Franzen
22-Oct-18
Some people are also way off on what "market value" is. I'm not saying that is you necessarily grubby, just that people want to point to what real estate agents have stuff listed for, and there couldn't be much further from what a lot of land actually sells for.
From: flyingbrass
22-Oct-18
I write letters all the time. It's worth the time.
From: Duke
22-Oct-18
I bought my current property when it was not for sale. I approached landowner and simply asked him. Reminded him again after a year went by...Three years later he called me up near the end of the year and wanted to sell. Done deal. My father did the same on a small farm he liked when I was young... Closed in 120 days. - I like the old adage that states, “you don’t get anything if you don’t ask.” Plus, no real estate commission involved, which often merely drives the price up 10% to cover listing fees.
Stay away from the “gifts” as people see through it. Just talk to him/her and be real, show your intentions, and let the person know that you like their property. Good luck.
As far as negotiating it... A whole different thread.
