I'm 20 years old and I'm wanting to buy 15 acres from a guy that I have known for years.. He's a really good man but it's a lot of money to be screwed around on. He hasn't have me a price but I would like to know what to expect when he does.
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I'm 20 years old and I'm wanting to buy 15 acres from a guy that I have known for years.. He's a really good man but it's a lot of money to be screwed around on. He hasn't have me a price but I would like to know what to expect when he does.
What specifically is your question? He'll name a price which you should evaluate based on recent sales of comparable land in the areaa over the past year or so. Then you make a counter offer. Make sure that if you reach agreement you have a signed contract - retain a lawyer to write it up, be sure to have the land surveyed so you know its precise boundaries, and contact a title insurance company to protect yourself in case of future property disputes. Are you planning to finance the purchase, or will you be paying cash? Are there any buildings on the property?
Hire yourself a real estate attorney... and get yourself a real estate agent.. they know the ropes. Don't let the seller do it. And don't use theirs... you NEED your own.
Don't cheap out.
Make sure you get title insurance.. make sure the property is surveyed... thats for starters... and don't do it all long distance.
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