I am looking for some advice on how to handle a piece of land I have under contract, I am new to this.
I have a piece of property under contract for 100,000. I have it pending building of a house on the property with a developer in the area.
Since I bought the land it has appreciated to about 125, 000 and there are many interested buyers for the land. The developer will not start building the house for another couple of months.
I am wondering what you think is the best way for me to sell the property. Should I assign the contract to an investor for the difference in price, or will I have to close on the property to get the money out of it.
the 100k is just for the land? can you clarify?
Correct, just for the land.
how long is the contract for? You need to make sure you leave enough time for the investors to close otherwise you have the chance of breaching your contract and loosing control of the land.
right now you should start taking bids from several buyers. sounds like a nice piece of land you got there.
optimally you’ll want to hold on as long as you can but make sure you have time for the buyer to close. keep us posted on what you do!
Just think what the property will be worth with a house on it. If I were you I would do some math. Check on how much The property values are in the area. Compare them to past years. Do some research on what is planned for your area. Do you have money set aside for the construction? If you are looking for the largest return there are other ways of going about it. What is the size of the land, could you finance rental properties or condos? You sure could have alot of fun with it. Good luck. ;D