An elderly neighbor of mine trusts me enough as an investor that he asked me to sell a piece of land for him (about 1.2 acres) in Putnam County, NY. The problem is I have no clue how to even begin to sell land. Can someone please help me by telling me what’s the first thing to do? Thanks.
Pam
Are you a Realtor?
Keith
Perhaps the best course of action is to tell your neighbor you have no experience in this area and assist him/her in locating the necessary expertise.
Hi Pam,
I’d take a look at Loopnet and consider posting it there. You can also post an ad on Craigslist in several markets to see if there is interest. Third option would be to look for a commercial real estate broker that specializes in land and refer your neighbor to them.
You’ll have to structure the transaction in such a way that you’re not breaking any rules (like Keith’s comment/question about whether you’re a realtor).
If you find an interested buyer, you can put the property under contract directly with the seller, then assign the deal to the buyer.
Stacy
Well,
It makes a difference on what the land is zoned for.
Is it Commercial or residential.
Also, are the permits and entitlements in place?
I’m new to real estate investing, but what about hiring a real estate agent. When I bought my firs home, I didn’t know a clue how to buy a house so hiring a RE agent helped me dramatically. Made it real simple. Hope that helps.
Vlad
Is it a residential piece of land or a commercial piece?