Selling a Vacant Lot

General Real Estate Investing
1

I need some suggestions for selling a vacant lot located in the panhandle of Florida. It is 1.14 acres in a masterplanned community. I am asking $25,000. I am willing to provide owner financing. Any ideas on marketing? I have tried a realtor in area. Listed for 5 months. Posted it on craigslist and got a few emails.

2

Have you posted it here?

http://www.reiclub.com/cgi-bin/suite/classifieds/classifieds.cgi or have you tried e-Bay?

Keith

3

Yes, I posted it on this site. Does anyone know how much ebay charges? Anyone had success with them?

4

Any other ideas?

5

EBAY REAL ESTATE SALES PRICING
http://pages.ebay.com/help/sell/realestatefees.html

In Real Estate categories on eBay, you’re charged an Insertion Fee according to the following table. In some cases, you are also charged a Notice Fee if your property sells.* The total cost of selling an item is the Insertion Fee plus the Notice Fee. Timeshare, Land and Manufactured Homes
Listing Type Duration Insertion Fee
Auction Format 1-, 3-, 5-, 7-, or 10-day listing $35.00
Auction Format 30-day listing $50.00
Ad Format 30-day listing $150.00
Ad Format 90-day listing $300.00

Residential, Commercial & Other Real Estate
Listing Type Duration Insertion Fee
Auction Format 1-, 3-, 5-, 7-, or 10-day listing $100.00
Auction Format 30-day listing $150.00
Ad Format 30-day listing $150.00
Ad Format 90-day listing $300.00

Final Value Fee
Item Category Notice Fee
Timeshares, Land and Manufactured Homes $35.00
Residential, Commercial and Other No Fee

*You will not be charged a Notice Fee if:

There were no bids on your item.
If there were no bids that met your reserve price on your Reserve Price listing.
Your listing was in the Residential, Commercial, or Other Real Estate category.
Your item was listed using the Ad Format.
Otherwise, you will be charged a Notice Fee, whether or not you carry out the sale with the buyer.

6

Have you sold this property yet?

7

Where is this located?

8

You may want to rethink your pricing. All the marketing in the world isn’t going to sell an obviously bad deal.

  1. Have you already done preliminary due diligence?
  2. What profit estimates are you providing to investors? What are they based on?
  3. What do the comps say? How does your property compare to others? Is it easier or harder to develop? What’s near it?

Selling vacant land is often tougher than improved lots because you have to run various scenarios to understand the actual comps. When we’re selling a lot, we run numbers on costs to do various build types (duplex, SRF, attached condos, etc.). We are conservative and really look at the price based on what costs would be if we were developing the lot.

Once you have all of your numbers, you have a target buyer.