"Think Buying Lots Are A Breeze"? Think Again!
Buying Vacant Land Is Extremely Risky… Consult First With Storybook Properties!
Before buying lots and vacant land, there is critical information that all buyers need to know. That is of course unless you have money to burn and just don't care!
We have felt such sympathy for many buyers that later have told us their stories of making a land purchase only to realize that the property was completely useless.
Some of these buyers had spent their hard earned savings believing they could make a good return on their investment for future retirement. Others made their purchase with the intent to build their dream home and were shattered to learn that the lot was not buildable.
Critical Tips You Must Know!
These tips include, but are not limited to common nightmares related to buying lots:
Auction Purchase - Buying land site-unseen or untested. Many buyers overpay for these junk lots, paying well above market value and most often these lots are not even buildable.
UnSurveyed - It is critical to have the lot boundaries surveyed while you are in escrow. Do not close escrow until it has been completed! We have seen many instances where a buyer assumes that the real estate sign is located on the correct lot or a buyer tries guessing where the lot is located. Big mistake!
A listing agent typically hires an independent signage company to place the "for sale sign". It is common that most vacant sites have no confirmed lot markers available to identify it's boundaries. The sign company typically takes a wild guess at the placement, although having reviewed and utilized a tax assessor's map.
A buyer could easily assume that the next lot over, that is flat, pretty appealing and sporting the listing sign is the one for sale rather than the unbuildable sloped cliff that is the correct one, located just adjacent to it! A few short feet could make a huge difference!
Even if the lot seller indicates that the property has been surveyed and tries to reset fallen markers, we advise still getting your own survey, even if you need to pay for it yourself!
Untested and Uninvestigated - Confirm all aspects that could affect the lot making it unbuildable, financially unfeasible or undesirable.
Examples of this would include unstable soils conditions, earthquake fault traces, distance to or lack thereof to necessary utilities, CC&R's depicted in the title report and zoning ordinances prohibiting certain types of development.
Contact Us From Buying Lots