03-09-17, 08:19 AM #1Member
- Join Date
- Nov 2006
Selling property out of state recommendations & advice
I inherited a small property lot when my Mom passed way nearly 40 years ago and had the property re-titled in my name as her sole heir some 10 years ago.
Mom always told me to hold onto it as she believed it would some day be valuable for development in the area. Anyway, as a small lot with no structures; the small home that was on it was torn down quite a while ago so the property taxes are low on a vacant lot. I just kept a hold of it.
I'm thinking now that this is a good time to sell the lot as my children won't want to be burdened with it after I'm gone
So I was hoping someone on the forum who may have been in a similar situation might provide some advice and guidance on how best to approach selling this property.
I contacted a Real Estate agent when I was looking for a reputable attorney to do the deed retitlement and was able to reach out to her again now. Unfortunately, she moved out of that state to practice but is still in real estate and provided the name of friend who is also an agent. I've contacted this person but have not signed any agreement.
Anyway, I'm not in any urgent rush to sell but I just want to know what to look out for. I know once you sign with a specific agent you are fairly confined to their efforts and probably responsible for the commission percentage the agent would get regardless of who sells the lot.
Appreciate any insight you might be able to offer.
03-09-17, 09:30 AM #2Member
- Join Date
- Sep 2016
Selling real estate yourself is doable, but many find what I consider a simple procedure to be mysterious, plus there really is not an incentive for the buyers since they are paying the same regardless.
Selling out of state makes it a little more difficult since you are not there but this is a vacant lot not a home.
Today there are several For Sale by Owner sites that did not exist in the past and if not in a hurry you could give that a try.
When I sold my home I offered to pay the buyers legal expenses and inspections up to a reasonable amount which helped ease the buyers anxiety.
03-09-17, 09:59 AM #3Forum Topic Moderator
- Join Date
- Mar 2005
I would think in this day and time being, out of state wouldn't be as difficult as it used to be. When I bought my place 26 yrs ago I flew up, looked at it and agreed to buy it but all the legal stuff was handled thru the mail.
Since it's just a vacant lot the sale process should be fairly simple. Once you sign with a realtor he gets paid his commission no matter who sells it. If I'm not mistaken he can even collect his commission for a certain time period after the contract expires if you sell it yourself. I think he's completely out if you sign with another realtor.
Selling real estate yourself is doable, .......... plus there really is not an incentive for the buyers since they are paying the same regardless
Last edited by marksr; 03-09-17 at 10:17 AM.retired painter/contractor avid DIYer
03-09-17, 11:03 AM #4Member
- Join Date
- Jan 2010
How "small" is this lot; and are you close enough to the State where it's located to verify that it remains a legal building lot . . . . or may have been "grandfathered in" because it was once used as a homesite ?
Here in Vermont, a small lot may be 2-5 acres, while in a more congested area, 4000 SF may be small. Having been a Real Estate Broker for a few decades, I've seen local Zoning Ordinances enacted which have rendered once buildable lots now close to worthless as set-backs have been increased along with minimum lot sizes.
This is particularly true of small lots which were created (sub-divided) just following the depression, when municipalities strived to make it possible for all of their residents to construct a home on even the smallest lot that might be broken off of a Relative's parcel.
If you're at a distance, I'd ask a local Realtor to , before listing or setting a price on the Lot's value), to perform a CMA (Competitive Market Analysis) and do the legwork necessary to verify that the Lot remains legally buildable under whatever Zoning Bylaw is in effect, if any; and include in that research a determination of what the highest and best use for the lot might be, so as to command the highest price for you.
Are you familiar with the local Zoning, and could it be that your Mother saw some future value because the Lot was in a Commercial District ?
Along these lines, does the Lot still have onsite potable water and/or sewage disposal hook-ups available, or did it ever ?
03-10-17, 07:19 AM #5Member
- Join Date
- Nov 2006
Thanks for your replies ...
Thanks everyone and especially to Vermont.
I'm in PA and the property is in North Little Rock, AR. I'm not sure what the current zoning regulations are as all the homes in the plan had been torn down, even the old brick school house that I was able to walk to. Only thing in the area was a commercial lot just north of where our home was, fenced off and used for parking school buses.
I contacted the NLR Planning & Development Office and the Pulaski Co. Tax Assessor to find out if any plans were under consideration and also if I could find out who the adjacent property owners were in the plan.
The replies I got were that no current developments being considered and the Assessor referred me to some online information of the adjacent lots which include the owner's name. Looked like some Commercial firms owned nearby lots and mostly still listed individual property owners.
But this gives me a start for going back to find out the current zoning and if water/sewage connections are still available.