buying abandoned land?

[matt167]

Have a good friend that wants to buy some land. 5-10 acres of anything that can be built on but she has very short money for it ( $1-2k per acre ) I know that nothing is going to be 'for sale' in her price range around here and have found some abandoned looking properties with fallen down buildings ect.. went thru the tax maps, found the public information ( which includes owner address ). She wrote some letters for a request if they are willing to sell but we have not sent out any yet. I know the assessed value for any of the properties is around $40k but I know each of the properties were sold for $1 in 1998. Given their depleated states, would it be ok to offer $20k.. Each one of them has buildings that need to be torn down and one also has some junk cars..

As for land listed for sale. Land down the road from my house is 5 acres for sale by owner and it's basically wasteland. $75,000


Mod, please move to off topic. Posted this in the wrong section

 

[Bob_VT]

Re: buying abandoned land?

Go to the Town Clerk and ask. The Town clerk/Tax collector should be able to give good information.

When you purchase a property that is distressed or "acquired by the town" you might have to pay the back taxes owed too.

The BIG obstacle here is building on any property. Between sewer (which all mound systems must be done by an engineer and be able to pass drainage tests), water supply such as wells and power. WOW the power company sure does not give away any poles and wires here. Then in this area there are building laws for setbacks etc. I do know in my area you are not allowed to sell land as a building lot unless it is 10 or more acres.

It's all a complex process. I would check with the proper clerks first........ and make a LOW offer. Start with $1000 and work your way up. You would feel like garbage if you offered 20K and all they needed was 5K ......start low and consult an attorney.

 

[Bob_VT]

Re: buying abandoned land?

Oh yeah......need buildings torn down...... ask the fire department if they want to burn them for practice...... that is a solution many have taken here.

 

[matt167]

Re: buying abandoned land?

Thanks. I'll get her to take a run w/ me to the county tax offices and talk to the clerks before mailing the letters. I'll also suggest her a lawyer that deals with land sales that I know.. I have made her aware of the cost of electric and septic but she wants the land now just to know that she has it, and that she has a place to put her horses which are currently boarded elsewhere.. She will build a house or put in a modular of some sort eventually.

If their is one thing in common about these town Vol fire depts, it's that they love burning stuff down

 

[bajaunderground]

Re: buying abandoned land?

Matt,

Visit the USDA's website...I've had a few clients successful bid and win (2,400ac) on USDA foreclosed property (Agriculture). Not sure what part of NY you reside, but it's another avenue to exhaust! My only caveat for agriculture is be sure you have a thorough title search...you more than likely don't was a 'conservation easement'...they were all the rage about 10 years ago! Sell tax credits for $.80 on the dollar. My buddy/client paid over $450,000 for his land and then created the aforementioned conservation easement and sold the tax credits for well over $250,000...but the land is now unsellable...mostly! As I tell him, he sold the conservation easement portion for $250K...

Good Luck and happy searching!

~Brett

 

[matt167]

Re: buying abandoned land?

Interesting. I checked the USDA site but there is nothing in the area that she could use.. There is a house not far that has a govt bid of $5k min but it's on a tiny lot and not an acreage.

 

[joed]

Re: buying abandoned land?

She could offer them any amount she wants and of course do the do diligence to see if any taxes or liens are owing. All the owners can say is yes, no, or give a different asking price.

 

[matt167]

Re: buying abandoned land?

If I'm reading the online portion of the tax maps correctly, the taxes are current tho a lien could be an issue.. She is going to talk to the lawyer and visit the tax office before she goes any farther

 

[mscher]

Re: buying abandoned land?

If I'm reading the online portion of the tax maps correctly, the taxes are current tho a lien could be an issue.. She is going to talk to the lawyer and visit the tax office before she goes any farther

If someone is paying the taxes on them, the property may be neglected, but it is not abandoned.

We wasted a lot of time on a foreclosed property nearby, that kept getting postponed going into
Sheriffs sale, because of an on going bankruptcy. The lender was paying the taxes, but the only thing they could legally tell us, about acquiring it, was "talk to the owner", which the bankruptcy lawyer or anybody else, could give us no contact info. I supposed if we waved a check for the payoff - 10 times what the property is now worth, someone might listen. We finally gave on on this property that is still rotting 4 years later.

If these you are interested properties were sold for a dollar, 12 years ago, it may have been some special deal and the owners are just letting it ride. If they are not hurting to sell, they might not be interested in a low-ball offer.

Might as well try anyway. Good luck.

 

[matt167]

Re: buying abandoned land?

In this county, you can do anything you want with 1 acre or more and a building permit and the land investors subdivide into 5 acre lots. She actually did send a letter out and got a response that they were not planning on selling but would if an offer was good enough so she has not done anything yet given she needs to visit the tax office and lawyer and work is busy due to the holidays ( we work in a ski resort ).. In 1998, the county liquidated almost all of the land they had acquired. The pump storage project they were trying to leverage fell apart years prior. They started the bidding at $1 or they would sell to adjacent landowners before the auction for $100. My parents got a small lot adjacent to their property at the same time..

The 8.3 acre plot has an old well on it listed in the deed part of the tax file, but a septic is unknown. No regulations on well drilling here, but the septics cannot be conventional within the watershed, tho you can have one covered in cost fully by the watershed if you apply for the grant.

 

[rivermouse]

Re: buying abandoned land?

Just wanting to do something does not mean a person has the ability to do it. Does she have experience and knowledge in paying taxes, title searches, deeds, surveys, restrictions, zoning etc etc etc?

 

[matt167]

Re: buying abandoned land?

Just wanting to do something does not mean a person has the ability to do it. Does she have experience and knowledge in paying taxes, title searches, deeds, surveys, restrictions, zoning etc etc etc?

She is prepared for the taxes, but has never bought land like this. I know the ins and out's of title searches, deeds and things like that but also that she needs the lawyer, and have told her that she can expect at least another $2k just to sign the papers