Published on Wednesday, August 20, 2014 by Land Century
Buyers that want to get the best deals and the cheapest acreage will find that traditional sales are not the best option. When considering strictly land that is void of a home, your first stop should not be a realtor. Instead, there are many other entities that offer large acres of land for sale at prices that are extremely low. While electric may not currently be present or other utility lines available, the land purchased is so far below retail value that it is still deemed a bargain.
Lets take a look at a few of the best ways to find acres of land for sale.
Bargain Land for Sale
Precautions Before Buying
Before buying land, it is vital to know the precautions needed to ensure a purchase does not come with any strings attached. This is where buying land directly from sellers or using auctions may actually cost more money and hassles than that of a land broker or bank owned property.
- Title Deeds: Before the final purchase is made, viewing the title deed will allow a buyer to verify that the seller owners the property.
- Tax Receipts: Property taxes paid to the local government will become the responsibility of the buyer. If the previous owner neglected to make payments, a tax lien may be present which would be the responsibility of the new owner. Local municipalities will be able to provide potential buyers with this information.
- Land Measurements: Before the final documents are signed, it is essential to have the land surveyed to ensure the exact acreage of the plot.
Buyers will also want to know if the land is residential or commercial. Some land may not be able to contain residential properties, which will mean building a home on the property is impossible.
Property Lots for Sale
Property lots for sale are the easiest option to buy an acre of land for cheap. These are lots of land (possibly with a home or building, but this is not typical) that are ready to be purchased. There are many avenues to choose when buying these lots, including:
- Online sites
- Local land auctions
- Direct sales
- Bank owned properties
Getting the best deal for lots is typically a matter of location. Larger states, such as Texas, will have a lot of rural land that is far from the conveniences that a person would find in the likes of New York; however, there are some great deals in North New York.
A few things that will have a direct impact on the cost of the lot are:
- Location: If a property is 50 miles from grocery stores and gas stations, the price will be considerably cheaper.
- Utilities: A property that already has utility lines will be more expensive than a property without utilities present.
- Zoning Laws: Some properties are meant for commercial use, others residential and some sparse properties are protected where most or all of the land cannot be built upon.
- Road Access: Property that lacks road access will be far cheaper, but it will be more costly when building commences.
The cheapest acreage is often found in locations far from major cities, utilities are often not present and road access is often unavailable. These are the properties where the major deals can be found.
Cheap Rural Land Sellers
There are many sellers offering to provide cheap acres of land at impeccable prices. The best sources for finding this land are not easy to find in most cases and will vary from one state to another. However, there are a few sources available in every state.
Bank Owned Properties
What happens when a bank owns a property and the mortgage or loan is not paid? Eventually, the property is foreclosed on by the bank and essentially becomes an owned asset. Local, large banks often have properties that they must unload. This means that buyers can find several acres of land for a very cheap price. Oftentimes, especially in rural areas, the bank simply wants to recuperate the money lost on the previous loan.
Contacting a bank directly and asking about foreclosure listings is the first step to success. It may take a few calls, but you should be able to receive a listing of any foreclosed properties your local banks have for sale.
Government Owned Lands
Local governments often auction off land in their possession on a state level. These deals are found online by searching for surplus sales offered by your respective state. There are a few states that do not offer this, but many do and the prices are very low.
These properties are sold as-is, but if a person is merely looking to buy acreage, this is a very cheap option that has a very low chance of land discrepancies being present.
Using a land broker is a very smart decision and one that is often overlooked. These companies deal strictly with selling lots of land and often have numerous multi-acre listings just waiting to be sold. The best part is that they have either: done all of the research on foreclosures, or they have purchased properties for resale.
The land sold at a broker is often a cash deal, which lowers the price dramatically. Brokers also often have listings that cant be found anywhere else.
The first stop should always be a land broker to buy acreage at the cheapest price. Feel free to browse through our land listings in order to find latest bargain land deals.