John Hays, Broker/Realtor®
Bainbridge Island, Poulsbo, Silverdale,
Bremerton, Kingston, Port Orchard, Gig Harbor, University Place, North Tacoma
Call or text 206-419-5001
johnhays@cbbain.com
Read my reviews
Certified NFCU and Realogy Military Rewards Broker
Buying Land is Different From Buying a Home
If you anticipate that market dynamics and purchasing steps for vacant land are the same as those for existing or pre-sale homes, you may be surprised.
Buyers of land ask different questions, have different ideas, different aspirations and a different budget. As a land buyer, you’re looking for the right location and are gearing up for a significant project that may challenge your skills, your vision and your stamina. You’re looking to create something that exists only in your mind. You are perhaps better than home buyers at visualizing possibilities.
The market for land is less active than the market for homes. The search for the right parcel of vacant land may well take longer than the search for an existing home. If it does, this is not a cause for discouragement, but your patience may be tested. We’re in a sellers’ market to the extent that inventory of both homes and land on offer for sale is low, but lots are in fact bought and sold every day.
What Buyers of Land Need to Know
You may be seeking a location on which to build a home for yourself or to sell upon completion of construction. You may have a client under contract or may be building speculatively. Some buyers are looking to buy and hold the land, anticipating appreciation over a period of time, then to sell it unimproved at some later date. Others may only install infrastructure (septic system, electrical power, water, etc.) before remarketing. You’ll want information about schools, shopping, entertainment, outdoor activities and nearby amenities.
Above all, you’ll need to know about the characteristics and suitability of a property for your purposes, including boundaries, soil conditions, water sources and perhaps geo-tech information.
The laws of the State of Washington require a seller to provide you a signed standard Seller Disclosure Statement that shares truthfully what the seller knows about the property. We’ll secure this for you.
Because you’ll need time to learn about availability of permits, water, power and sewer connection or an on-site septic system, we’ll help you craft within your purchase offer a feasibility contingency that will afford you this time while holding the property off the market. Should you find during the feasibility period that the parcel is not suitable for your purposes or is financially disadvantageous, you’ll be able to obtain a refund of your earnest money and move on to find another property.
Work with a Professional
Having a knowledgeable professional on your side is critical when buying land. We encourage you to work with us. We’ll advise you all the way from the beginning of your search to final closing.
Most importantly, a licensed Real Estate Broker in the State of Washington is far more than a marketer of properties. Under the laws of this state Brokers are engaged in the limited practice of law and are held accountable to a high standard of care and skill in representing, securing and protecting your interests in the real estate purchase. Real estate transactions are complex and laden with “landmines.” Brokers are continually obtaining continuing education in real estate law, ethics and practice. A seller of land will likely have an agent who represents his/her interests. Just as you wouldn’t go into court represented by yourself or by your opponent’s attorney, you need a professional licensed agent on your side.
In most cases there’s no charge to you for representation by a Buyer’s Agent.
Whether you’re just starting the process of buying real property or you need to re-energize your efforts, it will be my honor to talk with you and to help you on the path to a successful purchase. Please call, text or email me anytime.