Buying land that’s not for sale, from a neighbor

Turkish

Active Member
I have 2 neighboring tracts owned by individuals that inherited the land after the death of a parent. I would jump at the chance to buy either parcels. I’m relatively new to this neighborhood, having owned my land for 6-7 yrs.

In one case, no one ever even sets foot on the property. I have contacted the current owner and have spoken with him a couple of times. While I’m generally seen as an affable fellow, the exchanges with him are always awkward. He will respond to texts, but I try to limit them to 1 per year or so. He expresses no desire to consider selling.

The other tract is more of an unknown. Previous neighbor passed about 18 mos ago. If the son ever visits the property, it ain’t often.

Any pointers on broaching the conversation of selling? Is a letter better than a phone call? If so, what should the letter say? Do I dare offer a $ value before they express any desire to sell? Any stories that you folks could relay?
 
I would hire an agent to make a proposal directly to the respective landowners, from a private party. It will cut to the bottom line, and prevent future awkwardness if it doesn't pan out.
 
All I have to say is don’t wait on this... don’t rush it but if you’re going to make a move, make it sooner than later.
I say this because I was in a similar situation, and I missed out on an unused parcel bordering mine. The neighbors on the other side of this parcel asked to buy it right before I was going to... That one kinda hurt.
Good luck, hope you can snag one or both of the parcels.


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I have done this multiple times with success, and been turned down a few times as well. I prefer to go see the owner in person, at a time that I expect them to be at home, like 6pm in the evening, and introduce myself with a handshake. Keep the visit short but put a lot of thought into the value of the property beforehand. After saying that I want to be a good neighbor and giving my contact information in case of future need arising, I mention that if they ever think of selling, I'd be interested. Without fail, they'll say something to the effect that they are not thinking of selling, then as an afterthought, say, what do you think the property is worth? This is a critical point in the visit. Don't hem and haw around, but quickly throw out a number, which you've decided beforehand, and it better be a good one if you are serious about buying the place. My experience is that a fair market value number will often seal the deal right there, or get them thinking and they'll call you back, with a minor negotiation. A lowball number, or a poor presentation of yourself, and you're probably finished forever. You're rarely going to get cheap real estate deals and steals on land that isn't advertised for sale in the first place, hey, if they were stupid they wouldn't own land in the first place. And I would never trust this type of meeting and greeting a neighbor to someone else. Be friendly but don't blather on a half hour about your personal accomplishments. Most land is for sale, at the right price. Are you willing to give that right price?
 
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Lots of good advice there... In person, best foot and offer forward, act sooner than later or you may miss your chance, and have your ducks in a row first. People think selling is a hassle...put a number in their head and they will think about the number a whole lot more!
 
Ten years ago an adjoining neighbor died and within two days one of the heirs asked if I was interested in the property. I said I was and then planned to wait a few weeks to make an offer. It just didn't seem right to move on it so quickly. One of the heirs made a ridiculous offer and the rest of them agreed. And then they complained about it later. Looking back I should have let my offer be known; it was ton's more than they got for it. Little did I know but it appeared they just wanted to sell to get the funeral expenses paid. Thus today I think if you are in the market then let it be known as Mennonite says.
 
My $.02 is keep your desires close to the vest.

My story from some years ago. My neighbor to my east which I will call parcel #1 is 25 acres and they have always told me that if and when they ever want to sell I will be their first call. The neighbor just to the east of them which I will call parcel #2 is 10 acres was an unknown entity, but I figured it would be a nice piece to have if it ever came on the market.

Fast forward a few years and out of the blue I get word that parcel # 2 is being sold to the City of NY which kind of sucked. Well about two months later I hear the deal with the city fell through as they could not close the loop of the survey. A few days later I run into the owners son of parcel 2. We talk for a bit and I inquire about buying it at the same price the city offered. He says great my Dad will be happy, here is number and to give him a call in about two weeks as he is out of town.

Now here is where I got side swiped. I told a very good friend and neighbor of the verbal deal I just made. Well he tells the entire story with details to the neighbor who is just south of parcel, parcel 2. Just over two weeks goes by and I call the father and tell him I am the guy that spoke with his son and wanted to take the next step. He says but I already made a deal with the guy my son met and we are in contract. Yep the low life neighbor to the south of parcel 2 took the details of my story from my neighbor and friend and passed himself off as me.

Lesson for life, if you want to buy keep it close to the vest. I would not even approach a realtor as you never know.
 
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Many thanks for the replies. All good stuff!

Thing is, I’ve considered most of these tactics mentioned. I’m definitely worried about at least one other neighbor being a competitor. And I have a fairly deep mistrust of real estate agents in this area.

I think I’m going to try to get a phone number, and, if I can’t make that happen soon, I’ll write a letter.
 
Nothing works better than an offer!!!! Cold hard cash is the way to get deals done and it also shows that you are serious about it. Lip service is just that and most view it as a waste of time. I contacted my real estate agent (my mom) and told her to write up an offer on the last two pieces I bought. It shows you are not just blowing smoke and you have the funds to get the deal done. Also put down and binder (cash to your agent) another gesture to show you are serious. Agree on the meeting part, and don't wait, but in the same loose lips sinks ships!!!!!

Good Luck
 
As others have already said, I don’t think you can underestimate the importance of an in-person offer. Especially when you’re not born and raised there. Around me, people want to get an idea of who they’re selling to, and also WHY. It makes a big difference when you tell someone you you’re never going to subdivide it, build in it, etc. that you want a place for you and the kids to hunt, fish and play on. Some people couldn’t care less, but a lot of the time property is getting sold because of money...ie one sibling wants the cash and the others don’t want to sell but don’t have the money to pay the holdout sibling for their share. In that case, letting them know that if you ever sell, their family will get a first right can also go a long way.


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I’ve done it numerous times as well

I think it is better to do it with a formal letter written with a strong offer with minimal contingencies. Make it easy

You have a 50/50 chance the wife gets the mail. More wives want to sell from my experience than the men.

A letter is less pressure. I make an offer to one neighbor every year in my Christmas card. Update the number or reconfirm it. Just be patient and set yourself up to be in the conversation when they decide to sell.
 
Real estate broker here. Since the property is not listed for sale, I would not get an agent involved. Agents cold-contacting someone like that is rarely received well. I would send the owners of record a letter asking if they would consider selling. If they respond affirmatively, then you can talk money. If they do not respond, then a phone call follow-up would be acceptable (you then have a REASON to contact them to see if the letter was received). If they give you some goofy number that they would sell for, then you could send them a LOI (Letter of Intent) with a real number to see if you could get the ball rolling. NEVER, EVER let them know how valuable it would be to you.
 
Real estate broker here. Since the property is not listed for sale, I would not get an agent involved. Agents cold-contacting someone like that is rarely received well. I would send the owners of record a letter asking if they would consider selling. If they respond affirmatively, then you can talk money. If they do not respond, then a phone call follow-up would be acceptable (you then have a REASON to contact them to see if the letter was received). If they give you some goofy number that they would sell for, then you could send them a LOI (Letter of Intent) with a real number to see if you could get the ball rolling. NEVER, EVER let them know how valuable it would be to you.

LLC-any harm in having a law office write up an official offer? That was going to be my angle in the future. I’ve purchased land through a local legal firm and through a real estate agent. Less work and money required with the law firm from my experience. This is assuming you’re 100% familiar with the market in a specific area.


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My opinion you’re just spending money unnecessarily.

One other thing I do is offer a cash settlement and a land contract. Got two hits on cash option and 3 on land contract.

Just make a good solid offer, expect a counter and write it in a kind, non pushy tone

Around us, most understand the value of their lands. If youre in this situation I think it would be a mistake to low ball

Ever time they need money, pay taxes, have a problem or realize they don’t use the property much they will remember you good easy offer
 
What do you mean by “cash settlement and land contract?”

Is a land contract like owner financing? What about cash option?
 
I’ll give you $5000/acre or $200,000 and close in 30 days

Or a land contract. $20,000 a year plus 4% interest on the balance for 5 years. I normally do the math so they understand what each years payment is

Land contract is attractive to some that are concerned about capital gains taxes
 
LLC-any harm in having a law office write up an official offer? That was going to be my angle in the future. I’ve purchased land through a local legal firm and through a real estate agent. Less work and money required with the law firm from my experience. This is assuming you’re 100% familiar with the market in a specific area.


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Always remember an attorney is not a real estate professional and a real estate agent is not an attorney (usually). Be careful letting one advise you on the other. That being said I will defer to an attorney. LOL. I'd save the offer step until I knew if they would entertain one. Doing otherwise might just piss them off.
 
Yeah. That’s the rub, right? Be aggressive enough not to lose out but not so much that you come across as a pushy, presumptuous, uppity jackass. Locals sometimes get that opinion quickly of newcomers. In this situation, I’m dealing with offspring of locals, so ...
 
Exactly. You don't have to worry about that when a realtor has their sign on it---you know they want to sell and for how much. That's the way I like to do it.
 
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