When you see a photo that interests you it’s always best to visit the property you want to buy beforehand, and not just rely on GoogleEarth, or GoogleMaps Street Viewer. Things change over the years, and it’s always good to see something in person rather than simply hoping for the best. Kind of like seeing a photo of your favorite cake may look delicious, but the taste is what really matters more. Right?. 😉
If someone is selling land and does not allow you time to do your Due Diligence, then you may want to pass on that deal. Everyone who wants to buy any property should be entitled to a reasonable timeframe allowing them to do their homework, make phone calls, ask questions, see the lot, speak with locals, check out the area, and whatever else to make sure they’re going to be happy with their purchase. That is called your Due Diligence. No one should ever be confined to buying without a due diligence period timeframe. And, three days is really not enough time to do everything you need to do. Many Real Estate transactions allow a 10-day due diligence period. I personally allow 15 days, but I’m also flexible and willing to work with the buyer within a reasonable timeframe.
Of course, if a buyer who has placed a deposit to hold a property just for them through my website decides not to go through with the purchase after checking everything out, they have my guarantee of a refund on their deposit which was made to simply hold the lot for them only for that time being. Once the due diligence period passes and the buyer is confident that they want to proceed, the deposit then goes towards the purchase price, just as Earnest Money deposit is applied on any other Real Estate Transaction once a due diligence period is over.
You may be asking yourself, “Should I get a Realtor to help in this”? Well, that’s really up to you, but it is an added expense that the buyer must pay, and if for some reason you don’t go through with the purchase, and if you signed an Agreement with that Realtor, you may still be on the hook to pay them. So, be careful what you sign. Ask questions. After all they should be there to help you, and not just help their pocketbooks.
As a former Realtor myself I can tell you that Realtors are educated on the surrounding areas, and should be able to share helpful tips on utility companies, things to do in the area, as well as help you to understand the process while going through the entire transaction start to finish.
Newsflash… >>> Google can help with all of that too, and without the added cost of paying extra for someone in the middle.
Realtors are licensed with the State, so they must conform to certain legalities or they could pay substantial penalties. As a former Realtor myself, I now enjoy the freedom to buy and sell land at discounted prices in order to help others save more than what the retail market is asking for properties similar to what I offer. For me, it’s ingrained into my being to disclose what I know because I was at one time a Realtor and know how important it is to be honest with others. Yet on the Realtor’s side of things, it’s their duty to inform you also what they know, but somehow many tend to simply add confusion and more paperwork to the entire process causing you to wonder if it's really worth it. And, it just may be worth it. It all depends on you, and the Realtor.
As an investor I am also licensed to do business as a self-owned Corporation. So, my business matters to me, as well as your business with me. Just be sure whoever you work with is legitimate, which you can check out on OpenCorporate.com if they’re an LLC to make sure they're active. If they’re not registered then you may want to either hire a Realtor or check with an Attorney to review the documentation before you sign anything. Signing documents online using an e-Signature source is something that is legal, and obligates you with whatever you're signing, as well as whatever the Seller's responsibilities are which should be indicated within that Agreement.
For buyers interested in my properties, I try to simplify the process without all of the unnecessary paperwork requiring you to acknowledge pages upon pages of documentation which only confuses or concerns you even more. I don’t know about you, but simple is always much better than confusion, in my opinion. When I buy aspirin it’s for a purpose. If someone else fainted or got sick from it, then warnings are put on the bottle with dumb things like, could cause headache. What? Those warnings can be good but sometimes make no sense. Neverthless, this acts as a good analogy of what to expect when a Realtor represents you. Basically, if you don’t know what to expect, or not sure of things, you may want to contact a Realtor, so the burden of details falls on their shoulders. If you need a Realtor, I can help refer you to one. It’s not a problem. But that is a buyer’s expense.
If you’re new to buying from a property owner, then it is nice to be hand-held through the process by someone else. But is it necessary? Again, that’s up to you. However, I will say if you’ve ever bought a car from a private party with no car salesman in the middle, then it’s basically no different when it comes to buying land from a For Sale By Owner. You just need to know they know what they're doing, and you get what you're promised in the end.
That’s what ultimately matters. Honesty, Integrity, and Satisfaction to completion.