So im new to buying land but figure its a good investment. found .25 acre land for less than $1,000 with low payments no down payment. but the guy selling is 2-3 states away and without face ti face transactions im a lil nervous. He says reason for selling so cheap is because "ground level" ( not sure what that term means) but its on the out skirts of the town/subdivision. Its on the high way street but until the subdivision (which could be years) starts being built we can't go "visit" the land. does this'll sound normal? what documents should i ask for? Iv asked for id and copy of deed. he said he will send contract after first payment is paid. how to know if its legitimAte? What if i want to go threw a company like escrow or if there is another one of them? What would interest be like and how do i go about it? Any advice is great thanks
Update:Well he's selling for $730.00 with 30.00 payments a month. i understand how it don't sound normal. just want to let those facts be known. he says there isn't a physical address so u can go but till the subdivision starts being built you won't know which or where yours is. .25 acre is a good enough size for a standard home/mh or is it still too small? He said he bought it in 2007 @peak(whatever that means?) and he is losing out on money cuz he bought for more than being sold. just wants to rid of lands he owns that's not in his home/current state.
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Answers & Comments
Anyone who says they'll send a contract after receiving a payment is trying to scam you. A legitimate deal would involve each party agreeing to the terms of the contract BEFORE any money exchanges hands.
And not being able to see the land is fishy, not to mention if it's only a quarter of an acre, I don't see that's much of an investment. A quarter of an acre is pretty tiny.
May or may not be a good investment.
Gournd level probably means it's very low and may flood. There is absolutley no reason why you wouldn't be able to see the land.
If he wants contracts done after payment, it's a scam.
it's a piece of land that was presold before the roads and other items (water/sewer) etc were installed. At some point, these things MAY be installed, but until then it's unusable.
In addition, when and if the roads and stuff go in (which maybe never), you WILL most likely have to pay to have it installed. This mean your 730 lot could cost 25,000 to be usable.
The reason he wants to UNLOAD the property is that it's worthless. WORTHLESS at this point.