How to buy an empty lot from out of state?

August 24, 2015 2:52 PM

Hey all, I want to buy an empty lot in Lousiana, but I am away from there until February. I have also never bought land before. I have the full amount needed to purchase. The land is listed through a real estate company. How do I do this?
posted by Kombucha3452 to Law & Government (4 answers total)

The easiest way is to find a realtor to manage the sale. Once you have one, talk with them about what your goals are for the property so they can make sure it's a good match for you, and find out whether or not they think it's a fair price. Then figure out what your starting offer is for the property and they can write up the offer for you to sign. Then there might be some negotiation before the final price is decided. If there are no inspection or loan contingencies, the closing can happen pretty quickly after that. I bought a property a few years ago for cash with no inspections, and I think it was 2 or 3 weeks from offer to close.
posted by rabbitrabbit at 3:00 PM on August 24, 2015 [1 favorite]

Instead of a realtor (you know what property you want, and you can do your own comps, you don't need their services) get a local property attorney/real estate attorney to represent you and handle the sale.
posted by Lyn Never at 3:09 PM on August 24, 2015 [1 favorite]

Have you been to the lot in person? Because if you haven't, then you need your own realtor or a trusted friend to walk the lot for you. Properties in Louisiana need to be seen in every season to really know what you are getting. Try to talk to a neighbor, if possible. Look for flood lines on neighboring houses. Find out if it is in a flood zone, which will affect your insurance. Ask about zoning laws that affect your area.
posted by myselfasme at 3:16 PM on August 24, 2015 [4 favorites]

Flood zones are particularly important, as viewed both by Louisiana and the Feds (including FEMA); more than a few people have found their properties rezoned to preclude future development which can greatly harm the value. Make sure the current owner doesn't know something you don't.
posted by Sunburnt at 3:50 PM on August 24, 2015 [1 favorite]