Poking around the internet I occasionally run across ads of land for sale, and some of them for, what seems like, ridiculously low prices. Without singling out what may be an honest and upfront offer, I'd like to put a recent Craigslist ad link up as a representation of this.
http://houston.craigslist.org/for/5088058396.html
The price of $4000 per lot just seems unreal for a lot near Lake Conroe, and the way things seem to work, probably is. It may be a teaser price to get you to call, I have no idea.
What made me want to post this was to ask around the collective wisdom here and learn what some potential pitfalls are when purchasing land.
What are some of the horror stories that you might have heard of?
Thanks
R.J. Schneider, post: 324367, member: 409 wrote: ...What are some of the horror stories that you might have heard of?
Looking at the area in Google Earth - the subdivision is 2 1/2 miles from the nearest approach of the GE street view car. Looks like it could be a nice getaway.
I doubt there are any sewer or water services so you are going to need septic and a well. In low lying saturated land are you going to get perc for septic? What about flooding? Can't tell but might be an issue.
$4k isn't all that low. Lots of property in Oklahoma within commuting distance of OKC or Tulsa can be had for less.
Those look like 25ftx50ft to 30ftx70ft lots for campers.
Stumble and you are on the next lot.
Those were popular back in the 70s around Lake O' the Pines and have a common area with playground, pool and snack machines.
You too can own a beautiful lot in the California Valley for pennies....
[MEDIA=youtube]Q3bp1DtLudw[/MEDIA]
There may be other issues too. I don't recall exactly where- only that it was Montgomery county- bout 10 years ago got signed up on a development deal on a BIG piece of land. Sent two crews out for a week to run static and level everything- tentatively planned on being out there for a month or so on top of flying it. The geo guys, in the meanwhile, ran a phase 2 and found some stuff in their bores that wasn't nice- like giving fish extra eyeballs kind of bad. Client immediately bailed. But there's plenty of slicers and dicers that never get that thorough with their homework.
Is it possible that the closing costs are $4,000, and will sell for best offer?
"Buyer will pay all costs of sale. $4,000, per lot or best offer."
Checked Walker County Appraisal District site, and these are listed as "Non Homsite" and have a tax value of $5000 down from $20,000 in 2011?
Thanks David. I didn't do my homework, and really never got past being astonished that a lot on Lake Conroe could sell for that price.
"Non Homesite" makes that understandable. And I only picked one example out of Craigslist as representative of things that make you wonder.
So I thought it would be an interesting topic in general chit-chat to hear what some folks in the land speculating business do to make a buck and find a greater fool, as it were.
I've never seen the "Non Homesite" on other County's sites before?
Check out Arkansas' Land Man Dan
His resume says it all...
http://www.landmandan.com/#ar/
DDSM:beer:
