Q:

How do you negotiate land prices?

A:

Quick Answer

Buying land is a give-and-take negotiation between the buyer and the seller. All decisions should be based on logic, not emotion. Do your research to know the kind of land you want, what you can afford to pay for it and the average price of the land you're looking for.

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Full Answer

Before negotiating, ask yourself how you intend to use the property, and stick to getting what you need, not what you want. Thoroughly review the property to know the best price to offer for it. Go to the county clerk's office and look over the vesting deed and the appraisal. An appraiser can provide a comparison price list of other properties in the area. You may also need to hire a realtor and real estate attorney to find out about any restrictions regarding what can or can't be done with the property.

Find out how the property is zoned. There's a big difference between property zoned for commercial use versus office use. Do a cost analysis to find out such costs as acquisition, entitlement, construction on the land, promotion as a retail space and procuring loans. Don't do anything to put the seller on guard, such as listing all the property's faults. Make a fair offer based on thorough research to get the best possible deal.

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