Unimproved Property is simply land that has no home or improvements on it. Look at it as a blank canvas just waiting for you to create and build a home made perfect for you! All of that sounds great but we need to be realistic here... there will be many steps that need to be taken for you to reach that dream home status.
Before we even get into the specifics of... what can I build? Where can I build it? Can I have a dock? How do I get a septic tank? How deep should the well be? How much does it cost?... ease your mind a little by reviewing the timeline and process for actually purchasing the piece of property for making all of this happen.
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Step 1
Lender Pre-Approval
This is a critical step when starting the buying process. Your lender will determine the best loan options for your situation, as well as discuss future expenses such as a construction loans, etc. Make sure you have an all-in number so you are able to stay within your budget during this journey!
Not only is this a great way to get off on the right foot for your own experience but pre-approval letters enhance an offer package as well. Showing the seller you are a serious buyer allows them to feel more confident in your offer.
Need help with finding a lender? No worries, I can help with that!
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Step 2
Meet with REALTOR®
Now that you have an idea of the price range you should be looking in, it's time to find a REALTOR® that will help you navigate this journey. Make sure this is not only someone that is knowledgeable of real estate and the area but an agent that is readily available and willing to meet your real estate goals.
If I'm lucky enough to be your REALTOR®, we will start with discussing the specifics such as... What are your wants and needs for the property? Is there a certain location you prefer? What are your must-have features? Deal-breakers? How can I help to make this process a positive experience for you?
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Step 3
Search and Showings
Based on our discussions, we will start searching and viewing properties that may be of interest to you!
In today's world, there are so many resources to use when it comes to searching for real estate. Zillow. Realtor.com. Homes.com. Facebook. Realtor websites. The list goes on and on... I'm willing to bet, if you are reading this blog, you have already done a Google search to see what's out there!
In addition to the internet, your agent will be able to provide insight that can refine your search with details pulled from the MLS listing, county records, personal knowledge, and other pertinent documents. The more information you have up front, the better chance you have at viewing homes that are truly potential fits for you. The last thing you want to do is become overwhelmed because of viewing homes that could have been easily crossed from the list from the start.
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Step 4
Make an Offer
Based on the list price and your budget, make your BEST offer. Your REALTOR® will make suggestions and discuss strategies and methods for making your offer the most appealing to the seller. Keep in mind, other offers can be made on the property so be competitive if you love it! If you have any uncertainties, include them as contingencies in the offer and research those items once you're under contract.
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Step 5
Negotiation
The sellers will either accept, decline, or “counter” your offer. Once both parties have agreed on the purchase price and other terms, the contract is ratified (under contract)! Your agent will help you understand terms of the contract so you are able to secure your property on terms that work for you.
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Step 6
Study Period
The agreed up earnest money deposit will be submitted and study period research begins. This is the time for you to check off items of concern such as a soil study, confirming water depth, and even discussions with county officials about requirements for your property.
TOP PRIORITY... the findings and answers are satisfactory to you!
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Step 7
Final Details
The lender will order an appraisal to determine the value of the property. All documents and disclosures will be submitted to your settlement agent or lawyer and a title search will be completed to ensure clear title.
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Step 8
The Closing
Your lender will provide the “clear to close” once your loan has completed the underwriting process. Lastly, the closing documents will be reviewed. Once needed documents are signed and the deed is recorded, the property is yours!
