Florida passes on overpriced land deal

Rarely would a buyer pay more than a property appraised for and this holds true even when the buyer is the State of Florida.

The Florida Department of Financial Services decided not to spend 38 million on a parcel of land that only appraised at 28 million.

Read the full release.


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- Greg Staker - Watson Realty Corp. - 407-304-0255

Don’t get scammed buying land in Florida

You can take precautionary steps that will prevent you from being scammed when purchasing land in Florida. The facts are there is land in Florida that is not able to be built on and basically worthless to most potential buyers.

If you remember that “if it sounds to good to be true, it probably is” and then follow these basic steps, you should be able to avoid getting scammed when purchasing land in Florida.

Make sure before buying you:

• Physically inspect the property. If you cannot visit the property yourself, then contact a trusted source to go out to look at the property.
• Research taxes and assessments attached to the property.
• Ask an agent or agents to provide you with a market analysis of the land.
• Check with the city or county to determine future land use and any additional information about the land that affect value.
• If you are buying from a builder/developer/real estate agent, check to make sure that they are in good standing with state and local license associations and business bureaus.
• Hire professionals to perform any and all inspections that you feel are important.
  

If the person you are buying from seems rushed or pushy, walk away. Taking precautionary steps prior to signing a contract to purchase land in Florida is a wise decision.

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What should you know when buying land?

- Greg Staker Watson Realty Corp. 407-304-0255

Florida vacant land contract

When buying land in Florida your contract should allow you the time to conduct a feasibility study to determine if the property is 100% suitable to you for your intended use. This feasibility study can include architectural analyses, surveys, assessments & inspections for:

• Phase 1 environmental
• Engineering
• Architectural
• Zoning & zoning restrictions
• Subdivisions statutes
• Soil & grade
• Access to roads, water, utilities
• Consistent with growth management plans
• Availability of permits, government approvals and licenses

You are not limited to the type of inspections you are allowed to have. Make sure you have a clause in your contract to purchase land that allows for a feasibility study.

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Tips when buying vacant land

What should you know when buying land?

Tips when buying vacant land

Make sure your offer is written on a vacant land contract and not on a standard residential contract. The residential contract isn't suitable for vacant land.

Make sure you have a due-diligence clause that allows you time to research that the land is suitable for your intended use.

Make sure the current zoning is suitable for your intended use.

If needed will you be able to put a well and septic on the property?

You should have a survey on the property prior to purchasing.

Hire a real estate professional to assist you with purchasing land in Central Florida.

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- Greg Staker Watson Realty Corp. 407-304-0255

What is a plat?

The City of Orlando is taking the time to help explain and educate citizens on terms and processing as related to real estate. The following presentation can be found on the Orlando website.


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- Greg Staker - Watson Realty Corp. - 407-304-0255

What should you know when buying land?

Home inspections are the norm in today’s real estate market. A purchaser looking to buy a house understands the importance of hiring a professional inspector or inspectors to check the home out from top to bottom including but not limited to the electrical, heating and air, roof, plumbing and structural components of a home.

What about purchasing a piece of land or vacant ground? What a buyer may need to inspect or perform due diligence is not as clear as when buying a home. Buyers need to avoid making the mistake of relying on verbal opinions from the seller and/or agent. It is important to have an inspection contingency as part of an offer to buy land.

Items a buyer should be concerned with include:

• Are there any pending legal actions against the property?
• Are there any violations of zoning or covenant restrictions?
• Has there been eminent domain proceedings started against the land?
• Are there restrictions that prevent the property from being resold or leased?
• Are there encroachments or easements that affect the property?
• Is the property low? Contain wetlands?
• Are there any environmental issues? Underground tanks? Contaminated soil? Abandoned wells?
• Is the property in a flood zone?Are their utilities on or near the site? Will you need a septic system?

These are a sample of the questions a buyer should find the answers as part of their buying process. Having a professional real estate agent who is experienced in land sales can save a buyer time and money lost from a costly mistake.

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- Greg Staker - Watson Realty Corp. - 407-304-0255