Q - What can you tell me about the property?
A - I buy these parcels for the express purpose of reselling them. I have listed everything I know about the parcel in the parcel description. Anything else you need to know, you will have to research yourself. In most cases, a call to the county will get you the answers you are looking for. If you need extensive help, you may want to hire a Realtor (at your cost), or even abandon looking on my site for wholesale property, and allow the Realtor to drive you around to look at properties on the retail market.
Q - Do you offer financing on your properties?
A - Yes - on most properties, I am able to offer financing, usually with 0% interest, and low down payments.
Q - What kind of credit score do I need to qualify for financing?
A - My financing is all done in-house, so I don't have anyone to answer to. Therefore, I will finance to any adult (able to enter into a contract) who can make the down payment, and I assume they can make the monthly payments. I've had people that had terrible credit, even an ex-con, to could afford the property even though they had bad credit. I don't care. If you can pay the down payment and can afford the monthly installments, you and buy here.
Q - At these prices, could I buy and then resell a property for a profit?
A - Some of the parcels I get are perfect for this, and that's why some of my customers are "Land Wholesalers". Even better, some of the land I sell is available on terms. Here's what that means to the Land Wholesaler. A person could buy a property for a small document prep fee and down payment, and then make monthly payments while they "Retail" the property. That way, they don't need the whole purchase price in order to "tie up" the parcel while they look for a new Retail Buyer. Of course, you have to allow for the fact that most properties take several months to find a buyer, depending on market conditions, effectiveness of advertising, competition, etc.
Q - If I buy the property, and either can't find a Buyer, or things change and I can't continue making the payments, what happens?
A - If you use my seller financing to purchase a property and later, you find yourself unable to continue making payments, for any reason, let me know and you won't owe me anything in the future. There will be no more balance owed, no credit reporting, no debt collection, and no litigation! No hard feelings! We'll terminate the agreement and take the property back. Some of my Wholesale Buyers use this as an way to hold the property while they find a buyer. If after 4-6 months, they can't find a buyer, they let me know that they are going to quit making the payments, and I just take the property back. No fuss.
Q - Why is your property selling for so much less than surrounding parcels?
A - I only buy property at discounted rates, so that I can re-sell them to you, the investor, at a sub-market price. Additionally, I don't spend time and money on developing the property, or researching every detail about the property, because these activities would raise the price I would have to charge. You get the property, and the basic information that I have, and a great price. You make the phone calls to get the information you need (call the county and find out most of what you need), and / or visit the parcel. You get a great piece of land at a great price.
Q - What is the address of the property?
A - In most cases, addresses (such as 123 Sunset Road) are assigned by the U S Postal Service. Most of these rural vacant parcels have never had a home, so no address has been assigned. Once you purchase the parcel, if you need to receive mail at the property, you can apply for a mailing address from the Post Office. To help you identify the location of the parcel, I do list the approximate GPS coordinates in the listing. On most map applications on your smart phone, you can type in the GPS coordinate, and it will show you the exact location, and offer to create driving instructions to take you there.
Q - Why is the county assessor's "appraised value" less (or more) than your sales price?
A - The way counties value property varies from state to state, even county to county. In most cases, appraised value has nothing to due with market value. Rather, it is part of a formula used to calculate property taxes. So it's all a matter of perspective. If you are selling a property, you want this number to be high, because uneducated buyers will think this is it's market value. However, if you are going to own the property, you want this appraised value to be as low as possible so that your property taxes will be low. Getting the county to lower your appraised value is much more difficult than getting them to raise it. In general, assigning an assessed or taxable value is part of the formula the county uses to collect the income they need, and spread that cost as fairly as they can to the property owners in the county.
Q - How much are the property taxes?
A - All of our properties are owned free, clear and current at the time of purchase. We generally report the most recent property tax amounts on the property description. We pay the taxes that are due before the date of the sale, and you will be responsible for any property taxes due after the date of sale. If we are financing the property for you, our Land Contract states that until the payments are complete and the final transfer is recorded, we pay the annual property taxes, and send you a bill for reimbursement.
Q - What can I do with the property?
Can I put an RV or a mobile home on it?
Can I camp on the property?
Can I build a sky-scraper on it?
Can I raise animals on the parcel?
Can I grow funny crops on this land? ...
A - Unless I have mentioned something in the property description, I don't know the answer to those questions. I am selling these parcels at a wholesale price, and do not conduct extensive research on land use. You will have to call the county and ask those questions for yourself.
Q - Are the mineral rights included in the purchase price?
A - Mineral rights are not included. We have never found this to be an issue with any of the properties we have sold, because our buyers are not looking to develop oil wells or drill for gas, etc. In the USA, most properties with potentially "valuable mineral rights" had those rights separated from the "rights to use" the land many decades ago. Our customers usually want to build a house, go camping, hunt for quail or deer, climb rocks, look for gems, sit quietly away from technology, or hold it as an investment, for someone who has other plans, or just to have something tangible to pass on to their kids. If you want to invest in minerals, there are other ways.
Q - Can I put solar panels on the parcel?
A - I suggest you call the county and ask if there are any restrictions about that. Many of the parcels we list here are in the rural parts of the county, and many counties have no restrictions on solar panels. But if this is important to you, call the county to be sure.
Q - Does this parcel have utilities?
A - In most cases, these are rural parcels, and unlike a developed subdivision, you can't expect to have all utilities at the curb (there isn't even a curb). However, here is something you can notice. Are there other houses in the area. If the answer is yes, that means those neighbors have figured out a way to have what they need. I suggest you talk to the county, or contact these neighbors, and ask them how they worked things out.
Q - Can I put a contingency on the purchase, to allow me to ________ before I buy the parcel?
A - No. Please take care of whatever you need to take care of before you purchase my parcel. Yes - I know that means that someone else might buy this before you get your other issue resolved, but there will likely be other parcels to come up for sale in the future.
Q - I see your parcel listed on the MLS (Multiple Listing Service). Does this mean you are a real estate agent/broker?
A - No - I am not a real estate agent or broker. By profession, I am an insurance premium auditor. In the last few years, a number of "Flat Fee MLS Listing Services" have popped up, allowing property owners like me to list their property without hiring a real estate agent. I sometimes use the MLS as one of my advertising methods, but I am not a Realtor.
Q - How do I know you are for real, or that I can trust you?
A - There are two answer to this one.
Option One we can use a public notary to meet you at the bank, and then exchange your funds for the signed deed.
Option Two we can use a standard Title Company to handle the transaction. I think that resolves most, if not all, the risk.
Most of the time, for a cash sale, we use option two, and the escrow agent at the title company handles everything. If you are buying a property using my seller financing, then you will be working directly with me, and we will develop a relationship and trust over time.
Since you don't know me yet, and we are talking about a substantial investment, I think this is a very reasonable and rational question. Here's some background on me, so you can see if I'm real and reputable. I am a full time insurance auditor for Information Providers, Inc (IPI) I used to be a Licensed Insurance Adjuster, and I still keep some of my state adjuster licenses active. Here are a couple that you can look up pretty easily...
Q - The insurance license information is interesting, but is then another way for me to verify who you are?
A - Check me out on Facebook. I have been a member of the Civil Air Patrol (U. S. Air Force Auxiliary) for almost ten years. You can't look me up directly without passwords, but I am the Public Affairs Officer for our local squadron (Chattanooga Choo Choo Senior Squadron) as well as for our group (Tennessee Group II ), and as such, I manage our TN Group II Facebook page: Group II, Tennessee Wing Civil Air Patrol
And, here's another way. When I am in town, I try to play handball or racquetball 3-5 times per week. I play at the Sports Barn in Chattanooga, TN. The Sports Barn has three locations, and I play at the Downtown club. You could look up that phone number on your own, (or use this link for the Sports Barn), call them, and ask if Larry Stewart is there. I'm usually on the court from about 3 or 4 pm until 5 or 6 pm, Monday - Thursday, or Saturday mornings, from 9 - 11 am. If I'm on the court, ask them to interrupt me, but please keep the call to about 10 seconds. I don't like keeping my other three doubles partners waiting. Thanks!
Q - Why are you so willing to give so much of your personal information?
A - In a time when there are so many robo-calls, telemarketers, and people looking to take advantage of others, I understand when people are a little hesitant to do business over the Internet, the phone, and/or the mail. So I am treating you, the way I would want to be treated (Christ gave us a great teaching, on this). Check me out. I want you to feel comfortable before you move forward.
A - I buy these parcels for the express purpose of reselling them. I have listed everything I know about the parcel in the parcel description. Anything else you need to know, you will have to research yourself. In most cases, a call to the county will get you the answers you are looking for. If you need extensive help, you may want to hire a Realtor (at your cost), or even abandon looking on my site for wholesale property, and allow the Realtor to drive you around to look at properties on the retail market.
Q - Do you offer financing on your properties?
A - Yes - on most properties, I am able to offer financing, usually with 0% interest, and low down payments.
Q - What kind of credit score do I need to qualify for financing?
A - My financing is all done in-house, so I don't have anyone to answer to. Therefore, I will finance to any adult (able to enter into a contract) who can make the down payment, and I assume they can make the monthly payments. I've had people that had terrible credit, even an ex-con, to could afford the property even though they had bad credit. I don't care. If you can pay the down payment and can afford the monthly installments, you and buy here.
Q - At these prices, could I buy and then resell a property for a profit?
A - Some of the parcels I get are perfect for this, and that's why some of my customers are "Land Wholesalers". Even better, some of the land I sell is available on terms. Here's what that means to the Land Wholesaler. A person could buy a property for a small document prep fee and down payment, and then make monthly payments while they "Retail" the property. That way, they don't need the whole purchase price in order to "tie up" the parcel while they look for a new Retail Buyer. Of course, you have to allow for the fact that most properties take several months to find a buyer, depending on market conditions, effectiveness of advertising, competition, etc.
Q - If I buy the property, and either can't find a Buyer, or things change and I can't continue making the payments, what happens?
A - If you use my seller financing to purchase a property and later, you find yourself unable to continue making payments, for any reason, let me know and you won't owe me anything in the future. There will be no more balance owed, no credit reporting, no debt collection, and no litigation! No hard feelings! We'll terminate the agreement and take the property back. Some of my Wholesale Buyers use this as an way to hold the property while they find a buyer. If after 4-6 months, they can't find a buyer, they let me know that they are going to quit making the payments, and I just take the property back. No fuss.
Q - Why is your property selling for so much less than surrounding parcels?
A - I only buy property at discounted rates, so that I can re-sell them to you, the investor, at a sub-market price. Additionally, I don't spend time and money on developing the property, or researching every detail about the property, because these activities would raise the price I would have to charge. You get the property, and the basic information that I have, and a great price. You make the phone calls to get the information you need (call the county and find out most of what you need), and / or visit the parcel. You get a great piece of land at a great price.
Q - What is the address of the property?
A - In most cases, addresses (such as 123 Sunset Road) are assigned by the U S Postal Service. Most of these rural vacant parcels have never had a home, so no address has been assigned. Once you purchase the parcel, if you need to receive mail at the property, you can apply for a mailing address from the Post Office. To help you identify the location of the parcel, I do list the approximate GPS coordinates in the listing. On most map applications on your smart phone, you can type in the GPS coordinate, and it will show you the exact location, and offer to create driving instructions to take you there.
Q - Why is the county assessor's "appraised value" less (or more) than your sales price?
A - The way counties value property varies from state to state, even county to county. In most cases, appraised value has nothing to due with market value. Rather, it is part of a formula used to calculate property taxes. So it's all a matter of perspective. If you are selling a property, you want this number to be high, because uneducated buyers will think this is it's market value. However, if you are going to own the property, you want this appraised value to be as low as possible so that your property taxes will be low. Getting the county to lower your appraised value is much more difficult than getting them to raise it. In general, assigning an assessed or taxable value is part of the formula the county uses to collect the income they need, and spread that cost as fairly as they can to the property owners in the county.
Q - How much are the property taxes?
A - All of our properties are owned free, clear and current at the time of purchase. We generally report the most recent property tax amounts on the property description. We pay the taxes that are due before the date of the sale, and you will be responsible for any property taxes due after the date of sale. If we are financing the property for you, our Land Contract states that until the payments are complete and the final transfer is recorded, we pay the annual property taxes, and send you a bill for reimbursement.
Q - What can I do with the property?
Can I put an RV or a mobile home on it?
Can I camp on the property?
Can I build a sky-scraper on it?
Can I raise animals on the parcel?
Can I grow funny crops on this land? ...
A - Unless I have mentioned something in the property description, I don't know the answer to those questions. I am selling these parcels at a wholesale price, and do not conduct extensive research on land use. You will have to call the county and ask those questions for yourself.
Q - Are the mineral rights included in the purchase price?
A - Mineral rights are not included. We have never found this to be an issue with any of the properties we have sold, because our buyers are not looking to develop oil wells or drill for gas, etc. In the USA, most properties with potentially "valuable mineral rights" had those rights separated from the "rights to use" the land many decades ago. Our customers usually want to build a house, go camping, hunt for quail or deer, climb rocks, look for gems, sit quietly away from technology, or hold it as an investment, for someone who has other plans, or just to have something tangible to pass on to their kids. If you want to invest in minerals, there are other ways.
Q - Can I put solar panels on the parcel?
A - I suggest you call the county and ask if there are any restrictions about that. Many of the parcels we list here are in the rural parts of the county, and many counties have no restrictions on solar panels. But if this is important to you, call the county to be sure.
Q - Does this parcel have utilities?
A - In most cases, these are rural parcels, and unlike a developed subdivision, you can't expect to have all utilities at the curb (there isn't even a curb). However, here is something you can notice. Are there other houses in the area. If the answer is yes, that means those neighbors have figured out a way to have what they need. I suggest you talk to the county, or contact these neighbors, and ask them how they worked things out.
Q - Can I put a contingency on the purchase, to allow me to ________ before I buy the parcel?
A - No. Please take care of whatever you need to take care of before you purchase my parcel. Yes - I know that means that someone else might buy this before you get your other issue resolved, but there will likely be other parcels to come up for sale in the future.
Q - I see your parcel listed on the MLS (Multiple Listing Service). Does this mean you are a real estate agent/broker?
A - No - I am not a real estate agent or broker. By profession, I am an insurance premium auditor. In the last few years, a number of "Flat Fee MLS Listing Services" have popped up, allowing property owners like me to list their property without hiring a real estate agent. I sometimes use the MLS as one of my advertising methods, but I am not a Realtor.
Q - How do I know you are for real, or that I can trust you?
A - There are two answer to this one.
Option One we can use a public notary to meet you at the bank, and then exchange your funds for the signed deed.
Option Two we can use a standard Title Company to handle the transaction. I think that resolves most, if not all, the risk.
Most of the time, for a cash sale, we use option two, and the escrow agent at the title company handles everything. If you are buying a property using my seller financing, then you will be working directly with me, and we will develop a relationship and trust over time.
Since you don't know me yet, and we are talking about a substantial investment, I think this is a very reasonable and rational question. Here's some background on me, so you can see if I'm real and reputable. I am a full time insurance auditor for Information Providers, Inc (IPI) I used to be a Licensed Insurance Adjuster, and I still keep some of my state adjuster licenses active. Here are a couple that you can look up pretty easily...
- GA License Number: 811316 Web Site: https://www.oci.ga.gov/Agents/AgentStatus.aspx
- FL License Number: W177396 Web Site: https://licenseesearch.fldfs.com/
- TX License Number: 1893763 Web Site: https://txapps.texas.gov/NASApp/tdi/TdiARManager
- First Name: Laurence
- Last Name: Stewart
- License Number: (see number for each individual state)
- City: Livingston (I have dual residency, a place in Texas and a place in Tennessee where my grand kids live)
- State: Texas (I have dual residency, a place in Texas and a place in Tennessee where my grand kids live)
- National Producer Number: 2727456 (in many states, just using this number will access by records)
- License Type: Independent Insurance Claims Adjuster
Q - The insurance license information is interesting, but is then another way for me to verify who you are?
A - Check me out on Facebook. I have been a member of the Civil Air Patrol (U. S. Air Force Auxiliary) for almost ten years. You can't look me up directly without passwords, but I am the Public Affairs Officer for our local squadron (Chattanooga Choo Choo Senior Squadron) as well as for our group (Tennessee Group II ), and as such, I manage our TN Group II Facebook page: Group II, Tennessee Wing Civil Air Patrol
And, here's another way. When I am in town, I try to play handball or racquetball 3-5 times per week. I play at the Sports Barn in Chattanooga, TN. The Sports Barn has three locations, and I play at the Downtown club. You could look up that phone number on your own, (or use this link for the Sports Barn), call them, and ask if Larry Stewart is there. I'm usually on the court from about 3 or 4 pm until 5 or 6 pm, Monday - Thursday, or Saturday mornings, from 9 - 11 am. If I'm on the court, ask them to interrupt me, but please keep the call to about 10 seconds. I don't like keeping my other three doubles partners waiting. Thanks!
Q - Why are you so willing to give so much of your personal information?
A - In a time when there are so many robo-calls, telemarketers, and people looking to take advantage of others, I understand when people are a little hesitant to do business over the Internet, the phone, and/or the mail. So I am treating you, the way I would want to be treated (Christ gave us a great teaching, on this). Check me out. I want you to feel comfortable before you move forward.
