Land purchase-seller financed

[Elaine Fawcett]

I've found some land that I want to purchase for a personal home. I'm closing on a multi family in 2 weeks, my first home purchase in years, and can't support another conventional loan on paper for at least a year. The land seller has agreed to do owner financing for 2 years, giving me time to lock the land up and get my ducks in a row. I'll do a build on the land if the deal goes through. 

I have no idea of what to do to put together a deal. First of all, it's a large property, half of which seems to be wetlands. The other half is buildable. It's in an area of cabins and hunting properties, no electrical or town services. I've called planning dept to ask about what is needed to investigate, and that's as far as I have gone. 

First of all, how do I go about getting someone to appraise the land to figure out what my offer should be? Secondly, how do I structure an offer to adequately protect my interests. I'm looking for advice from anyone who's done these deals before, bonus if you're in CT and can actually provide the service I'm looking for. :)

[Michael Lee]

Hello and thank you for your question Elaine!  When buying land there might be some restrictions that prevent you from doing what you are planning that may not be obviously seen.  I would suggest that you hire an experienced Attorney or a professional consultant that has experience with land restrictions in that area.  I would also talk to an long time experienced building inspector in that area that maybe aware of any restrictions or building issues that he may know about in doing what you want to do there.

Make sure you understand any or all investment conditions put into writing as well as any obligations that are financial or monetarily involved.  Usually experienced and paid professionals are worth what they charge to give you that peace of mind on anything put in writing.

Good luck to you!