Raw Land Deal Advice and Suggestions Needed

[Stacy Mellish]

Hi all, 

I have extremely motivated sellers looking to sell a large number of acres (170+) in a rapidly growing area right outside of Austin. They actually had the land under contract, but the buyer failed to show up to closing. The land was appraised for $5mill a few years ago. 

Just for a quick run down on what I'm walking into: there's water access, but no utilities. It's currently zoned as Ag-exempt and taxes are $5K. The thing is, in a perfect case scenario, the sellers would like to sell the land together and sell to someone who would be able to develop a subdivision here, but they are so strapped with medical bills and finances, they just want to get out.

The good: There are two major subdivisions that have been built (Santa Rita Ranch) very close to the land.

The bad: I haven't worked with this much land before

The ugly: (Please refer to the bad).

Any insight or recommendations as to approach and/or potential exit strategies would be greatly appreciated!