Negotiating a Land Purchase: How to Make a Fair Offer
- Research the land’s market value. Ask a real estate agent to review comparable land sales through the MLS. Check county property records for sales history, recorded acreage, and other useful details.
- Consider a professional land appraisal. An appraiser can help estimate fair market value before you make an offer. Appraisal fees vary by location, acreage, and property complexity.
- Start with a fair, good-faith offer. An offer supported by comparable sales can encourage productive negotiations. A lowball offer may discourage the seller from negotiating.
- Negotiate more than the purchase price. Discuss the closing date, seller concessions toward eligible closing costs, and who pays for a survey, subject to your loan program’s requirements.
- Clarify property boundaries. Ask whether a current boundary survey is available and whether property corners are marked. Negotiate who will pay for any needed survey work.
- Resolve acreage discrepancies before closing. If the advertised acreage differs from county records or a survey, clarify the difference and address any agreed price adjustment in the purchase contract.
- Allow time for due diligence. Include appropriate time to review financing, legal access, utilities, zoning, and whether the property suits your intended use.
