Author Topic: 7.5A land for sale in Churubuso NY  (Read 552 times)

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Offline Adam Roby

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7.5A land for sale in Churubuso NY
« on: November 10, 2018, 05:18:31 AM »
Land in northern NY state bordering Canada (close to Malone / Chateaugay).
7.5 acres, already cleared.  Roughly 480' x 680', seasonal stream, dirt road access (1500' from main road).
Low taxes (< $150.00 per year)
PM me for details.


Offline Adam Roby

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Re: 7.5A land for sale in Churubuso NY
« Reply #1 on: November 25, 2018, 10:13:16 AM »
Question:  How complicated is it to do a land contract?

I posed an ad 2 weeks ago on Craigslist.  Had no feedback for 2 weeks, until Friday.  Since then I've had 3 separate people asking me if I'd agree to a land contract or a rent-to-own.  On one hand, at least it sells and I have some income to go towards the new property... on the other hand, what if the person builds something illegal, taxes skyrocket, etc... I am liable for the land until its in their name.  On the same token, they could pay for 2 years and then stop paying... bail out, and I still have the land to sell to someone else and just made some extra income.

Has anyone been through a land contract sale before?  Being out of country (Canada) makes it an even more daunting challenge.   I am leaning more towards a no than a yes...

Offline Rys

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Re: 7.5A land for sale in Churubuso NY
« Reply #2 on: November 26, 2018, 04:59:28 AM »
We purchased our property through a land contract. In our case the seller was in a much better position than we were. Theoretically we could have lost it all if we were late on our payment. Needless to say we were never late!
Now how ever many years later we are so glad we did it.
If you decide to do a land contract make sure you have a knowledgable lawyer draw it up for you and possibly run a credit check?  I would also ask for a down payment.
Good luck Adam!

Offline jsahara24

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Re: 7.5A land for sale in Churubuso NY
« Reply #3 on: November 26, 2018, 03:50:20 PM »
Question:  How complicated is it to do a land contract?

I posed an ad 2 weeks ago on Craigslist.  Had no feedback for 2 weeks, until Friday.  Since then I've had 3 separate people asking me if I'd agree to a land contract or a rent-to-own.  On one hand, at least it sells and I have some income to go towards the new property... on the other hand, what if the person builds something illegal, taxes skyrocket, etc... I am liable for the land until its in their name.  On the same token, they could pay for 2 years and then stop paying... bail out, and I still have the land to sell to someone else and just made some extra income.

Has anyone been through a land contract sale before?  Being out of country (Canada) makes it an even more daunting challenge.   I am leaning more towards a no than a yes...

I did a land contract on my property purchase, it was for 1 year and it was setup as a mortgage by a lawyer so the property was transferred into my name at the closing.  It worked out great for both parties in my situation, however I would recomend doing a couple things to protect yourself. 

Don't transfer the title until it has been paid in full.  You don't want to get into a potential foreclosure.
Have a lawyer draw up the specifics of the contract to make sure you are following all laws pertaining to real estate brokering & lending, etc.   
Get a down payment.
Do a Credit/background check.
Basically pretend that you are the manager of your local bank, would you loan your money to them? 



Offline Adam Roby

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Re: 7.5A land for sale in Churubuso NY
« Reply #4 on: June 22, 2019, 03:51:05 AM »
What is the trick to selling land?  I think my lot is a steal.  It generates so many views (200+ in a week, ~500 in the first month), but almost no questions.

I've tried with a real estate agent, got absolutely no-where.  Not a single hit, and even had some people complaining about him being not very helpful.
I'm posting it locally in Montreal, but I think people are afraid to buy in the US, despite my ad showing how simply it is and all the benefits compared to back home.
I'm posting on Craigslist, some locals show interest but most are fairly poor people, main questions are always if I can do owner financing and when I tell them they'll need to pay the lawyer fees ($400 for the contract) they can't find the money or the credit union refuses their loan request for the $400.  I'd love to help out a local person, but if they can't get a $400 loan for a down-payment, how can they afford to pay a monthly payment? 

What other ways have people used to help sell their land?  Its not costing me much in taxes if it just sits there, but it would be nice to sell to help pay off my new cabin.  Is it just a waiting game?  Am I missing some opportunities that I am not thinking about?  Would regional papers be best (Penny Saver etc.)?

 

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