So i'm new to the business and I might have got my first listing for a lot in a residential area. The lot is only going for 5k and really cannot be built on due to storm drains underneath. It could, however, be used by the locals as a area fro kids to play. My real questions is what I should tell the owner is the first thing she needs to do? Get a deed to show the area of lot? Any info would be much appreciated. Thanks

You first need to ask yourself a very inportant question. Who would buy a lot in a subdivision that cannot be built on???? If there is a home owners association maybe they would buy it and turn it into a park...That is the only buyer I can think of. How did your client end up with the lot and does it have a seperate tax id number and you should also look to see if there are any deed restrictions. This sounds like a drainange lot that should be owned by the developer. Is your client by change an heir of the developer...if the answer is yes then that lot has no value and cannot be sold.

hmm, thanks for the thorough answer. I guess I should have been more thorough as well. The strange thing about this lot is that it happens to be right next to a house a my grandmother-in-law who happens to be in a nusring home and her brother is the power of attorney. It's rather weird how small a world this is.. Anywho, I imagine they will want to sell the house and I plan to ask them if they would like it buy the lot as well to add on to the property just for grass space. It;s a corner lot, that a dead end street runs through with only three houses side by side. So, I could also all three owners if they would want to but the lot for parking. Maybe the local Flower club. I really don't know... BUt thanks for the info i'll look into it!!!

Are there community amminities such as a pool, clubhouse, golf course anything that only property owners have access to? You could market it as a cheap way to gain access to these thing or just see if the neighbors what to buy to to increase their property. courthouse should have a plat map

The first thing you need to ask yourself is this property salable. If not then why even get involved walk away. If its salable then that is what you need to tell your seller.

Look into zoning restrictions too. If it were to be made a garden area or park, it would need to be rezoned.

The developer should have donated this lot to the homeowner's association when the neighborhood was built.

It sound like a drainage lot the the developer never transfered to the association. If developer died then this is most likely a heir trying to liquidate the assets and does not know it is not buildable. It will show this on the original subdivision papers filed with the county.