I got a letter offering to buy my land. What now?

What the letter is

The letter is short. Someone wants to buy your lot, in cash, with a quick closing. Sometimes there is a price. Sometimes there is only a phone number.

These letters are sent in bulk. Your name and your mailing address are in the public property record, and so is the size of your lot. Some senders are builders. Others are middlemen: they sign a contract with you, then sell that contract to a builder for more.

What it tells you

Somebody looked at your lot, or at your street, and saw a project. He has done part of the math already. You have not, and that is the only real problem with the letter.

Before you call back

1. Look up your zoning. It takes an hour. We explain how in what can I build on my lot?
2. Look at what new homes sold for nearby. New ones, not old ones. That is the number the buyer is working from.
3. Write down what you want. Cash now, more money later, or you are not sure yet. All three are fine answers.

If you talk to them

Ask what they plan to build. Ask how they arrived at their price. Ask how long the inspection period is, and whether they can cancel during it.

Then look at the name of the buyer on the contract. If it is followed by “and/or assigns”, the person in front of you may not be the one who closes. That is legal, but you should know it before you sign.

We write to owners too. Ask us the same questions.

A fair offer exists

Not every letter is a trap. Some of these buyers are serious builders who pay a correct price. You can only tell by comparing.

Get one other view before you answer: a broker’s opinion, a second offer, or our free Land Check.

And keep the letter in a drawer. If three arrive in a year, your street is changing, and that is worth knowing too.