1. How do I know if a lot that I’m interested in is still available for sale?
VACANT-LOTS.COM is constantly updating its site to ensure that the status of the listings is up-to-date. If a parcel is listed on the site IT IS AVAILABLE unless the phrase “UNDER CONTRACT” is written in the comments section of the listing. As soon as a parcel has been SOLD (i.e. the sale has actually closed) – the listing is removed from the site.
2. Does VACANT-LOTS.COM work with real estate brokers?
Yes. VACANT-LOTS.COM pays up to a 3% commission to cooperating real estate brokers. Please make sure that this information is inserted in the REAL ESTATE SALES CONTRACT.
3. How often are new listings added to the site?
Properties are added (and sometimes withdrawn) from the site at the discretion of the Sellers. The best way to keep track of new listings and price changes is to sign up for the Mailing List and you’ll be notified of such additions or changes.
4. Are surveys available for the properties?
As a general rule, we do not have surveys on hand for the properties until they are under contract. Our REAL ESTATE SALES CONTRACT outlines that the Seller will deliver a current plat of survey to the Purchaser at, or prior to, the closing.
5. How long does it take to close after a contract has been signed?
On a cash deal, the closing can usually occur within four (4) to six (6) weeks after the signing of the REAL ESTATE SALES CONTRACT. It is suggested that the Purchaser insert a closing date of six (6) weeks subsequent to the date of the offer.
If the Purchaser is seeking financing, the closing date will be dependent upon the date by which financing can be approved. Generally, the Seller will allow sixty (60) to ninety (90) days for a closing where the Purchaser is seeking financing.
6. (a) What is an appropriate amount of earnest money to put down on the offer?
VACANT-LOTS.COM suggests the following earnest money deposits:
|Purchase Price||Earnest Money|
|$0 - $50,000||$1,000|
|$50,001 - $100,000||$2,000|
|$100,001 - $300,000||$3,000|
(PLEASE NOTE: These numbers are just a guideline, the ultimate amount of the deposit is a matter of negotiation between the Seller and Purchaser).
(b) Who should hold the earnest money?
If the Purchaser is using an attorney, it is suggested that the Purchaser’s Attorney hold the earnest money deposit.
If the Purchaser is not using an attorney, then the earnest money should be held by the Seller or its Attorney.
7. What if I’m interested in buying a package of lots?
Check the listing for each property to make sure that they are still available (i.e. not “UNDER CONTRACT”). If they are available, please COMPLETE a separate REAL ESTATE SALES CONTRACT for each parcel.
8. Is financing available?
Most Sellers on Vacant-Lots.com do NOT offer Seller financing (although that is matter of negotiation between the Purchaser and Seller). Many area lending institutions do make loans for acquisition of vacant lots – anywhere from 50-80% of the purchase price – dependent upon the Purchaser’s credit and the purpose of the purchase.
Refer to our ARTICLES OF AGREEMENT FOR DEED for general terms.
9. Can I list my property on www.vacant-lots.com?
Yes, our PROPERTY LISTING REQUEST FORM provides all the detail that is needed to list your property on the website. Pay for your listing online or send a check to:
Attention: Carol Fleishman
77 West Washington, Suite 1115
Chicago, IL 60602
If you have any other questions, please e-mail us at firstname.lastname@example.org and we’ll provide an answer as soon as possible.
Thanks for your patronage of VACANT-LOTS.COM !!