selling directly to a builder

[Anonymous]

My husband and I live on a double lot in a desirable neighborhood and are exploring selling our property directly to a builder. If you have sold your house directly to a builder, what was your process? Did you reach out to builders directly to initiate? Curious about any experiences others are willing to share. We will be moving this summer, and think we can get more by going this route. TIA.

[Anonymous]

I haven't done it, but I get calls (and occasional letters) from at least 3 builders on a regular basis. (I have a SFH on a smallish but level and buildable lot in Yorktown's boundary.)

The alternative to selling directly is to find a realtor who will do administrative stuff for you - post the land to the MLS and draw up contracts, usually for an hourly fee. Or you can pay to post the land on a FSBO site and handle that stuff yourself.

[Anonymous]

If you are in the Yorktown district, I think you should put up a sign in the front yard, tell all of your friends, tell the neighbors, your kids friends parents, etc, and then get a real estate attorney to draw up the contract.

Word will get out that your lot is for sale and you will have a very good idea of the true market value based on the offers you are receiving. Builders will be fighting for the lot and you'll also have individuals who are looking to buy their own lot and then hire their own builder.

You'll have 10 offers to choose from and then you can go back and start negotiating.

Don't get a realtor and don't accept the first builder offer. Good luck!

[Anonymous]

I had a friend purchase a house from a listserve posting just a few months ago. Where is your house - I may want it!!!

[Anonymous]

Anonymous wrote:If you are in the Yorktown district, I think you should put up a sign in the front yard, tell all of your friends, tell the neighbors, your kids friends parents, etc, and then get a real estate attorney to draw up the contract.

Word will get out that your lot is for sale and you will have a very good idea of the true market value based on the offers you are receiving. Builders will be fighting for the lot and you'll also have individuals who are looking to buy their own lot and then hire their own builder.

You'll have 10 offers to choose from and then you can go back and start negotiating.

Don't get a realtor and don't accept the first builder offer. Good luck!

I agree with all of this, but I would add one thing. If there are particular higher end builders that like your neighborhood and have built several homes, give them a call directly. Once a good builder has a reputation in a neighborhood, they like to build more homes nearby. Usually it's because of referrals, but often because they know that the neighborhood is friendly to what they do. They already have an idea if there are crazy neighbors, etc.

[Anonymous]

^^and, make sure that your lot is already legally subdivided into two separate lots. It takes a while, but isn't expensive. It will really increase the sales price if it is already done and approved.

[Anonymous]

Anonymous wrote:^^and, make sure that your lot is already legally subdivided into two separate lots. It takes a while, but isn't expensive. It will really increase the sales price if it is already done and approved.

+1 good advice and very true.

I am an agent that deals mostly with residential lots in the Arlington/Mclean/Falls Church area and I can tell you without a doubt that you will be better off getting it in the MLS- even if it is just through one of the flat fee $199 listing services. Cast as wide of a net as you can. Builders are understandably cheap and will not pay top dollar- usually not even full market value.

[Anonymous]

To the poster who suggested getting your lot legally subdivided into 2 lots - do you have an attorney you would suggest in Arlington? Any idea ballpark cost?

[Anonymous]

Anonymous wrote:To the poster who suggested getting your lot legally subdivided into 2 lots - do you have an attorney you would suggest in Arlington? Any idea ballpark cost?

Try Aris Chronis, I recommend him for all real estate/zoning/landlord-tenant matters in inner NoVa.

[Anonymous]

Anonymous wrote:To the poster who suggested getting your lot legally subdivided into 2 lots - do you have an attorney you would suggest in Arlington? Any idea ballpark cost?

Good land use lawyer is Walsh Colucci -- very connected in Arlington -- but still a PITA