Finding Bargain Deals for Land for Sale near Los Angeles CA

Sunny Los Angeles, CA is home to Hollywood, some of the best beaches in the country, and great food. But it also boasts some of the highest home and land prices in the United States. In some parts of the city, an acre lot sells for well over a million dollars.

If you’re hunting for a bargain deal in the Los Angeles area, you’ve got your work cut out for you. While not impossible to find, it’s important to remember that a bargain in this city may be outrageous in another. If you’re up to the task, try the tips below to secure a great deal on a piece of land in Los Angeles.

Auctions

Property auctions are a great place to start if you’re looking for a bargain. Because of high demand and the high cost of living in Los Angeles, vacant lots are always up for grabs at auctions. Be it online or through a government auction, you can secure a great piece of property for well below market value.

If you decide to go this route, try to make sure that you already have cash in hand. In most cases, you’ll be required to pay 10% of the purchase at the auction, and the remainder of the payment will be due within 30 days. If you can’t get the cash before the auction, that 30 day window may buy you enough time to secure financing.

REO/Foreclosure Deals

If you’re in the market for farmland or commercial land, you can purchase REO property for discount rates. REO (Real Estate Owned) is just another term used for bank owned property.

Typically, you won’t find many residential plots for sale, but if you’re willing to search outside the city, you may find foreclosed farms for sale. REO commercial land may also be available in the heart of the city, but don’t expect to pay rock bottom prices for these plots. They’ll come at a cheaper rate than nearby lots, but they’ll still be sold at a premium rate because of the location.

Online Listings

Another great way to find bargain deals is to search for land listings online. Major property portals and specialty listing sites may offer great deals on vacant lots. Start by searching through sites that deal exclusively with land sales – many offer lots at steeply discounted rates.

Whether you choose to peruse major property portals or specialty sites, you’ll need to act quickly if you find a great deal. All too often, these properties are up and gone in the blink of an eye.

For Sale by Owner & Owner Financing

One of the best ways to get a great deal on land – be it in LA or any other city – is to bargain with landowners. Many landowners choose to sell their properties themselves because they don’t want to deal with real estate agents (and having to pay commissions).

The great thing about buying directly from the owner is that there’s often a lot of room for negotiation – especially if the seller doesn’t even use the property. Because you remove the middle man (i.e. a real estate agent), most sellers are willing to come down on the price.

Sometimes, you can also find owners that will finance your purchase. In the long run, you’ll likely wind up paying less for the property as you won’t be going through a bank. You may also have an easier time securing a piece of property this way if you have credit issues. You can find land for sale by owner online on sites like Craigslist and eBay. But you can also find listings in the classified ads section of local newspapers.

Search Outside the City Limits

If you’re truly looking for a bargain, try searching outside of the city limits. Remember, Los Angeles is a big area, and you’d be surprised how much land prices drop once you reach the outskirts of town.

If you’re hoping to purchase several acres of land, you may have no other choice but to look outside of Los Angeles. Neighboring towns will have better deals and lower prices, but will still be close enough to the city. Demand will still be high in these areas, and you may find lucrative opportunities if you look in the right places.

Look to the Desert

About 90-100 minutes outside of the city – if you’re willing to search out that far – you’ll find plots of land out in the desert for cheap prices. Provided the land is close to a high-growth area, you’ll see a good return on your investment. While these properties may not be in the city of Los Angeles, they are close enough to still be in demand, and affordable enough for the everyday investor to purchase.

Spread the Word

Let your friends, colleagues, family and neighbors know that you’re in the market for land. They may know someone who is considering selling their property for the right price. Again, this gives you an opportunity to negotiate because you’re dealing directly with the landowner. If this person happens to be a friend or family member, you may be able to purchase the land at a discounted rate. Even if you’ve never met the seller before, you can still land a great deal if you have excellent negotiating skills.

Finding bargain deals on land in Los Angeles, CA is no easy task, but well worth the effort. The right property purchased for the right price could prove to be a very lucrative opportunity. Auctions and REO properties are a great place to start, but don’t forget to search online listings and for properties that are for sale by owner. Dealing with owners directly is a smart way to negotiate a great deal on a plot of land, but if you fail to find ample opportunities, try searching outside of the city and as far out as the desert. You’re sure to find properties at rock bottom prices in potential growth areas. Finally, let others know that you’re looking for land. You never know who may have a piece of property that’s up for grabs.