The standard real estate admonition about location is especially true in the case of buying or selling undeveloped land. There are many factors at play when evaluating the worth of any given tract. Whether it's undeveloped land in the path of a growing city, or land best suited for other uses, including agricultural or industrial, buyers and sellers must understand both the economic truths about real estate and the emotional factors that influence buying and selling decisions. Due diligence is required.
Basic guidelines about how to approach a land transaction, whether it's a single lot or multiple acres, can be confusing and misleading, and sometimes a fair amount of sleuthing is needed to get complete answers. At a minimum, buyers should
…