Sarah,

All of the answers below are very good advice. However, no one has addressed the fact of whether or not the lot is conforming to local zoning codes. If for example, the minimum lot size is 100 x 125, you will not be able to build on the lot without first obtaining a variance. There are also rules on the percentage of area a structure can occupy. You also mentioned there were no improvements on the lot, you will then have to seek relief from installing curbs, sidewalks etc. Call your local zoning officer and inquire about set backs, frontage requirements etc. Obtaining variances can be costly and will add to the cost of the lot. Good luck.

Hey Sarah
you may also want to check out the tax and assessment info at the Ocean County Tax records site. You should be able to get current info on that property. I think you can search by street number or lot and block if you have it. best of luck to you-
Nancy Cagno
Coldwell Banker Flanagan Realty

Sarah, align yourself with a good agent to advise you on current market value. If you've already established a dialogue with the seller, it could be tricky and he/she may object to paying commission, but if not, or if a bit of time has passed, you should be fine. Most FSBO sellers cooperate with agents. The assistance you'll receive from a good agent is enormous - most importantly at this point helping to gauge the fair market value of this property given the market decline, then come negotiations and keeping the transaction on track for a successful close. And for all the service you receive and benefits you accrue, the convention is for the seller to pay the commission - so it really makes no sense to go it alone. Remember that the goal of a FSBO is to net more, and while buyers often think that the seller's savings will translate into a saving for them, it is usually not true. Also, often times FSBOs are priced incorrectly because the seller is not being advised on price by an agent. In short, you stand a very good chance of paying too much for a property unless you work with a good agent.


Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com

Hi Sarah, Gayle & Camille gave great answers. Does the current owner want to sell? Values depend most on their willingness/need to sell. I suggest you enlist the help of either Gayle or Camille, both have an excellent reputation in the area. You need a professional to help value the property, but more importantly, you want an experienced negotiator helping you get the best possible price.

Hello Sarah,
The lot is going to be worth only as much as our current market's buyers are willing to pay for it. You may want to enlist the help of a local Realtor to assist you in determining what a fair market value would be for the particular lot. The seller may or may not be very motivated to sell. Only one way to find out. Hope it all works out for you.
Gayle Slavick
Coldwell Banker Flanagan Realty

The lot like every other property is worth less than it was a few years ago. Make an offer based on today's value. If the seller seems motivated to sell you could get a very good deal. good luck to you.

Camille Miller
Broker/Owner http://www.JustJerseyRealEstate.com