Pcttrader, Other/Just Looking in Water Mill, NY

Our family has some acreage in the Water Mill, NY area, which we would like to sell. What is the most logical approach.?

Asked by Pcttrader, Water Mill, NY Thu May 20, 2010

One family member researched "selling" development rights to the town of Southampton, but they have no money. So next steps... sell this property. Acreage is 38 acres... Some of it is wetlands (3-5 acres). would like to know contacts, and estimated timeline from appraisal to potential sale.

Help the community by answering this question:

Answers

3
Also whomever you do sell the property to I believe there is a 2% wetlands tax the buyer has to pay at closing- this is important information you should know when dealing with a possible buyer because it could potentially squash the entire deal if they are unaware of this heafty cost they have to pay at closing....good luck!
0 votes Thank Flag Link Thu May 20, 2010
good afternoon...sally's suggestion below is great....knowing what the land can be used for is useful when trying to market it to a potential buyer..many times subdividing it can make it more profitable, but cannot always be done or make sense to do..since the local township is so broke..they would probably wlecome anyone to come in to develop it into most anything that would fall within the zoning restrictions so they can collect more tax revenue on it...lastly..maybe approach a local bank...see if they would offer financing on it for a developer..and perhaps even post a sign to solicite inquiries..laslty..would you consider owner financing?..it could make it more marketable...best regards...
bob mcclure-
first preferred mortgage-
southfield, michigan..
0 votes Thank Flag Link Thu May 20, 2010
You got to start with the Town of Southampton.
Bring a survey to zoning.
The most important thing is to know the zoning and usage for example if is agricultural only, if it can be sub divided etc.
Go to Zoning at Southampton Town is your best bet.
The once you know how your land can be use, then get an appraisal.
Usage is very important
Where in Water mill is your land?
Keep in mind that some areas are over the aquifer and there is restrictions about clearing based on the zoning.
This is why you got to start with Southampton Town Zoning
They are open 8:30 AM to 4PM
Need to get your survery or tax map I.D. and go in person
If you need further help email me
Do you live here in the South Fork?
Regards,
Sally Seims
0 votes Thank Flag Link Thu May 20, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer