Frequently Asked Questions - Land

Pacific-Realtors.net

Serving California Since 1987

Empty,Land,In,Williamson,Valley

How long has Pacific-Realtors.net been in business?

The firm started doing business in 1987. The owner, Michael Chulak, became licensed as a real estate broker in 1971.

 

What does Pacific-Realtors.net do when someone wants to list a lot or parcel of land for sale with your firm?

The first thing we do is evaluate and determine the land's highest and best use and approximate value, so we know who to target as potential buyers. Factors that are important include the zoning of the land, its configuration, its precise location, general demand in the area, and what is being planned in the area. The information helps us determine who we will contact from our database of land developers, home builders, land bankers, franchise companies, chain stores, investors, and other land brokers. We also erect a sign on the property and contact adjacent and nearby property owners. Finally, we receive inquiries from our website.

 

What happens if two people own real estate together and one wants to sell the property while the other refuses to sell?

A co-owner can force a sale of the property by filing a partition action which will result in a court order forcing the sale of the property. See: Partition Actions - Real Estate Sales.

 

I would like to work with a Christian real estate agent. Can Pacific-Realtors.net assign a Christian real estate agent to me?

Yes. Michael Chulak, the founder and owner or the company, is a Christian and many of our agents are Christians. Please call Michael Chulak for additional information.

 

When evaluating pre-development land opportunities, what are some of the most important considerations?

Your evaluation should include the following: 1) Is the location in the growth path of a major population center? 2) Is the. population of the area in which the land is located increasing at an acceptable rate? 3) Is the land usable and relatively level? 4) Is the land easy to reach by car? 5) Does a master plan exist for streets, sewers, and utilities? 6) Is water available? 7) Is the land located in a business-friendly county and state where residential and commercial development is encouraged? 8) Is the land priced at or below fair market value? 9) Can I afford the payments?

Your final decision to invest in land will ultimately involve weighing the advantages and disadvantages of each alternative. The agents with Pacific-Realtors.net can assist you in evaluating all types of real estate investments.

 

Can I reliably determine how much my land is worth from an internet website such as Zillow or Trulia?

No. These sites provide only rough computer-generated estimates based upon averages as opposed to specific data. Their valuations can easily be 10% high or low. If you want a reliable estimate of the value of your home, you should have one of our real estate agents prepare a comparative market analysis (CMA).

 

Will Pacific-Realtors.net provide us an estimate of value before we list our vacant land for sale?

Absolutely. While estimating the value of vacant land is difficult, we will provide you with our best estimate of value based upon the data available.

 

What is the best way for us to search for land?

After being pre-qualified by one of our real estate agents, the best way to get started is by engaging in an advanced search on our website. The search feature is on the home page. For instructions: Search for Land Listings Like a Realtor.

 

I am intending to sell my land. What am I required to disclose to prospective buyers about my land?

You are required by law to disclose every material fact that would affect a buyer's decision to buy or not buy the property, or to pay more or less for the property. This is a very broad disclosure requirement that sellers must take seriously.

 

How much does it cost to hire a buyer's agent?

It doesn't cost anything. Agents that are hired by buyers are a paid portion of the commission paid by the seller of the property.

 

What is earnest money?

Earnest money is money deposited into escrow in connection with a purchase agreement to demonstrate good faith that the buyer serious about closing the transaction. Earnest money protects the seller if the buyer backs out after all contingency periods have expired or is unable to perform. The lack of performance by the buyer for any reason can cause substantial financial harm to the seller, who has taken the property off the market and has probably made plans  based on the sales agreement.

 

Is it possible for me to earn real estate commissions by simply referring  potential buyers and sellers to a full time, experienced real estate agent?

Yes. By becoming a referral agent, you can avoid joining the Board of Realtors and Multiple Listing Service while earning commissions. Referral real estate agents can earn thousands of dollars consistently each year without showing homes or selling. Call Michael Chulak for details.

 

Do you do more than sell land?

Yes. We are involved in property management, commercial leasing, and the sale of houses, apartment buildings, and commercial properties. Our affiliate, Pacific Business Advisors represents people wanting to sell or buy a business anywhere in California.

 

Does Pacific-Realtors.net receive referrals from out of the area real estate brokers?

Yes. Our firm receives both buyer and seller referrals from: Broker to Broker Referrals and other referral sources.

 

Is the assessed value of my land an indicator of its market value?

No. The assessed value is the number assigned by the real estate taxing authorities and is not indicative of the fair market value of your land.

 

Are real estate brokerage commissions set by law in California? It seems that  every firm is charging 10% to sell land.

Broker commissions are not set by law. Every real estate brokerage firm establishes what it will charge to market and sell a given property. Commissions and levels of service vary from firm to firm.

 

Does Pacific-Realtors.net offer any commission discounts or rebates to buyers or sellers of homes?

Yes. In appreciation of their extraordinary service, Pacific-Realtors.net is pleased to offer a $1,000 commission discount or rebate to all active-duty military and reservists in the United State Armed Forces, sheriffs, police, fire fighters, and paramedics who buy or sell land through our company.

 

Does your firm ever joint venture the purchase of investment properties with others?

Yes. We will consider the joint venture of homes, rental homes, apartments, commercial properties, and land. Call Michael Chulak to discuss a potential joint purchase of any type of real estate.

 

Can a non-citizen own real estate in the United States?

Absolutely. Whether you are a citizen or a non-citizen, we would be pleased to help you purchase a home, land, or any other real estate.

 

I would like to start a career in real estate. Do you have any suggestions?

You have already made a good start by visiting our website. You will need to take certain required courses which you can take through First Tuesday. They are an excellent company and you can contact them through our site. They will give you a discounted price when you contact them through Pacific-Realtors.net. They also offer an excellent, prelicensing exam crash course which we highly recommend.  Our firm also offers a real estate licensing crash course which is absolutely free.  Information is on this site.

After you pass the state exam, we would like to meet with you in person if you are in Southern California or via Zoom if you are not local. After learning more about you and your career goals, we will assign a mentor to you and will provide you with  excellent training. Of course, you many contact us at any stage or at any time. Please ask for Michael Chulak.

 

When I sell my property, who receives the commission I am paying?

Generally, 50% is paid to the selling office and 50% is paid to the listing office. Each office must pay their agent from its share of the commission. This is typically between 50% and 80% of the amount received by the office. Every office is different so the formula will vary from office to office.

 

If I obtain a real estate license and join your firm, will I be assigned someone to assist me through my first few sales transactions?

Absolutely. All new real estate agents are assigned a mentor and receive extensive training both in the office and in the field. A knowledgeable experienced, financially successful senior agent will be available 24 / 7 to help you and will be available to meet with prospective clients as needed.

 

Does Pacific-Realtors.net have an experienced transaction coordinator?

Yes. Our transaction coordinator has been providing our real estate agents with excellent services for many years.

 

Is it possible to be successful selling real estate part-time?

Yes, assuming you have no other employment, or your other employment is compatible with selling real estate. If your other employment allows for flexibility in your time requirements, there should be no problem. If your other employment is rigid in its time requirements, it will not be compatible with serving as a real estate agent which often requires you to be available on short notice. See: Part-time Real Estate Agents.

 

I would like to join your real estate company but I live very far from your corporate office in Agoura Hills. Can I work from my home in Northern California if I join Pacific-Realtors.net?

Yes. It is not necessary to work from Agoura Hills. Today, most real estate agents do most of their work from their home. See: Part-time Real Estate Agents.

 

I am a very successful real estate agent with a dedicated team located within ten miles of Agoura Hills. Will you consider opening a Pacific-Realtors.net office for my team?

Yes, assuming you have a proven record of success over a period of at least two years.

 

Does the opportunity exist within your firm for a successful Realtor to become a part owner of the company?

Yes.

 

Is Pacific-Realtors.net interested in acquiring small independent real estate brokerage firms in Southern California?

Yes. Please call to discuss.

 

How much are real property taxes in California and how are they calculated?

Real estate taxes in California consist the 1% rate established by Proposition 13 in 1978 plus voter approved debt and district levies. Voter approved debt and district levies vary, but average about .25% for a total average tax of 1.25% of the fair market value. This is an estimate only.

 

How big is an acre?

An acre is 43,560 square feet and approximately 208.75 feet square. A large residential lot is typically one-quarter acre or 10,890 square feet.

 

What is a city or county general plan and how does it impact value?

In California, every city and county must adopt its own general plan for long-term physical development. These plans have a substantial impact on the demand for land and buildings within the local government's planning area. See: General Plans - Cities and Counties

 

What is an overlay zone?

An overlay zone is a defined geographic area shown on a city or a county zoning map where special requirements exist in addition to the underlying base zoning district requirements. Some overlay zones are intended to provide incentives to developers to build low-cost housing within certain districts by permitting increased housing density, reduced lot setbacks, reduced parking requirements, and/or reduced government fees.

 

What is plottage?

Plottage is the increase in value obtained by combining adjacent parcels of land into one larger, more useful parcel. The process is known as assemblage. Often, the value of the assembled parcels will be worth far more than the sum of the individual parcels.

 

What is assemblage?

Assemblage is the process of combining two or more parcels of land into one larger, more useful parcel. The process of assemblage creates the plottage value.

 

We own some desert land that is located in an extremely remote area. It does not have water or utilities, and is not located on an improved road. We have tried to sell it without success. Can you help us sell it?

Yes. If you are wiling to carry financing, we have buyers who are long term land bankers who are in the market for inexpensive rural land including desert property.

 

Is it possible to find buyers for remote rural land that is landlocked without any legal access?

Yes. There are buyers for landlocked rural land including desert land. Down payments are usually in the range of 5% to 10% and long-term seller financing is almost always required.

 

What types of land are easiest to sell?

Land that is zoned for condominiums, planned developments (single family detached homes) and apartments are the easiest to sell. Next would be individual lots zoned for the construction of a single house.

 

If I sell my desert land with 10% to 15% down, carry back financing to make  the sale, and then pay a commission and closing costs, I will end up with little cash. If I list my desert property with your firm, are you willing to take all or some of your commission as a note secured by a deed of trust?

Generally, yes. If we recommend that the seller carry back financing, we are almost always willing to convert all or some or all of our commission into financing.

 

Should I buy land in California using a land contract or land sales contract?

No. Land sales contracts or land contracts are full of risks for buyers of land. We recommend that you receive a grant deed and that any real estate financing involve the use of a standard promissory note and a recorded deed of trust. A neutral escrow holder should always be used and you should always insist on a policy of title insurance. Please refer to the article on our website: Land Sales Contracts for more information.

 

How do escrows work in California?

An escrow is a legal arrangement in which a third party, a licensed escrow holder, temporarily holds money, and sometimes property, until specified conditions nave been met that satisfy all parties to the escrow. The parties to most escrows involving the sale of a home include a buyer, seller, a homeowner association, and usually the buyer's lender and seller's lender See: Escrows in California.

 

Is it possible to sell real estate prior to filing for bankruptcy in California?

It is definitely possible to do so, but you should not list property for sale or sell it before you obtain the advice of a bankruptcy attorney.

 

Pacific-Realtors.net
818-991-5200