There is one other way that won't cost you anything up front but will cost you a commission in the end. Many moons ago, I was a real estate broker. I handled several purchases for clients in your situation. As a professional, I knew how to present an offer, or even an offer to make an offer, better than most of the clients. I was pretty good at "reading" the potential seller, and knew what to tell them qualm their fears.
Real estate agents are like tort lawyers, usually willing to perform this kind of service for no money up front in the hope of getting a commission. Of course, if the prosective seller had to pay the commission, they wouldn't be very likely to cooperate. So, as the buyer, you'll have to pony up the agreed fee, in addition to the purchase price, if the real estate agent comes through for you. Because the real estate agent didn't have to advertise or do any marketing, the commission should be less than the going rate, probably about half. In our area, vacant land carries a normal commission of 10%, so 5% would be fair.
There's one critical thing you have to consider -- you should have some serious confidence and faith that the real estate agent can do a better job than you. Get an agent who's a dummy, and he'll lose you the property you otherwise might have gotten.
Now then, how would an agent go about it? Could you learn anything from the tactics? Yep. The first thing the agent will do is research the property and the owner -- see what else they own, when they bought the subject property, how much they paid for it, and whether they're "players" -- have recently bought any property. It would also be nice to know if they've sold any, but that's tougher to find out. That research will also turn up any co-owners that might have a say, such as relatives, partners, etc. It's also possible to see if a mortgage is recorded against the property. It would also be nice to know something about them personally, although the information can usually only be gotten by talking to friends or neighbors -- do they have a child or grandchild who's heading for college and needs money? A big wedding for their daughter coming up? Any illness? Infirmity? Getting ready to retire? Are they making any money from the property? How might they invest the proceeds? Are they local or out of state? (that's always a big question here in Florida). Some of these answers are easy; some are tough. That's part of how the pro earns their commission.
Research the market values and be prepared to name a price. Be ready with the terms. You will likely have to forget many normal contingencies; after all, it's you who wants to buy, so you should be willing to buy no matter what. Also, be prepared to pick up all of the closing costs -- the prospective seller should know that the amount named is what they will actually be getting. You can't expect them to agree to sell something they were thinking about keeping, and then ask them to pay for title insurance, for example. Pay the costs yourself. You can adjust your offer accordingly, but the normal buyer/seller arrangement is upside down in this case.
I've had more than one prospective seller refuse to sell because they didn't want any more income that year for tax reasons. I got them to agree by structuring the offer in such a way, by an installment sale or an exchange, that there tax implications were reduced or eliminated.
I'm sure I can think of some other stuff, but I'm a little too long-winded tonight... /forums/images/graemlins/blush.gif
