Question about buying a lot in the mountains

[doublearrow]

My wife's grandparents have owned a cabin in Timberon New Mexico for many years. The lot next door has never been used, has no water or electrical hook ups. In the 18 years ive been going up their with my wife's family ive never seen any indication anyone has even stepped foot on the property.
Ive located the owner who is a lawyer that lives in Texas and plan to call/write a letter to see if hes interested in selling the property.
My questions are how easy is buying a lot vs a house in the case he is open to selling? Are there going to need to be surveys/inspections/appraisals?
Is this a months long ordeal to get closing date ect?
Do i just hand over the money and sign a paper and go on?
Also i have no idea what the land is worth. The tax district says its worth 3k. I have been going up there for 18 years and there are lots for the same price that have been for sale since ive been going up there. Theyve never sold. Its not a very desirable place, and the only reason im interested is the sentimental meaning of the place to the wife. If he doesnt have a set price where would i start?

[Uncle Saggy]

Shouldn’t be a difficult transaction. I would wait to see what the owner wants before making you initial offer

[warrington]

2k

[Stan R]

If around $3K you will have to pay cash. No appraisal needed. Might just be able to do a deed and have it recorded. See what he wants and then check with the closest title company.

[Jdavis9753]

Ask the real estate company in Timberon. If I remember correctly there’s just one.


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[RattlesnakeDan]

Offer him 1500 cash and he writes up contract. Done deal.

[tps7742]

I would have a title search performed no matter what the cost of the property.

[El Paisano]

You can get copies of contracts at the title companies for a simple purchase that doesn't require lawyers...just fill in the blanks. Might want to get a survey, or maybe not if lines are pretty clear. Check for any HOA dues owed, and delinquent taxes.

[doublearrow]

If around $3K you will have to pay cash. No appraisal needed. Might just be able to do a deed and have it recorded. See what he wants and then check with the closest title company.

I willbe paying cash i didnt think about appraisal being for lenders.

Ask the real estate company in Timberon. If I remember correctly there’s just one.


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There is but getting one to answer seems difficult.

I would have a title search performed no matter what the cost of the property.

Will do.

You can get copies of contracts at the title companies for a simple purchase that doesn't require lawyers...just fill in the blanks. Might want to get a survey, or maybe not if lines are pretty clear. Check for any HOA dues owed, and delinquent taxes.

The listed owner is a real estate attorney hopefully of it goes through he can help with this.

Thanks for the help everyone. Going to mail him a letter.