This is a great time to direct local custom builders to area banks to meet with the asset management department and discuss land holdings. Land that was previously selling for $250,000/lot is now being offered at $100,000/lot.
Banks are negotiable on theses lots and will finance the construction loan. We’re seeing more land sales that are bank owned and new small colonials of less than 2,000 s. f. being constructed for under $400,000.
There are land deals just waiting for the right small custom builder to work a deal with the bank. This is a prime opportunity for an agent to connect with a builder, establish a rapport with an area bank and delve into the world of new construction.
The time is right and the terms can be negotiated. Banks do not want to hold land in their inventory. Agents should take advantage of this opportunity. If you are interested in getting off the blocks with new construction, the time is now.
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