Laura,long time , no post :)
Hope all is well..FWIW, the lot you may purchase would not have to have the contract stipulate that you would reserve the right to sell at some point..as long as you don't "roll" the lots together,with 1 metes and bounds description outling BOTH lots conjoined, you have no problems..Owning both lots seperately is the easist way too achieve what you want to do..This is no different then you purchasing the lot and bringing in your own builder, as this happens many times in subdivision homes...
Best of luck in your process

Laura, I'd do it. Find out prior to placing a bid if you need to join the properties or if you can leave them separate. This may help in the future if you ever do decide to sell the lot, and it may keep your taxes down. If you are using a RE attorney why involve a realtor at all? Can't you look up sold comps yourself at your county clerk office? You may be able to negotiate an even lower price in lieu of no commission.

Have a RE lawyer check both the HOA rules and contract on the land. Have him/her check for future developments and get everyting from the HOA in writing. I don't see why you would need another agent if you get a good lawyer. As to future selling, make sure the lot is seperate, not part of your property. Again rules can change so can codes.

You noted that the road is above the site...

Might also want to check if there are any restrictions on building the site? Drainage? Water flow issues? Retaining wall required? There might be a restrictive reason why the lot hasn't sold as well as just the aesthics of having your home built in a "hole". Might also want to consider that if you're buying with the intent of holding the site as an investment & then reselling. If you just don't want neighbors...none of this should much matter except on the price you pay for the lot.

Don't see why you'd need a Realtor involved...any due diligence could easily be done by you or your DH & an attorney could handle contracts, etc.

Good luck & glad you're enjoying your new place.
Tricia

last week I decided to actually inquire about the possibility and was really surprised when the VP of Construction wrote back within the hour that they "would like very much to sell us the lot" and that they had authorized their real estate agent rep (who we know very well as he and his wife sold us our original lot AND he lives in the neighborhood just up the hill from us) "some time ago" to see if we were interested. I found that very curious as we have heard nothing from him (the neighbor/Realtor) regarding the vacant lot and wrote that back to the VP. He said if I did not hear from the agent by COB on Monday to let him know.

The only reason I would bring in another agent would be to cover my butt a bit. The other agent could possibly be good for negotiations. I wonder why he never said something to you, unless he knows something about the lot and doesn't think you should buy it. If this isn't the case, I might be a bit put off by him not mentioning it sooner.

"...the VP of Construction wrote back within the hour that they "would like very much to sell us the lot" and that they had authorized their real estate agent rep..."
Looks like the builder has an agent they use, you might as well pick your representative if you feel it's necessary.

Do it if you can! The other posts bring up great points & if all of that checks out to your satisfaction I'd buy it.

I can't tell you the # of times we talked about doing the same thing on various properties. It happened in our last house (WOW do I wish we'd bought the lot next door - they moved in a Home Depot Kit house - awful, but better than a trailer, I guess + they were very nice neighbors). It also happened at our lake house - we were offered the house next door but were short on money at the time & couldn't justify it. We kick ourselves every time we go, wishing we'd found a way to do it.

Now, we might get the chance to purchase the 15 acres directly behind us. They bought it several years ago & never built. He's tired of keeping it up and told my DH they might sell & asked if we'd be interested. Funny, he was really bummed out when he found out that we bought our house last December. He never knew it was for sale & would have bought it. I'm hoping it won't be totally out of reach $$$$-wise, but we're gonna try to do what we can to give it a shot.

We like the buffer zone. After that Home Depot kit house thing that built about 5 feet from our last property line, we learned our lesson - haha! Good luck!

Yes, yes, yes ... Buy it!

I live in a rural area, most home have 20 acres or so ... 2 neighbors had the option to buy acreage that they overlook, and declined. Now they say it was the worst, most stupidest mistakes they EVER made in their lives.

They now overlook homes and people that they wish they didn't have to see everyday.

If you can afford it, buy it to keep your "privacy & quiet".

Get an appraisal on the lot before you bid on it. A real appraisal. Also - ask to see the survey and the site plan (if any). This will be good for the appraiser to have (if lot is lower and has drainage issues, might be worth less.)

We purchased the lot next to our home for the same reason, to retain our privacy. We were afraid that if someone did build upon it, they would build in the cleared area rather than the wooded area and thus destroy the privacy. When you live on a 16 acre lot, you want privacy! We're so glad we did! Keep in mind, that developed lots are appraised differently than raw land. There is a base price for that first acre and then a smaller amount for the "excess" acreage.

I'm sure you understand that should the time come in the future to sell it, you will run into the same siting issue the builder has apparently experienced. I think the builder has an advantage in selling it also. He/she can probably explain how the awkward house siting can be worked out far better than the average person.

Over the years,everyone I know who could have bought the lot next door always regrets it when they don't. I have never heard of anyone (who doesn't live on a cliff) who regrets that they did buy the lot next door (or the one between them and the view)

I think you should buy it too, but a word of caution. You will most likely be responsible for two of every fee; HOA, maintenance, taxes, etc. We wanted to do it but we're told that it counts as two properties, so our fees would double. Not a reason not to do it, just be aware that that situation may exist for you.
Jo

Thanks everyone for the great replies, I appreciate all the words of wisdom!

We still haven't heard from the builder's agent and he was "supposed" to call us today. I really wonder what is going on there.

All the posts made me realize we need to do a better job researching and getting information--I think we just wanted to know the bottom line, re: the PRICE. The lot was listed for $265K in 2005. Needless to say, we would not think of paying anywhere close to that today.

Sweet tea, thank you for the reccomendation to get an appraisal, we hadn't reached that point in our thinking yet but it it comes down to a lot of negotiation, that could be very important. And jojoco, that is great food for thought about the HOA fees, my h thinks they are outrageous now, if we had to pay two full shares, he would have a FIT!!

I will post an update when we hear from the bulider's agent.
Thanks again, all!

Here is a link that might be useful: This post on the Building a Home forum

So sorry about all the typos above, I am talking to my daughter on IM and posting at the same time and I hit submit instead of preview again. Oh and the Mikes Hard Lemonade isn't helping matters either...hehe

Hi laura1202,

So glad you love your new house. FWIW, I think you should definitely buy the lot next to you if you can get a good price! I can't imagine having that much breathing room!

DEfinitely negotiate a good price if it is not in a great location, they want to be done with the area. If they could have sold it they would have. I would start from 25% off comps. Especially since you are indifferent to whether you buy it. I would not give the HOA a right to approve the builder, as long as he is reputable and insuraed and licensed, why should they.

As for the HOA, review the rules there may be something about fees on unimproved land. You also may be able to negotiate something if this is the only vacant lot