Welcome to "Lessons in Land", a new blog series where I share insights and real-world experiences from my journey in land deals. These stories are designed to give you a deeper understanding of the strategies, challenges, and unexpected situations that come with investing in land. Through each lesson, I’ll highlight what I’ve learned, how it shaped my approach, and how it can help you in your own investments.
This Week's Lesson: Realtors Are Not Always Right
In the world of real estate, even the professionals can get things wrong. Recently, I funded a deal involving the purchase of four on-market lots. Everything was going smoothly until we got to the closing paperwork, which showed separate closing costs for each lot. This would have added an extra $4,000 to $5,000 in fees!
Naturally, I reached out to the realtor to correct the situation and get a new agreement in place. However, the realtor initially told me it wasn’t possible to combine the lots into a single contract, which would avoid the extra fees. This surprised me because I had done this exact thing before in California, where we successfully consolidated multiple lots to avoid paying closing costs for each individual property.
Despite the realtor’s initial response, I pushed back and engaged the title company in the discussion. After some back and forth, they both agreed that we could indeed combine all four lots into one contract, which saved us thousands in unnecessary fees.
This experience isn’t a knock on all realtors—most are great at what they do—but it’s a reminder that even professionals can sometimes overlook cost-saving opportunities. It’s important to be informed and ask questions. Don’t hesitate to double-check information, even when it comes from someone who seems to be an expert. In this case, a little persistence went a long way.
Conclusion
This deal was a reminder that being informed and persistent can save thousands, even when professionals like realtors are involved. At Elite 360 Real Estate, we’re here to help you navigate tricky situations and ensure you're getting the best possible outcome. If you're looking to fund your next land deal, feel free to reach out for expert advice and funding solutions.
Thank you,
Dan Caradonna
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