Most conventional lenders do not offer standard mortgages for vacant land - expect a higher percentage of cash offers and longer marketing periods. Some banks offer land loans at higher rates (1-2% above residential) with larger down payments (30-50%). Parcels with subdivision approval or building permits may qualify for construction-to-permanent financing. Factor the limited financing options into your pricing and timeline expectations.
This article provides general educational information only. It is not legal, tax, financial, insurance, compliance, housing, brokerage, or professional advice. Rules, tax rates, obligations, enforcement practices, and market conditions vary by property, building, contract, municipality, and jurisdiction, and they change. Sellers should consult a qualified attorney, CPA, or other appropriate professional before making decisions based on their specific situation.
From the seller playbook: Selling Land in New York - Subdivision, Zoning, and Development Potential
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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