Avoiding the Hassle – Sell Your Land Directly to a Buying Company
Selling land takes work. Unlike homes, which buyers can visualize themselves living in, raw land is harder to picture what they might do with it. You need to market your property well to get top dollar. This can involve getting surveys, estimates, drawings, and income projections. It can also mean working with companies that buy land.
Avoid the Costs of a Realtor
In 2022, real estate commissions averaged 5.37 percent of the sale price of a home. When you sell directly to a buying company, that amount is waived, putting more money in your pocket. If you find a Realtor, make sure they disclose their fees from the start. Some will try to hide these costs from you and even offer a lower sales price to cover their commission. You should also check whether the seller’s land is mortgaged and ensure that all the loans have been cleared before the conclusion of the sales transaction. This is necessary to avoid unnecessary delays. Having all documents signed and notarized by a notary public is also advisable for better security and assurance. You should also get a copy of the sales deed showing that the property is yours. This will prevent any future complications or disagreements. Lastly, you should know about additional closing costs like lawyer fees or taxes.
Avoid the Hassle of Marketing
Unlike selling a home, marketing vacant land is much more challenging. The good news is that it doesn’t have to be. Many companies buy land; many are familiar with local property values and market trends and will offer a fair price for your property. When selling vacant land, you want to be sure your listing description is accurate and that the property looks its best when you’re hosting potential buyers for a tour. A simple mistake, like a poorly landscaped yard or a fallen tree blocking the road, can turn off any buyer and kill a deal before it even starts. Selling directly to a buying company eliminates the hassle of promoting your property and can save you the time and money of listing with a realtor. In addition, they’ll take care of all the financial due diligence and handle closing for you. This can be a huge benefit for people who need more time. Visit a buyer’s website for more info to ensure its legitimacy.
Save Time
Selling land can be a long process. It takes time to market the property, find a buyer and negotiate the deal. Selling directly to a buying company can speed up the process and help you get your cash quickly. Being able to answer any questions that buyers have about your property can also help you sell faster. This can include what utilities are available nearby, if there is a flood plain and how far the property is from an airport or railway station.
Getting topographical survey estimates from utility companies and renderings can make your land more appealing to buyers. Knowing what the land can be used for and how much it can be sold is another way to attract potential buyers and increase your chances of selling quickly. Providing this information can also make it easier to waive inspection periods and other contingencies that would otherwise slow down the sales process.
Get a Fast Closing
If you sell your land to an investor, you can skip the mortgage application process, making it take longer to close a home sale. However, you’ll still need a title search, inspection, home appraisal, and deed transfer.
In addition, buyers often put down earnest money within three days of making an offer to show their commitment and that they can afford the purchase price. This money is credited toward the purchase at closing.
Most sellers also require an inspection contingency, which means that the buyer will hire a licensed inspector to examine the property before the final signing of the contract. This ensures that the seller is delivering what was promised. The last step is the actual closing, which requires all parties to sign the final documents in person at a public registry office or other similar location.
