Buying land is a different process than purchasing a home or commercial property. Land buyers are investors looking to build a profitable venture, such as a new housing development or a farm. Premier real estate, such as a luxury home or land, requires a different sales strategy to get the best price.
You’ll Have a Smoother Transaction
Selling land differs greatly from selling homes; you must adapt to this unique market. You will miss out on a significant financial gain if you don’t. When marketing your land, consider its potential future uses and target audience. For example, if your land is zoned for commercial businesses, reach out to entrepreneurs and business owners looking for an investment opportunity. You can also offer owner financing on your property. This can help open the door to a larger pool of buyers who might not qualify for a traditional loan. When offering owner financing, require a down payment and draft a Promissory Note and Mortgage to protect yourself from default. If you’re ready to sell your land, contact a premier land-buying company with extensive knowledge of the real estate market and a long history of helping sellers close deals quickly and easily. They will pay all cash for your property and can close in less than a week. Fortunately, you can browse via: Sellland.com to learn more about your edge in working with a direct buyer.
You’ll Get Top Dollar
Selling land is a different ballgame than selling houses. It requires more prep work to find the highest and best use for the property, and buyers often need a lot of help seeing how their investment would perform. Selling raw land is even more difficult than selling lots in a subdivision, where buyers can easily imagine what they could build on them. On the other hand, a premier land-buying company knows the industry inside and out and can simplify the process for you. They’ll typically cover the cost of a realtor, title, escrow services, and any other expenses associated with closing the sale. Selling to a premier land-buying company eliminates additional fees, saving you money on the sale. This is especially true if you sell to a local company that knows the area and adheres to state regulations for buyer protection.
Like any property sale, it takes time to find a buyer, close on the deal and turn over the keys. However, the escrow period for land sales can be much longer than for homes because of building inspections, zoning issues and other “contingencies” in the contract. As a seller, you must do your best to expedite this process quickly. This includes marketing your property and preparing documents such as surveys, drawings and income estimates. It would help if you were clear with potential buyers about the zoning requirements on the land. If it’s not zoned for residential use, you’ll want to inform potential buyers in advance so they can make alternative plans. They’ll also want to know if the property has a working septic system or needs one. This is important for those who want to build a home on the land.
For sellers, all-cash offers can look very attractive. Considering that there can be hiccups with financing approval, such as an appraisal coming in too low or the buyer’s financial situation changing, selling to someone who pays cash is a safer option. The all-cash payment can mean a faster and easier transaction for the buyer. There is no mortgage contingency. Thus the likelihood of the deal failing is lower. A cash purchase can typically be made in days instead of months for a typical mortgage-backed sale. However, getting top dollar for your raw land will require some prep work. For example, buyers will want to know how accessible the land is. If it’s in a residential neighborhood, they’ll want to see examples of the homes they could build on the property. If it’s an undeveloped plot of land, having it up-zoned for higher use, such as industrial or commercial, may be helpful.
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