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If you plan to sell land directly to buyers, you should know a few things. These tips can help you increase your chances of selling quickly and for top dollar.
First, you should consider who your target buyer is. For example, you should contact commercial property developers if you have an empty lot.
When Selling Land Direct to Buyer – 4 Items to Have
Price
When you’re ready to sell your land directly to buyers, it’s a good idea to price the property fairly. This will allow you to attract motivated buyers and close the deal quickly. It’s also important to consider what other properties nearby are selling for. This can impact the value of your land and how potential buyers perceive it. Buyers often look for a piece of conveniently located land, and they’ll pay more if it’s within easy reach of any amenities or attractions they desire.
Terms
When selling your land directly to buyers, you can expect more competition than selling through a real estate agent. This can be good, as you’re more likely to receive an attractive offer. It also means you can use your sales and marketing savvy to stand out and command the best price for your land. According to expert websites like SellLand.com, the terms of sale for your land may vary by state, but there are several things to remember when trying to sell a property you’ve owned and managed. First and foremost, you’ll want to ensure your property is in tip-top condition. This includes removing any debris that might detract from the visual appeal of your land. It also entails marking the boundaries of your property so that potential buyers know exactly what they’re dealing with.
Inspections
A home inspection is a great way to give you and your buyers an overview of the state of your property. It’s not a pass-fail test, but it can be a great tool for negotiating repairs and identifying major health or safety issues.
A good inspector will look at the entire property, including indoor and outdoor plumbing, electrical systems, heating and air conditioning, windows, doors and floors. They’ll also check for foundation problems, roof damage and other structural defects. The inspector might comment on anything that isn’t readily visible, like a ceiling stain that indicates water damage. However, they won’t be able to see hidden pests or asbestos that could potentially harm your family. The inspector will provide you with a detailed report. It will include checklists, photographs and notes that will give you a full picture of the condition of your home. It’ll also include recommendations for needed repairs.
Closing
When selling your land directly to buyers, the closing process is where the deed (or stock certificate for a co-op) will be signed, and money changes hands. This can take place in your escrow agent’s office, at the buyer or seller’s attorney’s office or online. You will have to sign a lot of paperwork, so ensure you understand what you’re signing. Ask your real estate agent or attorney about any documents you need help understanding.
Before the sale closes, you’ll want to complete a title search, which will verify that there are no liens or other issues on the property. You can do this yourself, but you’ll probably want to use a professional title company for a more thorough search. Once the closing is completed, the title company will distribute checks and wire funds to your bank account. Funds are typically transferred within 24 to 48 hours but may take longer if you live in a dry funding state.
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About the Author: Patricia Davis Brown
