Selling land is a lengthy, time consuming process. Even though selling only takes one buyer in a huge market of buyers, finding a buyer who is ready and able to purchase your property can be a challenge. To increase the chances of making a smooth sale, you should make sure that every step in the process is handled correctly. If not, you can incur unnecessary costs and risk losing a sale.
Before placing your property on the market, consider the following factors:
For Sale By Owner
There are many resources available if you are selling land without a realtor. If you scour the internet, you can find a number of websites, such as forsalebyowner.com, that will help you through the process. Also advertising your property on websites, such as AllAcres.com, can help your property gain exposure. Keep in mind, however, that while selling land without a realtor may save you money, it is a time consuming process. Also, without the resources and marketing of a realtor, your property may take a little longer to sell.
Checking public records for a recorded deed and county assessed value are a great starting place to determine the market value of your property. If you choose to use a realtor, it would be beneficial as they typically have developed a lot of knowledge and expertise on valuing properties in your area. A good rule of thumb is to set your listing price higher than your sales price. If you are looking to sell quickly, set the price lower to attract buyers to your property at a faster rate.
When selling a piece of property, you may be able to provide owner financing. Owner financing allows you to earn interest and also spreads out the receipt of funds over a longer period of time, which can be beneficial tax wise. Over the past few years or so, many sellers have opted for owner financing due to tighter regulations on funding from the banks.
As a seller, you should use a title company to make sure all paperwork is properly done and that payment is secured at the time of the sale. It is also helpful to have a title company working for you in the case that an issue comes to surface during closing.
If you are interested in selling land, consider the above tips and also head over to AllAcres.com. AllAcres makes searching for properties convenient with an easily accessible website that will put your property in front of hundreds of viewers. Call today at 855-227-3741 or contact us online with any questions.