Selling land can be challenging and it goes without saying that buyers often don’t have the insight, time, and financial resources required to effectively develop vacant land. As a result, this narrows down the market.
There are many reasons for selling vacant land. If you’re having difficulty locating a buyer, we can eliminate this unnecessary stress. In addition to exposing your land to a global audience, it also enables you to present it in a more flattering light than you could in person.
Explore the benefits of selling your land online below.
Top Reasons To Sell Your Vacant Land
Selling your vacant land can be done for a variety of reasons.
Whether you inherited it or invested in it, you have an excellent opportunity to make some good money. As a result, REI Land Leaders would like to take a look at the following top reasons to consider selling your vacant land.
You are in control of the terms
Thanks to the internet, the online world provides unlimited access to the real estate market with various land selling options. You no longer need a licensed real estate agent to sell your vacant land.
As a landowner, there are many ways you can sell your land, including classified ads, word of mouth, and live or online auctions. You can easily list your land on multiple online platforms even if you’ve never participated in land sales.
The myriad options available enable you to control the terms, and you don’t have to spend thousands of dollars paying someone to do it for you. For example, you can submit your land at REI Land Leaders and get a cash offer regardless of your land’s condition or situation.
You can sell your land “As-Is.”
There are many compelling reasons to sell your land “as-is” without spending time and money on improvements. In some cases, when you enhance your piece of land, it can be worth more on the market.
However, improvements can also be an unnecessary financial burden that doesn’t add much to marketability. Target clients can have different expectations for vacant land than usual home buyers and may want to make their developments and improvements.
For example, brush hogging or mowing is one thing, but bending backward for improvements can lead to wasted efforts that cost you time and money. Land sales can transpire with buyers who want to move onto the property permanently, and it’s best to give them raw land where they can implement their ideas on how they’d like to improve the land.
Avoid unkempt code violations
If you have vacant land you’ve not visited in years, it’s probably become a public eyesore covered in junk and vegetation. While you may have held onto it thinking you’ll develop it someday, you may pay thousands of dollars in property taxes and fines for code violations for unkempt land.
The land you own may also be zoned for something other than what you intended. You probably bought it at a great bargain compared to its perceived value but failed to consider how zoning restrictions may limit land use.
For example, it may be designated as farmland, be a wildlife preserve that can’t be developed, or the city prohibits certain developments like retail chains. Selling to someone who can use it under such guidelines and letting them do owner financing for their projects is more viable.
Your knowledge of the property is limited
You probably don’t know the legal history of your land, and even if you did, it’s unlikely that you’ll grasp the legal technicalities that arise each time land changes hands.
When you make a land listing on your own or through a middleman, it’s better to advertise the land “as-is.” It communicates to the buyer that you’re not making claims about the condition or the title of the land.
For example, you shouldn’t risk making false claims in the land market unless you’ve engaged in intensive legal research. People are always buying “distressed” land regardless of market conditions, and you’re better off selling the property the way it is, with its faults and all.
It’s easier to discount the price than spend money out of your pocket to correct faults or improve your land. Most buyers would prefer the discount and do the work themselves than pay the total market value of the land with work done on it.
Invest your money in something you desire
Selling your vacant land can help you get something you care about or want. You can turn vacant land you don’t plan on doing anything with into cash and use purchase something you’ve always wanted.
For example, you may not want the land but like the idea of owning your dream car, starting a business, taking that long-awaited dream vacation, or improving your current home.
Consider whether you want to and can develop the land or want to keep it in the family for future generations. If none are viable, it’s wiser to sell the land and put the money towards something that matters.
Sell Your Land In 3 Easy Steps
Follow the following steps to sell your land fast and hassle-free:
Step 1: Submit your property information
The sale process starts by filling out the short online form at landforcashmoney.com and submitting your property. REI Land Leaders receives your information automatically and starts the review process. We’ll then determine the purchase price for your property based on recent sales data, county data, and research of comparable properties.
Step 2: We make you a cash offer
Once you’ve submitted your land for sale and determined the most appropriate purchase price, we’ll contact you via email or phone to discuss the offer amount. After we reach an agreement, we’ll prepare a purchase agreement and send it to you.
Purchase agreements are binding contracts between land sellers and land buyers that outline the transaction’s details. If you’re buying land, you’ll propose the contract conditions, which the seller can agree to, negotiate or reject.
Step 3: You get paid
Once you sign the purchase agreement and return it, we’ll begin the closing process and arrange a closing date with you. We’ll do all the legwork to close on your property. Once the sale process is complete, we’ll wire the funds to your bank account or send them by check, depending on your preference.
Want REI Land Leaders To Buy Your Land?
We can all agree that time is limited, and it passes by in the blink of an eye. It’s wise to start looking for ways to sell your land if you own a vacant plot and have no immediate or future intentions to develop it.
Months or even years can quickly pass by when you procrastinate, which can cost you dearly. Worst of all, the land value in your location can fluctuate, meaning you can lose money if the future land market becomes unfavorable.
It’s unwise to retain land for emotional or sentimental reasons. It’s better to sell it if you’re not currently using it or intending to. REI Land Leaders can help in this endeavor.
We’re among the leading land selling networks in the country with an affordable and effective way to bring land sellers and buyers together. We help landowners across the nation who have inherited an unwanted parcel of land, are behind on payments, owe liens, or have downsized and can’t sell.
The condition or situation of your property doesn’t matter. Whether it’s in the middle of nowhere or it desperately needs grooming, we’re ready to give you a fair cash offer. We guarantee a cash offer for any acreage, including land for forestry, farmland, commercial, residential use land, or rural land.
We aim to help make your life easier and get you out from under any land stressing you out. Are You Ready To Sell Your Land For Quick Cash? Get Your Cash Offer.
What are closing costs?
Closing costs refer to the fees charged for performing the closing on your land sale. Also called acquisition costs, they can include insurance costs, attorney fees, brokerage commissions, title search and abstract, and the various fees and taxes required for a company to manage the transaction.
For example, when passing property to your children or handing it over to your spouse as part of the divorce. Closing costs can vary from state to state, so getting a general estimate or knowing what you will pay is challenging.
It’s typical for both sellers and buyers to have representation during the closing process, so you should assume it’s a cost you’ll take on as a buyer or seller. If neither party is represented, but a closing fee is required, the fee can be split evenly at closing.
Remember, not all fees associated with closing a land sale are paid at closing. Sometimes closing costs must be paid upfront before closing, while others are negotiable altogether.
The best part about selling your vacant land at REI Land Leaders is that we pay all the closing costs!
What does escrow mean?
Escrow is a legal term that refers to a financial instrument in which a third party holds an asset or escrow money on behalf of two other parties who are completing a deal.
For example, escrow accounts may contain fees paid to agents who hold funds or assets in trust until proper instructions are received or until specified contractual obligations are met.
Escrow can be used to hold money, securities, funds, and other assets. It is frequently recommended to substitute a certified or cashier’s check. Escrow is a term that both buyers and sellers should be familiar with.
Properties can be in escrow for short or long periods depending on how challenging or complex the entire transaction is. Once an escrow is opened, the escrow instructions must be completed and signed by all parties. They can include the purchase price, inspections, agreement terms, or possession.
Selling Land Vs. Selling A House?
If you’ve ever sold a home, you may imagine that selling land is similar. However, the market dynamics are significantly different.
The land market is less active than the residential home market. There aren’t as many buyers looking for land as there are looking for existing homes. When you’re selling land, you can expect to receive fewer interested calls than if you were selling an existing home in the exact location.
Selling land also tends to take longer than selling a residential home. It is a process that requires more patience. While some areas overlap, land selling is a unique procedure with legalities, jargon, and steps to follow.
Homebuyers already know what they want, and they can be very picky because they’re putting most of their savings into an existing structure. They have definite opinions of furnishings, aesthetics, and features. Since they’re investing the next 30 or more years into paying for the property, they must ensure they’re getting their money’s worth.
While you may get one or two landscaping enthusiasts when it comes to land, most land buyers are looking at the bigger picture. They must ensure the land is suitable for their development needs and desires. Is it big enough for a family home? Can the kids build their own homes someday? Does the zoning code on the land allow them to customize the land to fit their needs?
You’ll likely know your target market when selling a home in a specific price range. When selling vacant land, you must evaluate who your likely buyers will be based on various factors. It can depend on the location, available development, market conditions, or whether they’re looking to build a home or other development.
Is There An Obligation Once I Get An Offer?
No. There’s no obligation. Once you submit your property information, we’ll study comparable properties and the market to give you a fair offer. You’ll not face any risk or hassles, and it’s up to you to decide whether to sell. Unlike agents who may require you to sign a binding contract, we are direct buyers. Our goal is to help you feel satisfied with your decision and help you get cash from that piece of land that’s doing nothing for you.
What Are Property Taxes?
Land may seem less expensive to hold over the long term, but they attract annual property taxes you must pay. Even if you do nothing on the property, don’t visit it, or use it, you’ll be responsible for property taxes which can be as little as $3 a year or run into hundreds of dollars annually.
You must keep up with property tax payments. If you don’t, your county can sell your land at auction, and you will lose ownership. Property taxes are a crucial income source for local governments, and they use the money to fund road construction, schools, public transportation, maintenance, and payrolls for municipal employees.
While various US states may offer various exceptions that enable you to avoid paying any property taxes provided you meet the specified criteria, there isn’t a single state that doesn’t levy a minimum property tax. You may pay a modest amount depending on where you live, while the tax bill may rival your mortgage in other areas!