Selling land by owner can be a great strategy to avoid paying real estate commissions and maintain more control over the sale process. But it’s not necessarily easy to do. Here are some pointers to help you sell your land successfully on your own.
Do Your Research
Before starting the process of selling your land by owner, make an effort to learn as much as you can about the real estate market in your area. Be sure to confirm the zoning and any development or use restrictions of your property. This can help determine what kind of buyer you’ll need to find and help you price it accordingly. You’ll also need to gather all your paperwork including the deed, surveys, and property tax information. If you do not have a survey on record, it is a good idea to pay to have one done to verify the boundaries of your land.
Prepare Your Land
Ensure the best condition of your land. This includes clearing the area of any garbage or debris, mowing the lawn, and checking for any significant land problems like erosion or flooding. The first thing potential buyers will see when looking at your listing will be good, clear images of your property so be sure to get it looking as good as possible before you list it to sell.
Determine An Asking Price
If you’re trying to sell land by yourself, it’s important to get an appraisal. There is a cost but it’s worth it to get an accurate estimate of what your land is worth. The appraiser will take into account the land’s features, such as the layout, proximity to amenities and roads, and zoning. Plus, the market conditions can also affect the value. In slower markets, your land may sell for less than the appraisal, but in a hot market, it could be worth more. So, it’s important to get an appraisal to get an accurate idea of what you can expect your land to sell for. Getting an appraisal before trying to sell land by owner is incredibly important, as it will help you accurately price the land for sale. An appraisal can help you to know the true value of the land, so that you don’t overprice it, or worse, underprice it. An appraisal is a valuable tool for anyone looking to sell land by owner.
Market The Property
Marketing is a crucial component in selling your land on your own. Using real estate listing websites such as Zillow.com or Realtor.com are good examples of how to do this. Facebook marketplace is another valuable tool to list your property for sale by owner. You can also publish flyers and brochures, make signs, and display them on your land. Another strategy is to contact nearby builders, developers, and real estate brokers who might be interested in your land. These experts can help you reach a larger audience and may have clients looking for land in your neighborhood.
Close At A Title Company
Once you have found a buyer and agreed upon a sales price, you’ll want to find a local title company that can coordinate the transaction. If you don’t already have a Purchase and Sale Contract to use for the transaction, they can usually provide you with a generic template to use. As part of the transaction, they will order a title search to ensure a clear title and put together all the necessary closing documents. Closing at a title company will allow you to sell with a warranty deed and the buyer will have the option to purchase title insurance which is standard in most real estate transactions. They will also handle the filing of the deed and any other paperwork necessary.
Finally, keep in mind that selling land on your own can be a little more difficult and time-consuming than using a real estate agent. Yet, you may effectively sell your land and leave with more money in your pocket if you put in a little work, perseverance, and research. If you don’t want to sell with an agent but selling your land by owner seems like too much work, there is a third option. You can also sell directly to a Cash Land Buyer like Value Land Buyers. See below for more information on how that works.
3 Ways To Sell Land
Still not sure what to do? It’s smart to think about the different options that are open to you before making the decision. There are typically three ways you can sell land: selling with a real estate agent, selling by owner, and selling to a cash land buyer like us. See below for a comparison.
|Selling with an Agent||Selling Land By Owner||SOLD to Value Land Buyers|
|Commissions / Fees:||6% on average. That is if they will take the listing||Listing fees, MLS fees, Land site fees, Marketing fees.||ZERO!|
|Average Days Until Sold:||6 mo. +. Land can be hard to sell, sometimes land sits for years.||6 mo. +. Land can be hard to sell, sometimes land sits for years.||We can make you an offer this week!|
|Number of Showings:||It Depends||It Depends||NONE!|
|Who Pays Closing Costs?:||2% on average is paid by seller.||2% on average is paid by seller.||We pay.|
|Closing Date:||30-60 +/- days after accepting buyers offer||Variable.||Up to You!|
|Costs for Land Improvements:||Variable.||Depends on land condition||NONE!|
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