Tips for Selling Vacant Land
Following are some suggestions to make it easier to sell your vacant land:
- If one does not already exist, obtain a survey of the land before offering it for sale so that prospective buyers can determine the precise boundary lines, frontage, and square footage.
- Consider offering financing. Land sold with seller financing almost always results in a higher selling price and faster sale. Attractive seller financing can easily result in a ten to twenty-five percent price premium and may qualify the seller for an installment sale. This can minimize taxes. Often we can assist you in selling the note and deed of trust to an investor. The discount on such notes is generally far less than the premium obtained on the sale and you can earn interest while you are waiting for the sale to close.
- Make certain that any For Sale sign that is on the property looks new. An old weathered sign will create the appearance that the land has been on the market for a long period of time.
- Remove any debris from the property or anything that would make the property appear unsightly.
- Gather together any recorded documents that affect the land being sold so they can be provided to potential buyers at the earliest possible time.
- Verify that you can convey marketable title before offering the land for sale. This will avoid costly delays.
- Avoid selling under a land contract and avoid an agent that suggests the use of a land contract. Land contracts invite future litigation. Many land investors will avoid sellers that use land contracts, thus narrowing the number of potential buyers.
- Select a real estate brokerage firm that has experience selling land. Land sales are very different than home sales. Problems and delays can often be avoided by selecting the right real estate broker.