Agents are generally pretty good at protecting their clients’ position. They also have a vested interest in ensuring that settlement proceeds without delay so that they can get paid their commission. Without an agent, and in particular without a lawyer or conveyancer involved in the negotiation process, vendors and purchasers can sometimes commit to terms and conditions that are unworkable, ill-advised and even unlawful. For example, vendor finance clauses, rent-to-buy conditions, options and the like are very complicated even for seasoned investors. Getting conveyancing and in particular legal advice and assistance is the key.
Seth, you are amazing and brilliant. People at work were talking about you. Now I know why they spoke so highly of your straightforward professional, easy to understand posts. I am excited to look into everything you have to offer. We are all grateful for yoor expertise and the time you take to share and help the novice RE folks out here. YOU rock! Thanks! Just had to say this now. More when I finish!
Access: While few in number, there are still some properties that don’t have legal access – that is, a deeded access-easement, or frontage on a public road. This is what is known as “landlocked” property, and it is of considerably less value. If you see an extremely low-priced piece of land for sale, it may be a bargain, or it may just not have legal access. Curing this can be fairly simple, but don’t count on it. If it were an easy matter, it would likely already have been fixed. In most cases, legal access will require a deed from the neighbor whose land you’re crossing, and folks tend not to like to sign deeds unless they get something of significant value in return.
When you sell land by yourself, this is called a private sale. So, you will need to find a private buyer. It may help you to talk with local farmers if you are looking to sell raw land; farmers have all kinds of experience in purchasing land for their crops. If you are selling your land on your own without the aid of a real estate agent, this next section is for you.
While approximate land value calculators and charts are available online for most areas of the United States, sellers should use these figures only for broad estimation purposes. Arriving at a more exact price point to use as a listing price is best done by a real estate professional with a solid track record of successfully selling the type of land being sold.
Additionally, the land contract should indicate how many payments will be made, their due dates, grace periods (if applicable), fees for late payments, and how the buyer should deliver each payment. Under a land contract, buyers are usually treated just like a property owner, and will be responsible for paying property taxes, insurance, and any utility bills associated with the land use.
2. Clean Up the Junk: If you didn’t do this when you bought the place, now is the time. Other than buildings of value, get rid of everything that didn’t grow there. This doesn’t have to be a major ordeal. First check out local laws regarding what, if anything, can be burned at your location. Nearly all states have laws against burning old tires and many forbid burning other items such as other rubber products; wire; treated, painted or finished wood; plastics; garbage; heavy oils; asphalt materials; building materials, especially those containing asbestos; paints; and agricultural and household chemicals. Then, if you have anything combustible, and plenty of water and a way to disperse it, go ahead and burn what you can, but make absolutely, positively certain the fire is out before you leave. “Out” in this case means cold to the touch.
Cates Auction & Realty Company has been working with property owners and selling land at auction since 1942. We use accelerated auction marketing methods and competitive bidding to generate interest in and increase the market value of your land. We’re committed to getting the best price for your property, in the shortest amount of time. To learn more about the benefits of selling your land at auction, contact us today.
When people are selling their homes, they hear a lot about the value of staging to make the home look better and to speed up the sale process. While you can’t really “stage” your land — unless you want to strategically place a few cows or sheep here and there to make farmland look more “farmy” — there are several things you can do to speed up the process of selling your land.
If your house gets lots of attention and you get good offers, stay the course and be prepared to give up a little of your savings to close the deal. But if the process drags on without any real bites, hire an agent. You’ve lost nothing but time, and you’ll enter the agreement with a far better understanding of how it works and how to get the most from your agent.
If you have an underlying loan, given a choice between a straight contract or a wrap-around contract, offer the wrap-around land contract. It will give you an override on the existing interest rate of the first mortgage. Ask for legal advice about an alienation clause. The lender could call your loan due and payable if the lender discovers you have sold the home through a land contract.
If you have created a land contract, youll also need a memorandum of land contract. This is, essentially, an abbreviated legal document that references the main contract created. This simply serves as a public notice that the buyer is interested in the property without you and the buyer having to disclose and record the entire land contract. Because the deed of the property will not be filed until youve received full payment on the purchase price indicated in the contract, this memorandum will be filed with the county and the city to serve as a record that the buyer is interested in the property.
The one technique for how to sell a piece of land that is the same for home sales is using imagery to help buyers get a feel for the property and to help them get a sense of what they can do with it. For example, when you’re selling a home, you want to include plenty of photos with the listing and hold open houses so people can get a feel for the house. You want to clear out clutter and stage your home so buyers can visualize themselves living there, without being distracted by photos of your kids.
Buildings: This chapter is intended to address land-only sales. Obviously, if your land has buildings on it, those can add significantly to the value. If the buildings are of any value, that is, a livable house or a barn or shed in good repair, this may be harder for you to estimate or to compare with others. About the best you can hope to do is to compare the number of rooms/bedrooms, the square footage, the general condition, and overall appearance. If the buildings are of marginal value, give them appropriate ranking, however as advice to a potential seller of real estate (I’d tell a potential buyer something else) don’t discount that shack or hovel too severely. A lot of buyers seem to feel somehow assured if there’s a structure of any kind on a property. Maybe it seems less intimidating than starting with empty woods. So if it doesn’t leak too badly, and isn’t going to fall down in the next few years, you may consider bumping the price up a few thousand dollars, or leaving it where it is so that the building provides another inducement to buy.
We are Kansas City's oldest and most experienced real estate auction company specializing in accelerated real estate sales in Missouri and Kansas, including Overland Park, Lenexa, Shawnee, Leawood, Kansas City, Lee's Summit, Olathe, Blue Springs, Independence, Liberty, Kearney, Parkville, Smithville, Gladstone, Clay County, Platte County, Jackson County, Johnson County, Wyandotte County, Leavenworth County, Cass County, Lake of the Ozarks, Lake Ozark, Sunrise Beach, Osage Beach, Four Seasons, Shawnee Bend, Miller County, Camden County, and around the Midwest. Kansas City auctioneers with regional expertise!
The buyer may want to pay to have a policy of title insurance issued on the property subject to the land contract. The buyer can hire a title agency to run a land record search and discover any potential interests attached to the property that may interfere with buyer obtaining a clean title from seller. The parties may agree to split this cost in the land contract agreement.
Sellers have a choice between using an estate agent to market their property or selling privately. There are benefits to using both and it is up to the buyer to decide which option to take. Selling privately has an obvious cost benefit and puts you in control of the selling process. You get to decide who to show the property to and when to allow buyers access to your home. You, as the seller, also have intimate knowledge about the home’s history and the area, and will be able to add value to the buyer. Sellers should however have some knowledge of the property market and decent negotiation skills if they decide to go down this route. .
Make sure the deposit is held by the conveyancer of the vendor, not the vendor if unrepresented. A conveyancer has professional obligations with respect to the retaining of deposits which are effectively held on trust for both parties in a transaction pending completion of its terms. A lay vendor has no such professional obligations, although they of course have legal obligations but those obligations can often only be “policed” in Court.
If you need to find a buyer fast, our company is in the land buying business. If you've got time to wait for a few months, then get it posted on your standard online sites (don't underestimate Craigslist!) and consider hiring an agent. If that doesn't work out or you don't feel like waiting, we've got a network of buyers at Landmark Property Buyers.