Pricing your home correctly is crucial when putting your property on the market. A property that is badly priced will take longer to sell than one that offers fair market value. You would need to do your research and get to know the local market inside out. Buyers can ask an agent to provide a comparative market analysis – a list of similar properties sold in the area, research asking prices for similar properties on Private Property or purchase a report from a property research company like Lightstone. Once you have the information required, you can set your asking price.
When you're buying a property for just a few hundred bucks (which is how most of my deals work) and you're already on a tight budget to begin with, it can be difficult to justify paying twice the amount of your purchase price just to close the darn thing. If you're in a situation where you need to act fast, acquire a property inexpensively and make the closing as easy as possible, closing it yourself may be the most advantageous way to move forward.
If Mark has more than one piece of land to sell per week, or if he has exhausted his buyer’s list, he posts raw land investing deals to Craigslist. “Craigslist is the 10th most trafficked website in the US,” he said. “We use a program called Posting Domination. I’m able to automate 124 postings a day, all at the click of a button. It’s unbelievable. So we sell everyday on Craigslist, and we are building our buyer’s list everyday on Craigslist.”
Negotiate the price with the buyer and finalize the paperwork. Once you’ve decided on a purchase price, you can write up your contract. Free contracts can be found online or you can contact a real estate attorney. Some states also require additional paperwork, such as a land disclosure form, so be sure to do your research before completing the transaction.
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.
Limited pool of buyers: Most serious house-hunters are working with a real estate agent; the commission would normally get split between the buyer’s and seller’s agents. But without a commission on the table, no agent is going to bring clients to see your house. In fact, many shoppers are contractually obligated to purchase their home through their agent — meaning even someone who finds your house while out on a drive or surfing the Internet may not easily be able to buy it.
Seth, I hope I’m not pestering with too many questions. Your web site has been invaluable. It’s probably covered on your web site, but I may have missed it: In a purchase transaction where we are closing the deal ourselves with a Notary, when do we mail the seller their cashier’s check. After the County returns your stamped documents? Supposing the seller is uncertain. What would you think of (A) leaving the cashiers check with the Notary to mail directly to the seller upon recording of the transaction or (B) including something in the packet we mail to the effect of “transaction will be voided if seller does not receive payment in the agreed upon amount of _________________ within two weeks of recording”. I like the idea of including a copy of the cashiers check. Or is this just too much of me worrying over nothing?
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.
And last but not least, you can advertise it for sale online. Three sites that I recommend, especially if you need to sell your land fast, are Bid4Assets.com, eBay, and Craigslist.org. The internet should be your medium of choice for those of you who are selling land that is located in very secluded and isolated areas of the country, far removed from civilization, since there won’t be any people nearby to see your “for sale” sign.
I found the affidavit that you linked to and I get how to fill it out but the thing I’m stuck on is the notarizing. It has to be signed by both the seller/buyer and notarized. Obviously we aren’t near one another; can this document be notarized separately? Should I sign/notarize and then send it to the buyer for them to do the same? Have a mobile notary go to them? Any best practices?
anyone interesting in commercial land on busy road? very close to i279 north of pittsburgh pa area and its permit allow to rebuild home or parking lot or something of business as well. last price value is 12 k but not sure what it is worth in value it is on 3856 east street... 15214... 2041 sq feet formerly warehouse was there and the land is cleared out... with fence...