You'll want to have a real estate lawyer ready to go once you start entertaining offers. If you are new to selling privately, getting familiar with some common language such as deposits, conditions, adjustments, closing dates, etc., might be a good idea. Remember, you would need to get the services of a real estate lawyer to help close the transaction no matter what method you chose to sell. This is not an added expense to selling privately.
Hi Walt – certainly. The delinquent tax list could be a solid way to get started. I typically look for land deals when I’m wholesaling, whereas most wholesalers are doing land… so that would be one key difference in the types of deals I look for (mainly because land is a much simpler type of property to work with – even though there may be fewer buyers for this type of property).
If you have chosen to sell your land privately, then you need to know that there are several ways that you can advertise your property. The absolute easiest way is to put out a ‘For Sale By Owner’ sign. This might give you better results than you expect. Many people searching for land simply get in their cars and drive around looking for a for sale sign. Make sure that you have some contact information on your sign.
Land contracts are security agreements between a seller, known as a Vendor, and a buyer, known as a Vendee. The Vendor carries the financing for the Vendee, which may or may not contain an underlying loan. A main difference between a land contract and a mortgage is the buyer does not receive a deed or clear title to the property until the land contract is paid off.
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Other options to consider are selling your land with owner financing which makes it easier for people to afford. Trying to find cash buyers can be difficult depending on your asking price and banks don't typically want to lend on vacant land. Also, if you have land you want to sell in a hurry and you'd like to get cash for it there are a number of wholesale land buyers that make be interested in making you a cash offer for your land.