Schedule and conduct inspections with qualified buyers. Learn how to separate the “lookers” from qualified buyers. Ask for names and phone numbers and be sure to follow up with telephone calls. Be prepared to negotiate with the buyer(s) as an impartial third party. Remain calm and refrain from any emotional outbursts that might spoil a sale or jeopardise your sale price.
When you’re selling a home, you want to give buyers all the details about it, such as a list of all projects you’ve had completed and a list of all updates and maintenance work performed within the last decade. You also want to show off the most desirable areas of the home, such as the kitchen or recently renovated bathrooms. Buyers are looking for details on the community, such as nearby schools, the friendliness of the neighborhood and property tax information.
Whether you inherited a piece of property that doesn’t mesh with your goals, discovered that you simply need to live in another part of the world, or even if you bought a piece of property and later just fell out of love with it, selling land, particularly in a poor market, can appear to be a daunting task. The amateur’s first reaction is usually to list with a real estate agent and hope for the best.
Personally, I’ve had good experience with Google Adwords where you can set your ad budget to as little as one dollar per day. (You may be able to set it even lower, but let’s get serious, you DO want to sell this place don’t you? Adwords also coordinates with Google Analytics, which will tell you far more than you need to know about the traffic you’re getting to your pages. Also provided are ways to see how effective the ads you write are proving to be. LandWatch.com is another favorite source of mine which consistently supplies better-quality leads, that is, more serious clients, than Google and others.
That means, as it always has, that you’re going to have to pay for your advertising just as sellers always have, but take heart in the fact that you don’t have to pay nearly as much for national advertising as you did in the days of paper. Better still, if you put a hit-counter on your web page(s), you’ll be able to keep track of how much traffic you get from each source. That will give you an idea of which ads are most effective.
The memorandum of land contract is an abbreviated legal document referencing the land contract itself. This memorandum serves to put the public on notice of the buyer’s interest in the real property without the parties having to publicly disclose and record the full land contract and all of its terms, including price. Since the deed to the property is not filed until the seller receives payment in full of the purchase price indicated in the land contract, this memorandum is filed with the city and county to record the buyer’s interest in the property. The memorandum should list the address and legal description of the property as well as the names of the buyer and seller, and the date of the land contract. This document should be notarized and signed by the seller.
While a good agent can certainly help with the negotiation process, he or she also has a vested interest in the transaction. “And closing the deal may in some cases be more important to the agent than getting you the absolute best price,” Schorr says. If you’re a good negotiator and can handle the process without emotion and with clear eyes, you might do better on your own.
A seller who accepts the terms of the buyer’s purchase offer should sign the offer making it an official purchase agreement. The seller may be required by law to provide certain disclosures such as of any known defects of the property, including the existence of any lead-based paint. Required real estate disclosures vary by state, and a real estate professional or attorney may be able to assist sellers with these forms. For details, see the Nolo articles under What Sellers Must Disclose About a House’s Condition in the Selling a House section of this site.
They are contractors looking to sell and move out of state for work. We viewed yesterday. They are renovating most flooring and walls due to sloppy relative that used to rent while they were out of town for work. Being contractors, I’m sure most materials are cheap or free for them to obtain, but they are finishing this before leaving. We are aware that it is a fixer but it’s totally liveable! Mainly cosmetics or personal preference will remain and we’ll own it.
As with other real estate transactions, land contracts require a “closing” to prepare, sign, and file all necessary legal documents. This article discusses the common steps a buyer and seller should take to close on a land contract purchase. For information on land contracts in general, see the Nolo article, The Basics of Land Contracts. And for a variety of useful articles on real estate closings, see Escrow and Closing in Nolo’s Real Estate section.
Whether youre selling your land yourself or with the help of a real estate professional, its important to ensure that you have all the necessary documents to complete the transaction. Its highly recommended that you consult with an attorney to ensure that your contract includes all of the necessary information and to ensure that you arent missing any important documentation. If you plan on selling the land yourself, be sure to do your research to avoid complications during the sale process.
Thanks for the quick response. When I took the documents, generated by the attorney, to the county recorder, they did not look at them. The attorney had explained to the buyer at the closing the significance of recording the deed, joking it would prevent me from reselling the property. In hindsight, the attorney was about to leave on a cruise, so he may have rushed through this transaction. I will contact the attorney for his assistance. Thank you again.
In the very least, your land contract should include the address of the property and a full legal description of the land. It should also include the down payment amount, purchase price, the number of payments that will be made, the monthly payment amounts, and any balloon payments that may be required. You may also consider creating and attaching an amortization schedule.
Some people prefer to cut out the middleman when selling property, which means selling land without a Realtor. If you go the for sale by owner, or FSBO, route, you don’t have to pay a commission to an agent. The drawback is that you’re likely to sell for less than you would at auction, and it might take considerably longer for the sale to go through. You also have to manage all the advertising, negotiations and paperwork yourself!
Next, it’s time to advertise. Depending somewhat on the type and location of your property, you can find a handful of free advertising sites on the web and you should employ these, preferably with a link to your web-page(s) if that’s permitted. However, few of these free sites bring you enough traffic to help much in the absence of some uncommonly good luck.
Equally, if you are thinking of buying a particular property, you don’t have to wait for a property to go on the market or appear in the real estate section of the newspaper in order to make an offer to purchase it. There is nothing stopping you from approaching the owner directly and asking if they are prepared to sell their property if the price is right.
No, the purchase agreement doesn’t need to be notarized – however, in some states (like Michigan, for instance), you technically need to get a witness signature to go along with each party’s signature (the witness doesn’t need to be a notary, it can be pretty much anyone). That being said – there’s nothing “wrong” with getting a notary’s signature on this, it’s just overkill.