In terms of paying off the mortgage, you’d have to work directly with the lender to make sure they get paid and that they discharge their mortgage. If you’re unsure about how the process works, then honestly – it probably is best to just work with a title company. It may cost a few hundred dollars more – but for a property like what you’re describing, that’s what I would be doing anyway (I use title companies for anything in excess of $10K). They will take all the guesswork out of this process and make it WAY easier to get the job done.
Each approach has it’s pros and cons – and it does take more hassle to close it yourself rather than using a title company or closing attorney… so these are definitely things to keep in mind if you decide to go this route. You’ll definitely save money by doing an in-house closing, but it’s also a bit more complicated and time-consuming to handle everything yourself.
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.
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.
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.
Interested buyers will be in touch to view your home. You can decide whether to host a show day or appointment-only viewings. If you decide to host a show day, we will send out a show day notification to our database of buyers to promote it. We can also supply show day boards for the outside of your property. Appointment only viewings pose fewer security risks and are easier to manage but would mean that your home would need to be show ready at any time.
If the buyer has secured financing or is planning on paying with cash, a contract for sale will be necessary. This contract will specify the terms of the sale and may also specify other documents required before transferring the deed. This may include the financial documents that are necessary to secure financing. The contract may also indicate that title insurance will be provided. In this case, the title company may be involved in the transaction.
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.
Just like you'd stage a home, you want the vacant land to show at its best. A lot overgrown with weeds is going to look less desirable in the eyes of a potential buyer than a lot that's apparently cared-for. Professionally trim trees, mow grass, remove weeds and perhaps plant wildflowers to show the property at its best. Visit the property weekly – or hire someone to do so – to remove windblown trash, beer cans, fire rings or anything else that might detract from its curb appeal.
Hi Seth, thank you for all this information, it’s a great post! I have a question hopefully you can help. My dad is selling his house to a company that buys “as is” in cash, they’re the ones doing all the work and they told me he would just have to sign the documents that they would send to closed the deal, (they’re also paying all closing cost) the thing is that the house is located in Georgia and my dad lives in Indiana, so they said they would send the documents to my email and he can do the e-sign. He already sign a Standar Purchase and Sale Agreement, I asked them if my dad needs to sign the documents in front of an attorney or notary and they said no, it’s this true? Since I don’t have any expertise on this I’m just helping my dad because he doesn’t speak English, I’m a little worry that I might be doing something wrong by not asking the right questions. Also for the payment they said they’re going to make the payment to the mortgage company and then send my dad the remaining money as a wire or cashier check whichever my dad prefers, is this also right? Help please!
Land contracts are useful instruments for sellers who are selling a home and contemplating carrying the financing for a buyer. It gives sellers a built-in income and generally a better interest rate than rates offered on money market accounts or certificates of deposit. However, a prudent seller should take steps to protect equity and ensure the buyer can fulfill the terms of the land contract.
Thinking of selling your land? Whether youre working with a real estate agent or selling your property on your own, there are certain documents that youll need in order to close the deal. While requirements may vary depending on your state, there are a few general documents that youll need in order to legally transfer your property to the buyer.
There always seems to be an endless pile of paperwork and a lot of legal hoops to jump through (everybody wants to protect themselves from liability, etc). While some of this documentation is certainly good practice – I've learned that when you boil it all down, closing a real estate transaction is actually a fairly simple process – especially when it's an all-cash transaction (no financing or mortgages involved).
If the neighbor isn’t interested, the next best option is to go to your buyer’s list. “What I like to do every single day,” said Mark, “is [to] do something to create some value or educate people on the benefits of owning raw land.” Then, he will end the content with a call-to-action. Two example of calls-to-action would be, “If you want to learn more, just opt-in here” or “Get $250 off your first land purchase.”