Selling vacant land is much different from selling a house. Land is land. There are no inspections to complete, to structures to be appraised, no closing costs to negotiate. Selling land without a realtor is basically hassle-free and can be done if you know what you’re doing.
Saving on Extra Fees
Selling land directly to the buyer is the cheapest, fastest, and easiest way to sell. When it comes to the cost, real estate agents charge for the services they provide, including premiums and commissions that end up costing you more money in the long run. By deciding not to work with a real estate agent, you’re cutting out the middleman and saving yourself extra costs and fees.
Understand Your Buyer
Buyers looking to buy land usually already have an idea in mind, so getting to know what their plans are is a good way to sell the land. If they’re planning on building a vacation home, point out the gorgeous views, the proximity to local attractions and other highlights of your land that fit with their plan. Having info about local schools, restaurants and shopping areas could help seal the deal. Provide buyers with demographics and other information that will help them make their decision.
Avoid High Interest Bank Rates
Many sellers will provide financing so that the purchase process is easier on both ends. Owners who are selling their land, may offer financing so that the buyer can avoid taking out a large loan and pay the seller in smaller monthly payments. This option allows the buyer to avoid high interest rates from the bank, provides the option for a smaller down payment. Owners should still ask for proof that the buyer can pay the agreed upon amount each month.
impress Your Buyer
First impressions are a big deal in real estate, and a vacant lot has to work much harder to impress a buyer than a lot with a beautiful house on it. Cut the grass, pick up trash, and make the lot look presentable. Some owners even plant wildflowers to add color and beauty to their lot.
Pros of Selling Directly to the Buyer
Time is money, and selling your land without a realtor can save you both. When you sell directly to the buyer, the process is much quicker. There aren’t any inspections to schedule, and paperwork can be completed in a matter of hours, which gets the property sold much sooner.
Going Solo? Know the Answers
If you are going to do this without a real estate agent, it is important to know the answers to questions like:
- What are the zoning laws?
- What type of septic system is in place?
- What are the flow rates from the existing wells?
- Can it be built on?
- Are there liens or deed restrictions?
- Will there be HOA fees?
These are the questions a real estate agent will ask, and it’s important you know the answers before you make things official.
Know the Process
If you’re not working with a realtor, you’re in charge of phone calls, documents, emails and meetings to make the transaction run smoothly.
Here is a brief guideline on how to go about getting it done on your own:
- Get in touch with the zoning department to get details about lot dimensions and any issues that may restrict the buyer from building
- Check for any utilities that need to be paid for and have documentation ready when the buyer asks about it
- Have a survey done to confirm the boundaries of the land
- Research the comparable lots in your area and decide on a price
- Since you aren’t counting on a realtor to advertise for you, list your land on online websites geared towards selling land and use social media
Conclusion
Selling land without a realtor has many advantages, and can save you a lot of time and money. Take the time to weigh the pros and cons before you make any big moves, and armed with a little education and patience, you’ll be able to sell your land all on your own.