Have you finally decided that it is time to sell your land? Like most sellers, you have probably wondered about the best way to sell your land. First, before putting your land on the market, you must understand the basics of each option to make the best decision about how you sell.
For example, what are the average days on the market with each sales method? How much inconvenience and work does each type of sale involve, and what are the costs? And last but not least, how does the sales method affect your bottom line at closing?
Having the answers to these questions before you sell allows you to make the best choice for your current financial and personal needs. So read on as we explore three options for selling your land in Raleigh, Durham, Clayton, Smithfield, Rocky Mount, Selma, Wilson, Goldsboro, Kinston. Please note that this article is for informational purposes, not financial or legal advice.
List Your Land
Here are some traditional ways to sell your land on the open market:
- Hire a real estate agent: One of the most common ways to sell your land is to hire a real estate agent who can list the property on the open market and help find potential buyers. The agent can help with pricing, marketing, and negotiating the sale.
- List the property online: You can also list the property on various online marketplaces, such as https://www.zillow.com/, https://www.realtor.com/, or https://www.landwatch.com/, which can help connect you with potential buyers from around the country.
- Advertise in local newspapers or magazines: Another option is to advertise the property in local newspapers or magazines that are read by people who may be interested in buying land in the area.
- Use signage: You can also put up signage on the property itself, advertising that it is for sale. This can attract local buyers who may be interested in purchasing the land.
- Attend land auctions: Attending land auctions can be another way to connect with potential buyers who are interested in purchasing land in the area.
- Hold an open house: Hosting an open house or land tour can help attract potential buyers to the property and give them an opportunity to see the land in person.
Working with a real estate professional can help you determine the best approach for your specific property and circumstances. Often, sellers turn to real estate agents and are willing to pay their high fees for the convenience of avoiding the red tape and paperwork. An agent can advise you of the average days land listings are on the market and will place your property on the best sites; you should know that land sales are slower than residential.
Professional buyers from NC TLC Estate can provide an overview of how much you could expect to profit with a listing as an FSBO or with an agent vs. our offer to buy your land directly for cash. The local professional buyers at NC TLC Estate work with a policy of complete transparency because we want you to agree that our offer is fair and feel good about working with us long after closing.
Owner Finance
The buyer pool for land is an exclusive and small market. For those who can afford to hold the property for years, a creative option that increases the buyer pool for selling your land in Raleigh, Durham, Clayton, Smithfield, Rocky Mount, Selma, Wilson, Goldsboro, Kinston is to offer owner financing.
Because you’re offering to finance your buyers, you can demand a higher sales price for the property.
Owner financing, also known as seller financing, is a creative financing strategy in which the seller of a property acts as the lender and finances the purchase for the buyer. Instead of the buyer obtaining a traditional mortgage from a bank or other financial institution, the seller provides financing and the buyer makes payments directly to the seller.
While there are potential benefits to using owner financing to sell your land, such as potentially attracting more buyers and generating cash flow from the interest payments, there are also risks to consider.
Some potential risks associated with owner financing include:
- Default risk: There is a risk that the buyer may default on the loan, which could result in missed payments or even a foreclosure. As the lender, the seller would need to take steps to protect their investment in the event of default.
- Liability risk: The seller may be held liable for any injuries or damages that occur on the property, even if they are no longer the owner of the property.
- Market risk: The value of the property may change over time, which could impact the value of the loan and the seller’s ability to recoup their investment.
- Cash flow risk: If the seller relies on the income from the loan payments to cover their own expenses or investment costs, there is a risk that missed payments could impact their cash flow.
Whether or not owner financing is a smart idea for selling your land will depend on your individual circumstances and risk tolerance. It may be a viable option in certain situations, such as if the property is difficult to sell on the open market or if the buyer has difficulty obtaining financing through traditional means. However, it’s important to carefully consider the potential risks and consult with a real estate attorney and financial advisor to determine if owner financing is the right choice for your specific situation.
An installment sale also makes for lower tax payments because they spread over the contract years. Besides the cash flow created from the installment payments, you will earn interest. And because you hold the title, if the buyer cannot fulfill the contract, you retain ownership of the land.
Additionally, because you skip traditional lenders’ red tape and paperwork, your deal can happen much more quickly when you offer owner financing. Professional buyers from NC TLC Estate understand that not all sellers have the time available for this option. Whether you’re ready to sell your land and want the convenience and speed or your personal or financial circumstances call for a quick sale, a direct sale to a professional buyer from NC TLC Estate may be your solution. The professional buyers at NC TLC Estate can provide you with a guaranteed closing date by selling your land directly, typically within days.
Direct Sale
A lesser-known option for selling your land in Raleigh, Durham, Clayton, Smithfield, Rocky Mount, Selma, Wilson, Goldsboro, Kinston is to work with professional buyers like those at NC TLC Estate who buy land directly. These are professional investors who built a career here in Raleigh, Durham, Clayton, Smithfield, Rocky Mount, Selma, Wilson, Goldsboro, Kinston working with sellers like you to help solve their problems. The experienced buyers at NC TLC Estate save sellers time and money because they never charge commissions when you’re selling your land directly. At NC TLC Estate, our professional buyers work with a full-service in-house team of industry specialists, including every expert needed from initial assessment to closing. Working with professional buyers at NC TLC Estate and their team saves you more money because you will not pay closing costs or out-of-pocket expenses when selling directly. With no commissions, hidden fees, and no surprises, you can rest assured that the amount of your offer for a direct sale to the professional buyers at NC TLC Estate is the amount you will have in hand when you walk away from the closing table.
Selling your land in Raleigh, Durham, Clayton, Smithfield, Rocky Mount, Selma, Wilson, Goldsboro, Kinston is quick, easy, and straightforward when you make a direct sale to the pros at NC TLC Estate. Talk to a professional buyer at NC TLC Estate about selling your land today with no obligation. Call NC TLC Estate at 919-920-7081.