How to Sell Land Property Fast
Selling land in a troubled market is challenging. Selling fast is a greater challenge. Even though it takes just one buyer to purchase a single piece of real estate, finding a ready, willing and able buyer is not always easy. Sellers must have a grasp on the current market, and be able to detach themselves emotionally from the property, to be able to do what is necessary to make a fast sale.
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Instructions
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Evaluate the local market conditions for similar properties. Pricing your land correctly is one key in selling it fast. But before you can price it, you need an objective understanding on what has been selling in the past six months and how your land compares.
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Underprice your land. Set the price below the current average of recent sales. This is different from pricing according to what is currently on the market. Sellers can put any price on their real estate. For example, if in the past six months, similar properties have sold for an average of $50,000, yet all the current listings are at $75,000, listing your land below $50,000 will help you make a faster sale than listing it at $60,000.
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Offer financing. One difficulty buyers have when purchasing land is obtaining financing. If you are able to offer any type of owner carry or financing, you will have a larger pool of potential buyers.
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Consider financing with little or no down payment. If a buyer can afford your monthly financing payments but doesn't have a large savings for a down payment, consider offering financing with a minimal down payment.
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Contact potential buyers directly. Neighbors or contractors who are building spec houses in the area might be prime potential buyers. Contact them to see whether they are interested.
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List the property with a Realtor who specializes in land sales. Offer to pay a higher commission if the property sells within a specific time frame. This will be an incentive for the agent to act quickly and market your land immediately.
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Tips & Warnings
Consult with your attorney before entering into a financing contract with a buyer.
References
Resources
- Photo Credit A. Johnson
