Faced with the potential for large profits, eager sellers often choose realtors that promise a fast land sale for full market value. However, you should think twice before hurriedly signing with an agent in hopes of selling your land as quickly as possible for top dollar.
After months of waiting, many sellers feel duped when their land doesn’t deliver the high offers that a realtor guaranteed. Some sellers switch representatives, others attempt to sell on their own, and a few hold out before giving up entirely. For the lucky bunch that is able to sell quickly within the first few weeks or months after listing, profits are plentiful—while remaining sellers actually stand to lose money waiting for a buyer.
Mortgage payments, utilities, property taxes, insurance; these expenses don’t stop just because your land is on the market. When you’re selling your land with a traditional realtor, you’re still on the hook for existing bills during time spent finding a buyer, plus any fees and commissions that are due to your realtor at the time of signing.
Every seller wants to breathe that sigh of relief after finally solving a long-standing real estate problem. But, what are the things costing land sellers the most while waiting for a buyer? And how can you avoid these costs when selling your land?
Don’t Pay These 3 Unnecessary Expenses When Selling Your Land in Texas
Determining the Value of Your Land
Look outside–can you estimate the value of your property with just a glance?
Many sellers are unsure of their property’s true worth, and it takes a thorough survey or site analysis to determine a piece of land’s full value. In some cases, landowners have even hired geologists to assess their property’s potential.
According to American Forest Management, multiple factors can influence the value of your land, including things like location, right of way and ease of access, available water, usable land, and active utilities.
These features are not always easy to assess, and, as a seller on the traditional market, you must consult with an experienced surveyor to guarantee you’re receiving the maximum value for your land. These services don’t come cheap–HomeAdvisor estimates that the cost of a surveyor can easily exceed $1,000.00!
Working with a Realtor to Sell Your Land
After estimating your property’s value, you’ll most likely partner with a real estate agent to try and sell your land. In this time, there will be numerous expenses that still need handling, like mortgage payments, existing bills, property taxes, and insurance, just to name a few of the costs that await sellers. These expenses won’t disappear, and YOU are on the hook until your agent finds a buyer.
Even at the time of closing, there are still additional costs due, like the realtor’s commission and closing fees. Unless you’re selling your land for the highest market value, you stand to lose money on the deal once it’s finalized. All of this for a realtor who might be able to find a buyer, when it’s just as likely that you’ll spend months waiting before an agreement is met.
For sellers who are trying to sell land fast, odds are that you don’t have weeks or months to wait while also handling everyday expenses (and don’t forget the money that’s owed to your realtor). This is all comes out of your pocket.
Development and Repairs
Top-service realtors want to represent clients that reflect their particular brand or image, which could challenge the process for landowners with less than desirable properties who just want to sell fast.
Typical property owners can expect to spend an average of $2000-$8000 annually on routine property maintenance, not counting any further costs that might go into making your home buyer-ready like landscaping, demolishing existing structures, installing utilities, or requesting easements that could increase your property’s value. These improvements can quickly add up to thousands in added expenses!
When It’s All Said and Done
Only after you’ve worked with a lawyer and title company (more money coming out of your pocket!) and completed the necessary paperwork will you get the money for your land—assuming the mortgage and any liens are paid off.
So, who really pays when selling land? The fact is, sellers face continuous payments throughout the sales process, while the buyer, or their bank, only pays once.
If you’re selling your land, you’re probably beginning to realize that this is not the most efficient way to sell. You can gamble on the possibility of getting a higher selling price, but, in the end, you may not receive your initial asking price.
It’s no wonder why so many sellers are looking for a faster way to sell their land…
Selling Your Land the Easy Way: Work with Direct Cash Buyers
Landowners are discovering an easier way to sell land without incurring the additional costs associated with a traditional sale, thanks to cash land buyers like Harmony Land Holdings LLC!
Don’t spend money on a surveyor, avoid owing a realtor thousands in commission fees, and stop planning unnecessary improvements to your land in hopes of possibly appealing to the traditional market. There’s a better alternative that won’t cost you a fortune—a fast CASH sale with Harmony Land Holdings LLC.
At Harmony Land Holdings LLC, We Help Landowners Sell Their Properties Every Day
We buy land with the purpose of long-term investment, and we close every deal with cash. Since we buy land for a variety of uses, you don’t have to worry about having a “marketable” or “buyer-ready” lot—we deal with that after we’ve purchased your land. Instead, you get to sell your land fast—in as little as one week—without any repairs, surveyors, or commission fees. You’ll walk away with cash, without ever dealing with bank involvement or buyer financing—not even once.