Do you need to sell your vacant land fast? That fact is, if you list it with a real estate agent your land will likely sit on the market for hundreds of days. This is especially true if it’s priced at or above market value or if it lacks desirable attributes such as tree cover, easy access, great views, and property-line access to utilities.
But fortunately, there are a few ways to sell your raw, vacant land fast in Colorado (or anywhere else in the States, for that matter).
Method #1: Post an Ad on Craigslist
One of the fastest and cheapest ways to get your land sold is to post an ad on Craigslist — but at a price that will attract buyers like flies to… well, honey.
Be sure to include plenty of good photos and as much information about the parcel as possible. For instance, lot size, location (county, subdivision, GPS coordinates, maps, etc.), property taxes, HOA/POA fees, and the availability of utilities (especially electricity, water, and sewer).
Pros: You can literally set up an ad in minutes and could have your first “bite” in hours.
Cons: You’ll get a lot of tire-kickers — people not serious about buying your particular lot, but who’ll ask you tons of questions about local zoning, subdivision covenants, and costs related to the building of their dream retirement home. So be prepared to spend hours responding to them all. But to minimize this, try to anticipate questions and answer them in your ad. To be successful, you may also need to repost the ad frequently to keep it on the first page of search results.
Found a buyer? Nice work!
But keep in mind that you’ll still need to close on the property. This includes receiving your money (possibly from an out-of-state buyer) and filing the correct paperwork (deed and any addendums) with the county. To do this, you’ll likely need to use a local title company (and pay all corresponding closing costs) or hire a lawyer to draft and file the paperwork. You could try to do all that yourself to save money, but things can get messy fast.
Method #2: Offer Owner Financing
If you follow the tip above, virtually all your prospects will ask if you’ll consider selling your land on terms (and without a credit check). With owner finance, you become the bank and accept monthly payments from the buyer over several years. This is not unlike a rent-to-own situation.
Pros: Selling on terms is a surefire way to find a buyer fast. If set up right, you can make more from a term’s deal than an all-cash deal.
Cons: You won’t see all your money up front. Also, your name (in most cases) will still be on the deed as the owner until your buyer pays off the loan (years later). And — here’s the kicker — there’s a very good chance your buyer will default on the loan. This means it’s crucial you hire a real estate lawyer to draw up the land contract and promissory note so that everything is squared away legally before you collect your first payment. That’s because you really don’t want your buyer taking you to court (after they default) and walking away with your land (after you’ve hired a lawyer and spent a ton of money defending yourself). And if they do default, you’re back to finding another buyer.
Method #3: Sell it to LandPocket
Not to toot our own horn here — but the fastest and easiest way to sell your land is with LandPocket. We don’t help you find a buyer — we are the buyer.
Pros: You not only get all your cash up front, but we’ll guide you through a convenient and hassle-free closing — and pay for it all! This may entail delivering a cashier’s check to you by a mobile notary service or using a local title company. Finally, you get to walk away from your land and never have to worry about it again.
Cons: You won’t get full market value for your land — but in order to get that you’ll likely need to list it with an agent and wait upwards of year or more until the right buyer comes along. And then you still have to pay closing costs and agent commissions. (It’s also not always easy to find an agent who will take on a vacant land listing since it’s generally not worth their time.)
Interested in seeing what LandPocket can offer for your land? Fill out the form below and we’ll get back to you with an offer price within 48 hours. Find answers to frequently asked questions on our FAQ page.
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