It happens; zoning changes as development moves across our vast landscape and what may have once been the family fields could now be considered commercial property. Wondering what you will do with commercial land? One of the best options is to sell your commercial land for cash.
Commercial land is property that can only be used for business purposes. This is as opposed to residential or agricultural purposes. Commercial land sold for business serve a variety of purposes for investors and landowners alike. From restaurants and shopping centers to apartment buildings and gas stations, the uses for commercial land are many and depending on the amount of commercial land available the greater the possibilities.
It is for these exact same reasons that you know the right steps when looking to sell your commercial land. Begin by locating the deed for the property. Recorded on the deed is all the pertinent information about the property including ownership, property boundaries as well as information about liens on the property. Your next step should be contact a professional surveyor and have the property’s landlines properly marked. This protects you and the buyer.
If you don’t already have your commercial land appraised. It may be a good idea to do so. Appraisals cost a good bit of money however and many can’t afford to take this step. If you are unable to afford a professional appraisal or to have a real estate agent perform a comparative market analysis for you, then consider taking on the task yourself. You can do this by researching comparable properties in the area. If there are no comps in your neighborhood, then more to the next town, but don’t travel too far from your own property for values. Remember this is only an estimate.
Once you know the property’s value, you are ready to sell your commercial land. If you don’t need to sell the property immediately and have the time to wait out the traditional real estate market then you should enlist the service of a realtor. Understand however that most commercial properties sit on the MLS for several months and sometimes even several years. If you are in a situation where you need to sell your commercial land fast, then you should look to selling to investors.
Most real estate investors will make you a cash offer on your commercial property with quick closing. You should understand however that if you sell to investors you won’t get same offers that you may be looking for on the MLS. Most investors purchase property for between 5% and 25% of the land’s value. That being said, most investors close within 7 days of purchase with little to no effort from the seller.