Perhaps you’ve noticed that vast, lonely, vacant field situated between The Home Depot and The Pottery Barn. You might be one of the only few who know that it’s not a spare piece of land used to boost the landscaping aesthetics, with its few sprawling trees and tall decorative grass. As you pass it by, you imagine what it would look like or how convenient it would be if someone would build a cozy little ice cream shop or a department store outlet right there in that spot. And, as you mull over these thoughts, you realize that the only thing that is missing from this situation is a prospective buyer. And you know this because, after all these years of holding onto the land, you’ve now become a willing seller. Yes, that property is your land that is crying out for use in the company of big franchisers and passers-by. And, though you once passed by the opportunity to sell it when the land around it was being transformed and developed, you’re now looking forward to letting it go and moving forward.
Considering that the land has been in your family for years, your hesitation to sell it in the past is quite understandable. In fact, you may have once used the field to play baseball on with your friends when there were still houses surrounding it. And, too, at that time, that highway out front didn’t exist. You might consider that it’s a treasure and that’s why you paused when you were asked before to let it go. However, as it became less and less useful to those wonderful nostalgic memories and future plans, you found yourself to be left pondering exactly what you should do with it. Selling it has become a reasonable and logical option for a few reasons:
• In the midst of corporate franchises and bustling commerce shoppers, you’ve already stored the best memories of your land in pictures and in your heart.
• You either no longer have the energy or you don’t have the desire to continue maintaining the land.
• The land is costing you more money in property taxes and upkeep than you’re comfortable with; especially, since you’re not using it for anything.
• The zoning laws have changed and the only thing that you can build there is a commercial building for business purposes—which you don’t have plans to do.
• You have a unique opportunity to contribute to the development of your surrounding community.
• You can think of several personal uses that the profit from selling the land could go towards.
Now that you’ve decided to sell your land, you must decide how you’re going to sell your land. If the previous offers from big businesses to purchase your land have expired, you could enlist the help of a realtor who will list your land as property to be sold on the MLS. The MLS, or Multiple Listing System, is a list available to brokers and real estate agents who use it to find and market properties to potential buyers. There is generally a substantial waiting period for land to be sold in this manner. Things to consider in choosing this option include the following: you are responsible for the payment of property taxes and liens due on your property in order for it to be sold, you are responsible for having the land surveyed and appraised, and you must pay a commission to your realtor once your land is sold.
Another popular option for selling your land would be to sell to a private land investor. A private land investor is one who cuts out the middle man and all of the red tape associated with selling your land the traditional way. In contrast to hiring a realtor, with a private land investor, you don’t have to wait for a potential buyer to become interested in your land and you don’t have to pay a commission. Also, you would no longer be responsible for the property taxes or liens that you were once responsible to pay. In this option, the private land investor would offer you 5% to 25% of the market value of your land, pay the property taxes and liens associated with the land, pay all fees associated with closing the negotiation, and pay you cash within seven days’ time.