Let’s say you have a piece of vacant land that you no longer want, and there are many reasons why you would want to sell your property, you have a handful of different options for selling. You could use a traditional real estate agent, you could try to sell your property by owner, or you could sell your property to an Arizona investor. If you’re looking for the quickest and less stressful way to sell your land fast, then working with a land-buying company like Investment Land Alliance is by far your best bet. In this post, we take a look at 5 Things You Should Know About Selling Land in Arizona to an Investor.
1) Understanding the Buyer
Understanding the pros and cons of land buyers can really help you decide which process works best for you, the seller. If you were to use a real estate agent when selling land in Arizona, you would need to factor in a commission for having someone else do all the work for you. A common commission is 3% per side, so if you sell your land for $200,000, you would have to pay $12,000 in commissions alone! If you decide to sell the land yourself, the land purchase could require qualifications from banks, mortgage underwriting time, and property inspection time. And there’s always the possibility that the buyer may not end up qualifying leaving your back at square one. Professional land buyers typically get the deal closed faster than other types of buyers and usually pay full in cash. They may not charge transaction fees; or if they do, they are extremely low in comparison to the commission or closing costs you would have to pay otherwise. They also provide mail-away closings which is a wonderful thing for out of state owners.
2) No Preparation Necessary
Professional land buyers in AZ will usually purchase lands as-is. As a seller, this means you do not have to worry about any upkeep before closing or any other additional expenses you were not planning on. There are some companies that do not require inspections which makes it a truly as-is transaction.
3) You Can Sell With Confidence
When you decide to use a professional land buyer in Arizona, you will not have to worry about going through a roller coaster of emotions. There are no frustrating, middle-of-dinner phone calls asking if you are available to show your land. You don’t have to worry about driving out to your property for a showing. When selling land in Arizona to a professional land buyer, you can close the deal quickly and then you’re all done.
Selling to a professional land buyer is extremely straight forward. They will layout every step of the process and usually have shortened, very clear contracts that are simple as-is purchase agreements. You will also have lessened exposure to legal risks. You won’t have to worry about the buyer finding something you didn’t know you didn’t disclose or something they don’t like about the land or the neighborhood. Under most traditional real estate contracts, there is a potential for the buyer to sue you if they feel they didn’t get all of the information, or if they feel the facts were misconstrued. Professional land buyers already know the state of the property, and they are willing to take on that risk.
5) Land is Different
Selling land in Arizona to an investor is very different than if you were selling a commercial, multi-family, or single-family residential property mainly because there is no building. Land is a very simple property to deal with. Most investors won’t even drive out to the property because all of the information they need is available online. They may or may not have a survey completed to verify the property lines, and they will most likely prefer that no improvements have been made, such as fences or sheds. These properties are perfect for investors because they can build the property to fit whatever plans they have. Land transactions can be as quick as a few days when you sell directly to Investment Land Alliance!