To cut to the chase, selling a rehab home can be very challenging as you are trying to sell a drab of a house, a house that was once tattered and yet you transformed it into something that is undeniably gorgeous and make sure it is marketable and profitable. This is the goal when you want to venture into selling rehab homes as a real estate investor.
After identifying your likely buyers, try to think like them so you can focus your message to convey what they need to know about your property. Have information ready about schools, shopping and other nearby amenities. For developable land you can be prepared with zoning information and insight from local authorities about the location and capacity of water and sewer service. Each property is different, so customize your information for your situation and your targeted buyers.
This issue can be overcome if you can establish a legal, recorded easement to the property. This can be done if one of the neighbors is willing to allow you access through their property – to yours. In many cases, a neighbor shouldn't be expected to do this for free, you'll have to give them a reason to help you (usually in the form of money). Again, this isn't an impossible issue to overcome, but it is definitely something you'll want to be aware of before you purchase.
Overall, I like how Oodle makes it pretty quick and simple to compile a listing, and the syndication with Redfin is another huge selling point for the site. Assuming you can get the site to keep your listing active without flagging and removing them (which was unfortunately a big obstacle for me), it's a nice little outlet to get some additional exposure for your listings.
Thank you very much for the write-up. I learnt quite a great deal, being a novice in real estate business. As a matter of fact I stumbled on your article while searching for information about possible investment opportunities on a piece of land. One of our client conferred a nine-hectar piece of land to us and we’re considering what investment would be appropriate on it. That’s what pushed me to start searching for things to do before investing on a piece of land, and I must confess that your article provided 95% of the answers. Thank you again. I guess I know how to go about it now, who to talk to and what to look for. In case you’d like to know where I’m writing from, I’m based in Douala, the economic capital of Cameroon (Central Africa), a country so geographycally blessed with a long history of political stability and an accomodating business environment. If you happen to think of an investment opportunity in Africa put Cameroon on your priority list. Let’s keep in touch.
Hey Seth, as always great article! I found the free online marketing ideas (like posting on Craigslist) especially creative and helpful. Thanks so much for helping me through the stressful process of selling my home. Since you asked what other creative tips I’ve found–I read this eBook in my research and found it so helpful that I thought I’d post it here in the chance that it could help someone else. Here it is: https://www.homelight.com/sell-your-house-online-ebook
It depends on a number of factors, are you trying to find cash buyers for your land, what is your time frame to sell the land, and are you trying to get full market value for the property, and how much work do you want to do to sell it? Depending on your answer to those questions the method by which you decide to list and market the property is going to be different.
The asking price may not always be the agreed-upon purchase price. You may try to negotiate a lower price upon review of the current title of land for sale. In reviewing the property, look at the vesting deed (available from the county clerk's office) and the appraisal, advises Veissi. Real estate property interests are usually conveyed by a deed. Sometimes people sell or transfer partial interests in a property. Check the deed to see if there are any easements or rights that have been granted for use of the property without having to own the property. Either the seller or buyer (even both) may order an appraisal. Ask the appraiser for a like property analysis, Veissi suggests. Meaning, request to see a list of like properties that have sold in the area and compare those prices to see if the asking price for the property you seek is reasonable.
Hi Eric – that’s a good question. I haven’t done much work in that part of the country, but I know that (as you mentioned) there are workarounds for both water and power IF you’re willing to pay for it. I guess it’s just a matter of understanding which one would be more expensive to sustain over the long term, and then you’ll have your answer as to which utility is more important.
It is not unknown for restrictive covenants to ban, for example, the keeping of dogs at a property, though the more restrictive covenants you put on a plot, the more they affects the price you will receive. As a rule of thumb, developers expect to pay one third of the value of the finished development for the plot. So, if a £150,000 house can be squeezed into your back garden, you should think in terms of receiving £50,000.
If you own a piece of land that you’re thinking about selling, you need to know how to sell your land the proper way and at the proper time in order to maximize your ROI. Land is one of the most significant investments that you can make in your lifetime. So, if you are thinking about selling your land, you need to be absolutely sure about your decision.
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Writing a legally enforceable contract for sale with your buyer means spelling out any contingencies like the buyer obtaining financing if needed and doing due diligence to ensure the property suits intended needs. Look online to review real estate land contracts for your state to ensure that you don't overlook crucial factors. Processing the sale through an escrow at a title company will ensure that there are no liens or other claims to the deed that could cause problems down the road. Title companies also make sure that all legal details are in order, all documents are properly prepared and signed and the deed is officially recorded.
Selling lots and land has its unique challenges and strategies when compared to selling a home, and these are several of the ways you can boost your selling efforts. Whether you’re just starting the process of selling your lot or land or you need to re-energize your efforts, we hope these tips help you. So take action and find a way to reach past the home buyers and get to that pool of active lot and land buyers.