Just as selling a house on your own, without professional assistance, can be a tricky proposition, the same is true for undeveloped property. If you’re considering trying to sell your land for sale by owner, there are some things you need to think about in terms of situations that may arise during the transaction.
One of the things that few people think about is the time commitment involved in selling land for sale by owner. It’s not like putting your house on the market, where you most likely live there
and so will already be there to do showings. This makes it even more time-consuming and inconvenient when you have no-shows (and there will be no-shows) because now you’ve taken the time to drive all the way out to the property with nothing to show for it.
There are also other issues that typically aren’t present when selling a home. Even if you aren’t using the property for crops, water rights, timber rights, or mineral rights, you need to know the details of how all of these things work and whether your land is appropriate for any of these uses so that you can market it as such.
You also may run into a situation where the buyer’s lender will only loan them part of the money. In this case you may consider owner-financing the balance, but this requires knowledge of drawing up a legal contract that meets everyone’s needs. Carefully examine all of the elements before deciding how to sell your land.