Selling vacant land can involve these 4 hidden costs when you sell through a real estate agent or trying to sell it on your own…
- Your time (invaluable)
- Real estate agent commissions (often 5% to 10% of the purchase price)
- Surveys (averaging between $1,000 to $10,000)
- Closing costs (averaging between $600 to $2400)
So let’s breakdown each of these hidden costs
1. Your time
Time is money, right? Time is irreplaceable; it’s invaluable. You can’t put a true cost on it. Often selling land on your own takes time to…
- Figure out a fair price to sell your land for
- Taking photos of your land (or hiring someone to take the photos)
- Vetting and hiring a real estate agent (more on that below)
- Negotiating with potential buyers
- Buyer’s due diligence time
Selling vacant land the traditional way – that is, with a real estate agent, allowing buyer’s to work with their bank/lender, typically is the fastest way for you to sell on your own (usually within 60 days if you’re in a hot market).
When you work with a professional land purchasing company like Easy Land Buyer, you won’t lose your time or money over any of this. We handle all the work!
2. Real Estate Agent Commissions
Another hidden cost to consider when selling vacant land is the real estate agent’s commission.
Some agents will charge up to 10% commission on the purchase price! Especially on smaller transactions like a land sale.
This commission has to do with the purchase price of the property. It’s not worth an agent’s time to sell $5,000 lots. They have to get paid, too. Consider how hard the agent will work to market and sell your land. Does their commission include them walking your property or hiring a photographer to take photos? It’s important to know that the commission fee includes; not all agents will provide you with identical service.
And some agents are unfamiliar with vacant land sales in the area. They may give you lofty estimates on what they think they can sell your land for in order to get your business. But then the property is priced too high and sitting on the market for months (see #1 above).
You don’t need to hire a real estate agent to sell your land. It’s perfectly legal to sell your piece of vacant land on your own or even to a land buyer like Easy Land Buyer. With us, there are ZERO commission fees and NO hidden costs.
You get paid 100% of the agreed upon purchase price!
Expect to spend $1,000 to $10,000, or even more, on having a boundary survey for your property.
For larger tracts of vacant land (10 acres or larger) surveys can cost in the higher range. The cost of a boundary survey depends on these things:
- Size – The larger the property, the more expensive the survey
- Complexity – A flat, square property is cheaper than an odd-shaped property in rough terrain
- Location – A property in the middle of nowhere, without easy road access, with cost more
- Surveyor’s availability – Surveyors can charge more when everyone in town is busy
This means you can be paying thousands of dollars upfront to sell your vacant land even if you don’t sell it.
Easy Land Buyer can take that risk away from you. You get to keep 100% of the profits without any of the risks.
4. Closing Costs
The last hidden cost with selling vacant land is closing costs.
Closing costs are:
- The processing fees charged by the Title and Escrow companies or real estate attorneys
- The government fees paid to record the property’s transfer of ownership
- Notary Public fees
- Any outstanding taxes, liens, judgments, or other encumbrances
Closing costs can range from $600 to $2400. Costs will vary depending on your county, state, the agency you choose to work with, and the purchase price.
Easy Land Buyer pays 100% of the closing cost and fees, and you get paid 100% of the purchase price we agree upon. You get 100% of your profits!
Additionally, Easy Land Buyer will often pay any outstanding taxes, liens, judgments or any other encumbrances in addition to the purchase price we agree upon!
Sell your land with no surprise costs!
Sell your vacant land to Easy Land Buyer and rest easy with no surprise costs and zero risk. We are ready to make you a cash offer for your vacant land. You can sell your vacant land quickly and know the exact amount of cash you will receive!
Easy Land Buyer is a family owned and operated business, and an A+ rated accredited member with the Better Business Bureau.