Hi, I’m Beth with TB Properties Buys Land. In the last video, we discussed: is the real estate investor you’re thinking about working with and selling your vacant land to, are they trying to scam you? We talked about a few things to look into and some questions to ask, to make sure that you are being safe and not getting scammed when you’re selling your rural vacant land.
Now this got me thinking, there’s a couple other questions that you might want to ask a potential buyer of your property if they’re a real estate investor. One question that you want to ask is, “How do you intend to pay for the property?” For example, maybe you’ve decided that the safest way to sell your property is through a title company. You listened to the last video and you know that you’re not going to get scammed working through a title company. It’s going to be done right since they’re a good third party and you understand that the real estate investor is going to pay the title company and then the title company will disperse funds to you. So you know that’s safe.
But here is the reason you want to ask them, how are you to pay for this? Is this in cash? Or do you need to get a loan? If the buyer needs to get a loan, it’s subject to a much longer closing period. That lender could take a minimum of 30 days, or could take 60 to 90 days, depending on how busy they are. The lender may require an appraiser to get out there to the property and since appraisers are in short supply, it may take even longer.
These are questions to ask. Another question is, “Are you going to purchase my property in cash? Or are you going to try to assign the sale to someone else?” You may want to know if they are only willing to do what is called a double close where they try to sell the property while it’s still under contract with you. This is not necessarily a bad thing unless they will only purchase your property in this manner. If they do not have the funds to purchase your property and are relying on selling it to someone else, then you could be waiting forever to receive your funds for selling the property if the property takes a long time to sell.
In other words, our recommendation is to make sure that whoever you’re working with is going to pay in cash. Make sure that if they’re going to try to sell it during that period that they will not push back the closing date in order to do so. So those are questions to ask.
Another question that you might want to ask about is what kind of reviews does this land investor or this real estate investor have? Are there other people that they’ve worked with? What do those other people think? Were they satisfied that everything went well? Were they satisfied they were able to come to a good agreement that the contract was easy to understand, that they worked well with the title company, that they paid in cash, that the closing was prompt and it wasn’t drawn out? And if it was drawn out, it was just from the title company and not from the investor themselves.
So these are questions to ask when you’re considering working with a real estate investor. Again, if you have any questions about being scammed, listen to the earlier video and find out some key questions to ask in order to protect yourself. But in today’s video, we ask some additional questions to possibly prevent the delay of your property sale, or just prevent it from making it more uncomfortable and frustrating than it really needs to be.
If you have questions about selling your rural vacant land and you want those answered, give us a call at 214-699-4455, email or contact us online. We’re happy to answer those questions. We close through a title company. We make sure that you’re going to get paid cash. We pay cash to title company so that you get paid quickly, and our contracts are easy and we cover all closing costs. We try to make it easy.
But if you have additional questions, please reach out to us. We’re eager to answer any of those and we look forward to working with you. Thanks again for listening.