Hi, I’m Beth with TB Properties Buys Land. Today I’m going to address a question asked just recently from someone interested in selling their vacant land to us. They wanted to know, “Is TB Properties Buys Land going to be paying for my property in cash, or will TB Properties be asking for a loan to purchase my property?” This is an excellent question. It’s a question that if you’re considering working with a real estate investor that you should always ask. Why do you want to know the answer to this question? One, it actually influences whether they are able to purchase your property at all. And two, it also influences the date or how long it’s going to take in order for them to purchase your property.
If a real estate investor, someone who’s looking at purchasing your vacant land, needs to get a loan, they have to first be approved for that loan. When it comes to approvals for lenders, the fastest they’re going to approve a loan tends to be about 30 days. Right now, the market is very busy. It’s a very busy time of year. We’re seeing some of these approvals, these lenders being able to approve loans closer to 60 days, sometimes even 90 days. When there’s a lender involved, a lot of times, they want to make sure, “What is this land really worth? And is it worth this much money?” With this, they want to get an appraiser out there. So now you’re waiting on an appraiser to get out to the property and appraisers are in short supply. So you’re waiting on the appraiser to get out there. You’re waiting on their report back to the lender. And then you’re waiting on the lender to go and approve your loan. At this point, instead of getting paid cash quickly for selling your property, you’re looking at 60 days, maybe 90 days, perhaps even longer.
What if they don’t get approved for that loan? What if you have to get another appraiser out there? What if they have to find a new lender? Then you’re starting all over again. And now what happens? You’ve taken that property off the market. You thought you were going to sell it quickly. You may never end up selling this property at all. It might be the dead of winter. Now it’s not an ideal time for you to sell your property. All because the real estate investor that you were working with needed a loan instead of being able to pay in cash. If you’re looking at selling your land to a real estate investor, ask them, “How are you going to pay? Are you going to be paying in cash?” Paying in cash means that you can close quickly on that property. They’re not waiting for somebody’s approval. They can move quickly. They can move independently.
This is why TB Properties Buys Land, we always purchase in cash, and we close through a title company. The slowest person in the equation is generally the title company. Paying in cash can guarantee a faster closing time. In some areas, it’s two weeks. Nowadays, we’re seeing it’s closer to three to four weeks in cash. But still, we’re able to close quickly, we know that we can close, and we’re not being hindered by an appraiser or by a lender. So if you’re interested in selling your rural vacant land, if you want to get paid quickly, if you want cash for your transaction, and if you want to safely close through a reputable title company, please reach out to us. We’re happy to answer any questions that you might have. We look forward to hearing back from you and working with you soon. Thanks.