Case Study: Vacant Land Sale with Power of Attorney Done All-Virtual

Case Study: Vacant Land Sale with Power of Attorney Done All-Virtual
Hi, my name is Beth with TB Properties Buys Land. Today I wanted to discuss another case study. This is a transaction in which we had worked with a young lady who was trying to sell her grandparents’ property. This transaction was pretty typical, but it was entirely virtual. So this young lady, she had power of attorney for her grandparents and she reached out to us. She found us online based upon our reviews and reached out to us via email saying, “Hey, I’m trying to consolidate my grandparents’ estate. They’ve asked me to liquidate what they own. We’ve got a couple of properties in Texas. Will you take a look at them and see if you can get me an offer?” We knew that she’d never been to these properties before. We couldn’t ask her any questions about how to get there or any specifics on that property.

So we did our due diligence. We looked into the properties, went out there and had a check and we were able to get back with her and across email, make her an offer. She accepted the offer. We sent over a purchase agreement. And again, this was our single page purchase agreement. It just states what that property is, it says that TB Properties Buys Land is going to cover all of the closing costs. That includes the escrow fees for both buyer and the seller, title insurance, any attorney fees, recording costs, excise or transfer taxes. And we only ask that the seller takes care of any liens against the property.

And like most people that we deal with, there were no liens against the property to work through. So she was concerned because the deeds to the properties were in her grandparents’ name. We’ve done this before, so what we did was send her a purchase agreement that had her name on there as power of attorney and we asked her to electronically sign it since she preferred we work virtually. We emailed that to the title company, but we asked her to physically mail the power of attorney documentation directly to the title company, because we knew they were going to ask for that anyway. So she sent that over to the title company. They prepared the documents and the paperwork. They allowed her to go ahead and sign. And she was able to sign the deeds to the property in front of a notary, a local notary there where she was located. So she was able to sign remotely because she wasn’t living in Texas. She signed it, they overnighted those to the title company. We signed. We had to send our check, our certified funds to the title company. And once everything was in, the title company was able to close.

This young lady was able to get a check for the properties in just a couple of weeks time. I did ask her to review her transaction with us and she said she was really happy that it was able to take place so very quickly. That was really awesome. What a lot of people don’t realize is that when you’re trying to sell your own land, especially if it’s just empty, rural, vacant land… empty land that’s sitting out there, is that it may be hard to sell sometimes. Sometimes the realtors are not going to do a great job because they don’t make as much money on rural land. You sell a house and there’s hundreds of thousands of dollars at stake. You’re selling rural vacant land, depending on the location of that property, it could be very cheap and they’re not going to make much money.

So to drive out to these remote locations to actually get pictures, there’s no picket fence, there’s no address, they’ve got to use GPS coordinates to get out there. And sometimes the realtors aren’t going to go out there and do it justice. What a lot of people also don’t realize if they’re selling their land to somebody who needs a loan, trying to get a mortgage or a loan for that property during COVID times… Before COVID, it was taking 30 days sometimes. Now with COVID, we’re seeing some of these mortgage lenders take 30 to 90 days to close. So, your property might sit on the market forever. You know what? Just go check Zillow, go check an area where you might have property and look at the average days on market. I’ve seen some that are 300 plus days, some that are on market for 1000 days.

If you don’t need the money, if it doesn’t matter to you, what the heck, go ahead and put it on Zillow or on the MLS and just wait, you might make more money that way. But if you don’t want to sit for 90 days and another 90 days of closing, or you don’t want to wait for a year or two, three years on the market, feel free to reach out to us. We try to make it very easy. If you want electronic all the way, we can do that. If you want to chat on the phone and ask questions, we’re here, we’re real people, and we’ll answer those questions for you. But do feel free to ask us any questions that you might have. Feel free to ask us for a quote and ask us about our step-by-step process of how we work through reputable title companies in the area, so that you get the money that you are promised, so that you feel that it’s legitimate and everything is being done correctly. It’s really important to us that both parties have safety. And we see safety through working with the title company.

But anyway, if you have questions, please feel free to reach out to us. We’re here and we look forward to working with you. Thanks again for listening. Appreciate you.
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