Hi, I’m Beth with TB properties Buys Land. Today we’re going to answer the question: if I am selling my bare land, do I need to get an appraisal on the land before the transaction can move forward? If you ever bought a home before and applied for a loan at perhaps your bank or local credit union, one of the things that the lender tends to require is an appraisal on property. They schedule an appraiser out to the property to make sure that they will be able to lend against the property. Obviously that part of the process costs money and it takes time. In addition to this, appraisers are in short supply right now so the wait time can be substantial. On top of that, it is costly but the great thing about selling your land yourself, to an investor like TB Properties Buys Land, is that we pay in cash which excludes the need for the time-consuming part of awaiting an appraisal AND we cover all closing costs.
To clarify, no appraiser is needed because we are not going through a bank for a loan to purchase your property. Another thing to note is that there always the concern when there’s an appraiser that visits your property. If it doesn’t appraise for that amount, they may not loan you the money that you need to buy that property. Today, some of these markets that are really, really hot; and even though the market is hot, the bank may say, the property is actually not worth that amount. This may make it hard to sell to someone who needs to get that loan. In this situation, it is always best well selling your property to sell to someone who has cash because they’re not relying on a lender, who may require an appraisal and maybe even a survey. Selling to someone with cash cuts out these added time requirements and allow you to be paid faster.
To answer the original question, the answer is no, you do not have to go and source and pay for an appraiser to appraise the value of your property before you sell it to TB Properties Buys Land.
We’re happy to work with you. Part of our process is first quoting you a purchase price for your property in which we cover all of the closing fees associated with the transaction and our simple one-page purchase contract explicitly states we will pay in cash, not a loan. We always close through a local area title company that’s licensed to work in the county where your property is located. In that way, just as when you are selling a home, we are required to pay the title company and they fund you at close. They also do all the paperwork, record it with the county and file everything as required and make it safe and easy for both sides. When working with TB Properties Buys Land you are always able to contact and reach out to that title company directly throughout the process so that you feel secure in the transaction. In sum, TB Properties Buys Land pays in cash, negating the need for an appraisal and we cover all closing costs so that you know exactly how much money you will be funded at the end of the sale of your property. If you have any questions, please feel free to reach out to us. We’re happy to answer any of those. Thanks again.