Hi, I’m Beth with TB Properties Buys Land and today I’m going to answer a question which was posed to us which is: if I’m working with the real estate investor to sell my rural vacant land, such as TB Properties Buys Land, how am I going to get paid when I sell my property? That’s a great question. Our website states that we’re going to pay the land sellers we work with in cash. What does that mean? Are we going to drop off a suitcase full of hundred dollar bills at your doorstep when we sell the property? That might sound fun, but no, that’s not the case. When you hear that cash is king, it’s exactly the case. Cash is instant money. You’re going to have money right away. If you’re working with a real estate investor and they say that they’re going to have to source an outside loan in order to buy your property, that means that you can automatically add weeks and weeks, if not months, to the transaction in order for that to close.
When TB Properties Buys Land says that we’re going to pay in cash, that means that after we send you a purchase agreement, and both parties agree and that purchase agreement is sent off to title for closing, that we’re going to pay that title company for your land in cash, with certified funds, which is a cashier’s check, or wire transfer, we’re going to have money right away. And what that means is that the title company is able to fast track the closing of that transaction a lot faster than, say, if you’re looking for outside sourcing.
Whenever we contact a new title company and ask, “how fast can you close? Are you able to close in our typical two to three weeks timeframe?” We always let them know upfront that we’re a cash transaction, and they’re able to answer us, “Yes, we can do that.” Cash is going to be a lot faster. And that’s important to know. If you are working with somebody who needs an outside loan, right now, loaning on rural vacant land in these post-COVID times, you’re looking at 30 to 90 days in order to get a loan, in order to close and buy someone’s property. It takes a long time. A lot of times, that bank that you’re getting a loan from, they may need to get an appraiser out there. And that appraiser may be running behind. It may take them 30 days just to get out there and to appraise the value of your property.
And if they find that your property doesn’t meet that value, then the loan may not be approved. And then they’re looking and scrambling for another lender. That’s really important to note. At TB Properties Buys Land, we pay in cash. We pay with the cashier’s check or wired funds. And because we close with a title company, this is going to provide safety for both parties. The title company will pull all the paperwork, the title commitment. They pull the documents. We will sign our documents. The title company, they will tell us how much money to wire them or to mail them a cashier’s check. And they’ll send that paperwork, the closing paperwork, to you, the land seller. And you will sign that as well. You’ll overnight that paperwork to them. And nothing closes, nothing is recorded with the county until both parties have signed their paperwork, until the funds have been provided to that title company.
And again, they’ve got to be certified funds. They will not accept a personal check from us or from anybody. They require certified funds, that they know that those funds are there. And then, they’re able to close that transaction. And they issue that cashier’s check or the wired funds in turn to you, the land seller.
If you have rural vacant land that you’re interested in selling, how does that work and how are you getting paid? It depends on who you’re working with when you’re working with a real estate investor. But make sure that you’re getting certified funds, make sure that you’re getting cash for that transaction, or be prepared to wait for a longer period of time in order to close that. If you have questions about TB Properties Buys Land and how we do business, please reach out to us, give us a shout, shoot us an email, look us up online. We’ve got great reviews. We look forward to answering any questions that you might have, and we look forward to working with you. Thanks again for listening.