Hi, I’m Beth with TB Properties Buys Land. Do you have rural vacant land that you’re finally ready to sell? You’re finally ready to get rid of that land that you’ve been paying property taxes on and haven’t even been using. Perhaps your property is well overdue to thin out the trees for fire safety or to mow over the driveway because it’s grown up with a bunch of saplings and brush and that sort of thing. You’re finally ready to sell it, but how long is closing going to take place if you decide to sell to a real estate investor?
I am sure you are already aware that if you’re going to work with a realtor and put your property on the market, it could be sitting there for several months. It could be six months or even over a year. If you check some of the listings in your local area, some of these listings may be sitting out on the market for years! The properly manicured and maintained lots sell for high dollars and quick but if yours needs some love it could take a while! The good news is that if you’re ready to sell your property now and you want cash now, there is a way to make that happen. Now let’s address the question of how fast will closing take when selling to an investor such as TB Properties Buys Land.
When considering working with a real estate investor one of the things that you want to ask is, how are you going to pay for the property? Are you paying in cash or do you need to take out a loan? If the investor you are considering working with needs to get a loan for the property, that should be a red flag. Why is that and what does that mean? It means the closing process is going to take longer, because you must wait to see if the lender is willing to loan to that real estate investor. It means that they’ll probably need a survey, so now a surveyor needs to be hired. It takes time to get in the queue with the surveyor (think 30-45 days!).
How about an appraiser? The lender will need an appraisal of the property. Did we mention appraisers are in short supply? I discussed this last week. Again, add 30-45 days to the closing process and there may or may not be overlap for the surveyor’s time and the appraiser’s time. Do you have time to wait for a surveyor and for an appraiser to get out there? What if the lender does not approve the loan for the real estate investor? How much longer is it going to take that to move forward? Then you’ve got the time with the title office. How long is it going to take them to close?
These are all things to think about when you’re working with a real estate investor, if they need to pay by a loan. We are different: at TB Properties Buys Land, one of the bonuses of with working with us is that we pay in cash. What does cash mean? That means that we can close as fast as the title company can possibly put the closing documents together. Since we pay in cash, we don’t need to wait on a lender, an appraiser, a surveyor, unless a title company requires a surveyor. That’s the only time that we would need to wait on something like that and still, we would pay for that, which is important to note.
Back to that original question of how fast you can expect to close: if you are working with TB Properties Buys Land, since we pay in cash and since we close through a Title Company licensed in the county your property is located, the only thing we’re waiting on is the Title Company themself! Some title companies can close as fast as two weeks, which is amazing. Some are a little bit slower, 3-4 weeks. It depends what part of the country you’re in, what county you’re in and also the title office that we’re working with. Most of them, we have experienced, are running about three to four weeks. However, if you have a lot of title issues to clear up, I’m not going to lie to you, that is going to take longer. I’ve seen some take six weeks, two months, and I’ve seen it take six to nine months to clear, depending on how cloudy that chain of title is. But we do work with Title issues as well.
To close, when selling your vacant land to an investor such as TB Properties Buys Land, who pays in cash, expect the closing to take place in about 3-4 weeks and if you’re lucky, maybe a little earlier. That’s how fast you’re going to be funded for the sale of your bare land. What we quote you is the dollar value you’re walking away with. We explicitly state in the contract that we’re going to cover all of the title costs and the closing fees. You can see that on our contract. It says very clearly that we will cover the buyer and the seller escrow fees, those are the title company fees, we pay for the title insurance and we also pay for the recording fees and any excise or transfer taxes.
Again, in this manner, you know what you’re walking away with. You’re going to get paid fast and it’s pretty easy. If you have any questions, please reach out to us. We’re willing to answer any of those questions and we look forward to working with you. Thanks again.