Hi, I’m Beth with TB Properties Buys Land. To continue our series on Myth Busters, today we’re going to discuss those offer letters that you receive in the mail offering to purchase your rural vacant land for cash. Is it a myth? Is it a scam, or is it a fact? So in today’s world, you have to be concerned about scams. They seem to be everywhere in everything that we’re doing. So are some of these letters that come in the mail a scam? They absolutely can be. They can have that risk, but can some of these letters be legit? They’re actually offering to purchase your land right away for cash quickly? So to address this, you always want to protect yourself when you receive a letter in the mail or offering to purchase your property.
One of the ways that TB Properties Buys Land likes to protect ourselves as well as the land seller is by closing through a title company. They are a good third party intermediary. What that means is they’re going to prepare the paperwork, you know it’s going to be recorded correctly. You will have title insurance. We pay for that here at TB Properties Buys Land. But also, when it comes to the transfer of funds, what the title company requires is they require certified funds to come directly from the buyer to them. So they make sure that there are real funds, there’s real money coming to them, and once they’ve got that in their account, then they will send that to the seller. So that’s a really, really great way to protect yourself.
Number two is looking at that purchase agreement. Are they going to send you a purchase agreement? Is it really complex and convoluted, or is it really easy to understand? Do you understand it? Or do you have to hire a real estate attorney to understand it? Okay, so take a look at that purchase agreement and see what it says. Are they actually going to purchase your property outright or are they asking for the opportunity to market and sell your property before they even buy it from you? So that’s a really good thing to check. We have talked to people who’ve been in contracts with a property buyer and they’ve never bought their property. They went and tried to market it, tried to sell it, and didn’t even buy it within that 30-day time period. So make sure that that’s not what they’re looking to do. Okay?
Are they trying to get a loan to buy your property? How long might that take if they have to get a loan? If they don’t get approved for a loan? Or are they paying in cash? If they’re paying in cash, that means they’re able to close that much faster. Okay? So fact or fiction, myth or fact, it goes both ways. Letters in the mail offering to purchase your land for cash, they can be a scam, but they can also be legit. At TB Properties Buys Land, we do send out offer letters, and we offer sometimes a range. Sometimes it’s a direct price. These tend to be averages for the county. So if you don’t like the price, reach out to us and we’re able to look at your property a little bit more in depth and see if what you’re looking for works.
We like to make sure that we’re closing through a title company for protection and safety for you as well as us. We pay in cash. We close through title. We buy directly within 30 days, as fast as that title company can close. That’s how we like to do business. We like transparency. So if you’ve got 10 plus acres of vacant land that you are looking to sell, reach out to us. You can fill out a form on our website. You can give us a call or you can shoot us an email. I look forward to working with you. Thanks again for listening.