Hi, I’m Beth with TB Properties Buys Land. We’ve been receiving a lot of questions lately about our process and how it works, more detailed questions that we would like to address. We do have an overview video in which we walk through the steps of the process, but it is more of an overview, quickly walking through those steps. I thought that I would break this down into a series of videos, so that we can be a little bit more detailed on each step of the process.
Now, our process is pretty simple. It’s pretty streamlined. And so I’m going to break it down into three videos with three steps. In this first video today, I’m going to talk to you a little bit about the first step, which is just reaching out to us. Okay? The second step is the purchase and sale agreement. What does that look like? How long is it? What is the verbiage that’s used on there? And then the third step is really just getting it to the Title Company and closing. What does closing look like? So in these next few videos, I’ll walk you through the whole process in a little bit more detail.
The first step of the process is really just reaching out to us. Whether you googled us and found us online or whether you received a letter in the mail with an offer for us to buy your rural vacant land, reaching out is the first step. You can give us a call, shoot us an email, or even contact us through our website. That’s that first step of the process. After that we’re going to want to talk to you. We’re going to ask you a few questions.
First of all, we might ask you, “Do you have any back taxes on the property?” And that’s not a deal killer. We have purchased property with back taxes before. So maybe you inherited the land and whoever you inherited the land from weren’t paying taxes on it. Maybe you stopped paying taxes on it. Either way we can talk through that and negotiate back taxes if that’s an issue.
We’re also going to ask you, “Do you have clear title to the land?” Maybe you inherited it, maybe by some other circumstances you own land without clear Title, but we’re going to ask you that question. And again, that too is not a deal killer. If it’s not in your name, if you don’t have clear title to that, we’re going to ask you some more detailed questions to see if that’s something that we can move forward with. And if so, we’ll walk that through title and take care of that. And if not, we’ll let you know what you might need to do on your own if that’s not something that we can’t help you with.
So we’ll ask you those questions. We’re also going to ask you, “How fast do you need to close? Do you want to close right away?” Perhaps you need the money right away or maybe you need to wait a little bit longer. Maybe you’re waiting on a will to be probated. Maybe you’ve got some life circumstances that need a little bit longer before you’re ready to close through on this. So we’re going to ask you some questions about what you need out of the situation and we’ll go from there.
We may need to go check out the property. We’re going to have to find out is there access to it. Can you get to the property? What’s the size of the property? Does it meet our requirements? We may need to actually get somebody out there on the property, with boots on the ground to check it out. So after all of that, we’re going to have to agree on a price. So we’ll let you know, “This is what we can provide you. This is what we can pay for this property.”
This is important to note: the price that we agree to is going to include TB Properties Buys Land covering all the closing costs. That’s the escrow fees, any attorney fees if those are necessary, the transfer taxes, recording fees. There’s a lot of fees when you’re closing on a property and we will take care of those. So whatever price we agree to is what you’re going to see on that purchase agreement. And I’ll talk about the purchase agreement on the next video.
Now, there may be a situation in which we don’t agree on a price and that’s okay. We’re going to tell you, “This is the most that we can do.” And we’re going to tell you why. Maybe we find out that there isn’t good access to the property, there’s no road going to it. Maybe we find out that it’s in a flood zone or in the wetlands. So if the price isn’t exactly what you’re expecting, we’re going to let you know why. And again, this is your property. You don’t have to sell it to us, you don’t have to sell it at all.
We’d love to purchase the property from you if it works out but you may choose to go elsewhere and that’s totally acceptable. Now you may try to sell it someplace else or you may try to work with a realtor but if it doesn’t work out, you’re perfectly welcome to come back and talk to us again. We can always see whether that’s something that we can purchase in the future. Now if that does work out, if we both agree on a price, we’re going to get you a purchase agreement that’s going to spell out everything that we need to send to title. It’s very simple. It’s one page. And I’ll talk about that in detail in the next video.
After the Purchase Agreement has been signed, that goes on to title and closing. Hopefully I have made this first step of the process, which is just getting in touch with us, clear but if you have any further questions, you’re welcome to get back in touch with us and ask those. We’re happy to help, and we look forward to working with you in the future.
For the second and third steps in the process, you can find that here and here.