What do i need to do to prepare for the land to be sold? What i mean by this is legally what paperwork or forms do i have to have filled out or ready for the buyer to fill out? not just to fulfill my lawful duties but also contracts etc. that are meant to protect my well being financially or otherwise, as well as the buyer. If i find a buyer who wants me to give owner financing with the land, how does that work in a for sale by owner transaction? where can i get a hold of these things and will i need instruction from a legal adviser or Realtor or is it pretty straight forward? I live in Florida and I’m wanting to sell approximately 10 acres of land located in TN. It previously had a a house on the property that has burned down. Septic, well, light pole, pond, and other perks all still there.
You don’t need much paperwork or forms. Put up a for Sale sign. You can write a purchase contract on a blank piece of paper. the same as selling a car.
The way I sell my land by owner is using the land contract form that has everything included on it. Earnest money down-payment, monthly payments, late fee’s, taxes, and what happens if the buyer fails to make payments – or walks away? It explains everything in detail, covering most, if not all what you would be concerned about as the land seller. It explains that you maintain ownership till the full amount if paid in full. The land contract form, along with your terms explained on a paper, both signed, will be sufficient. If the buyer wants to get a conventional loan, they may run into issues with the bank, since many banks won’t lend on land. If they are asking to pay by check, I would go to your local escrow company before signing any deed… ask to see the proof that they have the cash in the bank. If they refuse for any reason, smile and walk away.
Once you find a buyer, go to the nearest title (escrow) company. they will go over your paperwork if you want, and if you are selling for cash they will be the middle man in the transactions..
Have a look at http://land-contract.net for picking up a land contract for, read over it and it will educate you and answer most of your questions, and everything will make more sense. And if your looking for a place to advertise your land for sale by owner, the longest running website with a good reputation is Land-fsbo.com
You can always try eBay if you want to pay well over $100 for a month real estate classified, and from my experience there is a good chance you will get screwed by someone that has no, or little feedback if you aren’t on your toes, and cancel their bid. The good thing is that eBay may refund the listing fee, and sometimes allows you to re-list it, to go through the whole process again. A little bit more of a hassle, because you need to have some basic knowledge of making your land web-page look a little bit decent. The choice is yours land-fsbo.com using them for a long term exposure, as the fsbo site is geared for people that look for land for investing and for land sellers offering owner financing. With my experience with eBay you pay more and also need to deal with weeding out the crap, but yet on the positive side, you get the auction monopoly exposure that ebay has in the auction website market, with allot of traffic. I’ve had some success with getting a basic web page up, and using that web-link that land web page, and running a local newspaper ad, with the website link, saying you have photos there… I’ve found some almost free sites too, that have actual printed newspapers, the recycle is one that comes to mind. A mix of your land marketing / adverting is key to finding a buyer that may want to invest in your land for sale by owner.
Hope this get’s you going, the first owner financed land sale is a learning experience, the second one you sell is a breeze. Just keep track of the payments you receive, and make copies of the monthly payment (checks), to keep good records of the loan being paid off.
