Stuck With Land? 5 Options on How to Get Rid of Land You Don't Want
“Six years ago, I inherited a vacant lot in DC from my dad when he died. My dad purchased this lot in 1963. However, he never did anything with it. The lot is in an unsightly area in Washington DC.
I don’t plan to do anything with the lot. People are constantly dumping things on the property that I am then responsible for cleaning up or getting rid of, otherwise I get fined by the city.
After receiving the most recent letter from the city about dumping on the lot, I’m determined to get this lot off my hands. At this point, I feel like my only option is to just stop paying the property taxes on the lot and let the city confiscate and deal with it. I’m thinking it will be a while before the District actually gets around to doing anything about it. Plus, I’m sure they don’t want that lot any more than I do.
I’m at a loss for what to do with this property and really need someone else’s opinion and insight into what I should do with it.”
How to Sell Land Fast
Selling land is usually a more complicated process than selling improved property. When you sell a property with a building, its use and value is established by the building on it. Before buying vacant lot, most buyers want to investigate what they can do with it to determine what it's worth. At the same time, the buyer pool for land is usually smaller than the buyer pool for improved property. With this in mind, selling land quickly requires unique strategies.
Put a large "For Sale" sign on a visible part of your land
Include your telephone number. While signs don't always lead to fast sales, they're well worth trying. In addition, a sign frequently generates calls when it first goes up.
Contact the owners of surrounding parcels of land to determine if they want to buy it
Sometimes, a land owner will want to increase the size of their holdings. If your land has access to a road, water or another valuable feature, it can be particularly valuable to a neighbor whose land doesn't have that attribute. Your neighbors are also familiar with your land, the area and its prospects, so they should be able to decide more quickly than someone who comes into the area cold.
Present your land to likely users
For instance, if your parcel is located where houses are being developed, selling land to a developer would likely be the best option. On the other hand, if your land is covered with timber in an area that is being logged, logging companies may be the best buyers.
Offer owner financing
Land is usually hard to finance and if you're willing to take back a mortgage for the buyer, you'll expand the number of people who can buy your land. On the other hand, you're also taking the risk that the buyer won't make his payments and will default. To protect yourself, work with an attorney to draft strong legal documents that follow your state's laws and get as much money up front as is reasonably possible.
Sell your land to a speculative investor
DC Land Buyers pays cash for land in DC and Maryland and we are able to close quickly if needed. A lot of times, selling your land to a local investor saves you a lot of time if you are looking to get rid of your land fast, and although investors are not able to pay market value for the property, you don’t have to pay any real estate commissions or closing costs. If you are looking to sell your land quickly, call us at (202) 826-8179.