There are a number of reasons why people sell their West Virginia land. Some bought land with a long term strategy in mind but the market didn’t develop as expected so they decide to cash out; others inherit property and want to get rid of it as quickly as possible so that they can use the money for other investments. Whatever the reason, selling a piece of property can be a complicated process, especially if you’re working with multiple parties.
One option is to sell the property to an iBuyer. These investors make all-cash offers and can close fast. They typically pay 50% to 70% of the Fair Market Value and focus on distressed and rental properties. However, these deals are typically more complicated than working with a real estate broker.
Another way to sell land is to transfer ownership through a deed. This approach allows a seller to retain lifetime rights to live on and enjoy the property while preventing subdivision or development and ensuring that any negotiated restrictions are maintained. This arrangement also has potential tax benefits for the donor and their heirs.
When you’re ready to put your Efficient West Virginia Land Sales Process on the market, you’ll need to hire a qualified real estate lawyer to help you navigate the process. Your attorney can review buyer’s disclosures to ensure that the buyers are qualified to purchase the property and not planning to do anything that could damage its value. They can also assist with negotiating terms and closing costs.
Closing costs are fees charged by the escrow agent for the title search, insurance policy, and recording the change of ownership with local property records. These fees can add up quickly and may surprise you. Having an idea of what these costs will be ahead of time will allow you to budget for them.
If you’re selling a home with a mortgage attached, you’ll need to notify your lender and request a statement that details the amount you need to pay to satisfy the mortgage. Then, you’ll need to calculate your asking price taking into account the mortgage payoff and any additional closing costs you might be responsible for.
In addition to the aforementioned expenses, you’ll likely need to pay for an appraisal and an inspection of the property by a licensed professional. You may also be required to pay a deed stamp or transfer tax, and prorated property taxes.
Many real estate professionals advise listing land in the winter because it tends to have lower competition than other seasons. This can give your property visibility and make it easier for you to find a willing buyer. Also, depending on the region, seasonal trends can have a significant impact on how well your property sells.