Selling A Vacant Lot in San Antonio: Everything You Need to Know
Selling your vacant lot might be perfect if you’re looking to make a quick profit and get rid of a vacant lot that you aren’t going to use. We will discuss how your vacant lot can be transformed into cash-in-hand by following the tips below.
The truth is, that most people never intend to own a vacant lot in the first place. It’s usually an unplanned circumstance. Most commonly the lot was inherited from a family member or maybe someone wanted to buy the home next door and the seller included the lot as part of the deal.
Whatever your reason is for wanting to sell, you’ll learn everything you need to know to make the sale of the vacant lot happen:
Preparing Your Vacant Lot For Sale
The first thing you’ll need to do is get your vacant lot ready for sale. This means making sure the property is accessible and that there are no visible signs of trash or debris. If there’s anything on the property that could be perceived as an eyesore, clean it up! You want potential buyers to be able to envision their future home or property.
Clean Up The Lot
If there’s any trash or debris on the property, be sure to remove it. This will make the lot more appealing to potential buyers.
Remove any large rocks or stones that might be on the property. These can be used to landscape the yard or home of the future buyer.
Also, cut the grass and trim any overgrown weeds or bushes.
Survey The Lot
You may consider having a survey on hand to provide to any potential buyers. This is something that will have to be done in the future, so why not do it ahead of time? It will likely help you sell the lot faster. Surveys for vacant lots are typically $300-$400 depending on the size of the lot.
Know Whether or Not Your Lot Has Utilities Already On-Site
If your lot doesn’t have any utilities, that’s perfectly fine! The future home builder will be able to bring utilities to the site. However, it will affect the price of the lot. So knowing if there are utilities will help you price the lot correctly. If your lot does have utilities already on-site, then be sure to advertise this as it will make your lot much more appealing to potential buyers. Many times, vacant lots once had vacant houses on them and there is the possibility that utilities are still there from the previous house.
Who to Sell Your Vacant Lot To?
You might be wondering who would want to buy a vacant lot. The answer is: just about anyone! Developers are always looking for new land to build on, and your lot might be perfect for their next project. Homebuilders are also always in need of new land to build homes on. And, lastly, individuals might purchase the lot for outdoor storage or for future use.
Sell The Lot To A Neighbor
If you have a neighbor that has been eyeing your lot for a while, they might be the perfect buyer! If they’re interested, selling the lot to them might be the quickest and easiest way to sell. Be sure to get everything in writing and agree on a fair price before moving forward.
Sell The Vacant Lot To A Local Builder or Developer
If you’re looking to sell the lot for a higher price, then selling it to a local builder or developer might be the way to go. They’ll likely be interested in purchasing the lot if it’s in a good location and is the right size for their next project. They are likely to be cash buyers and the sale will be handled professionally.
How To Market the Vacant Lot
Once you’ve decided who the potential buyers are, it’s time to market the property. You’ll want to make sure that potential buyers are aware of the vacant lot and its features. The most common way to do this is by using online platforms.
Post the Vacant Lot on FSBO Sites
There are many online platforms that allow you to list your property for sale. These are typically called FSBO (For Sale By Owner) sites. Some popular ones include Zillow, Trulia, and Realtor.com. These sites are a great way to reach a large number of potential buyers who might be interested in your empty lot.
Advertise the Lot on Social Media
Social media is a great way to reach potential buyers that might be interested in your lot. You can create posts on Facebook, Twitter, and Instagram. Be sure to use relevant hashtags so that your posts are seen by the right people. You might also want to consider creating a video tour of the property and posting it as well. Having good pictures to post is a must.
Create a Website for the Lot
Another great way to market your lot is by creating a website for it. This is a great way to really show off the features of the property and get potential buyers interested. You can include pictures, videos, a virtual tour, and even a map of the property on the website. Be sure to include contact information so buyers know who to contact.
Hire A Real Estate Agent To Sell Your Lot
If you’re not interested in marketing the lot yourself, then you can always hire a real estate agent to do it for you. Selling a vacant lot can be tricky and there’s a lot of paperwork involved. A real estate agent will be able to handle all of that for you and will likely get the job done quicker. Of course, there is a price to pay for this service. Real estate agents work off of commissions so you will have to factor that in.
Call A Direct Cash Buyer
If you’re looking to sell your lot quickly and for cash, then you might want to consider calling a direct cash buyer. These are companies that buy vacant land directly from sellers. They will make you an offer and, if you accept, they will handle all of the paperwork and close on the deal quickly. This is a great option if you don’t want to hassle with the marketing and preparation and you don’t want to pay real estate commissions and fees.
Make Sure the Sale of the Vacant Lot Closes
You want to make sure you take the steps necessary so that the sale of the lot closes in a timely fashion. This includes getting everything in writing, doing your due diligence, and being prepared for the closing process. If you have any questions, be sure to ask your real estate agent, direct cash buyer, or title company. They will be able to guide you through the process and make sure that everything goes smoothly.
Negotiate A Fair Deal
Once you’ve found a potential buyer, it’s time to negotiate a fair deal. This includes discussing the price, terms of the sale, and any other details that need to be ironed out. It’s important to remember that you’re not obligated to accept the first offer that comes your way. If both parties feel like they are getting a fair deal, the chances of the transaction closing go up significantly.
Verify Funds
Once you’ve negotiated a deal, the next step is to verify that the buyer has the funds to close on the property. This can be done by asking for a pre-approval letter from their lender or proof of funds. If they are paying cash, you’ll want to make sure that they have the money in hand and can prove that with a bank statement, screenshot, or any other way you find trustworthy.
Use A Licensed Title Company
The next step is to use a licensed title company to handle the closing process. A title company will make sure that all of the paperwork is in order and that the property is free and clear of any liens or encumbrances. They will also work with the buyer’s lender to get the loan approved and close on the closing date. If it is a cash transaction, they will make sure the buyer brings certified funds.
Sell Your Vacant Lot Fast For Cash
Selling your vacant lot fast for cash can actually be a fairly simple process. By calling a direct cash buyer such as Capstone Homebuyers (in San Antonio, TX), you can work directly with the buyer without having to do any of the marketing. We will make you a fair, all-cash offer on your property and close on the deal quickly. We are a local, family-owned company and A+ Rated by the Better Business Bureau so we will handle all of the paperwork and make sure that everything goes smoothly. Give us a call today to learn more!
