Have you found yourself in sudden possession of unwanted land? Or maybe you’ve accepted that you’ll never actually develop that vacant lot?
Whatever your situation, you know you want to sell fast (and preferably for cash!)
If you’re looking to sell your home or vacant land in Nashville fast, you have three options:
- Sell with a real estate agent
- Sell yourself (FSBO)
- Sell directly to professional cash-buyer
Let’s take a look at the pros and cons of each so you can decide the easiest and most cost-efficient route for you.
Sell with a real estate agent
The traditional route to sell vacant land is to list with a licensed realtor.
When people choose to sell with an agent, they know what they’re getting: an experienced professional, having someone else do the marketing and negotiating for you. It can be a time-efficient way for busy homeowners to get their lot sold! But most people choose to list with an agent without knowing they have other options.
While we know selling with a real estate agent has several benefits, we need to consider the cost. Generally, you can expect to pay between 4 and 6% of your sales price in commission. This includes a check at closing for both your agent and the buyer’s agent.
So if you end up selling your vacant land for $40,000, that’s a loss of $2,400. On top of this, you could be responsible for additional broker fees.
Pros and cons of selling with a real estate
- Licensed professional to guide your decision making
- They list the property for you
- You don’t have to market or negotiate yourself
- Pay between 4-6% in commission
- Time-consuming back and forth with buyers
- Inadequate representation could negatively affect your sale
Sell yourself (FSBO)
FSBO, or “For Sale by Owner,” is an alternative to selling with a real estate agent.
By listing and selling yourself, you take on the responsibilities of a realtor. You’ll get the lot ready to go on the market, determine a price point, handle marketing, and negotiate when buyers put in their offers.
This can be a tricky business, especially for less experienced sellers. You have to know the right moments to list, how to negotiate effectively, and understand the legalities around real estate.
The reason people choose to go this route is mainly to save money. The idea of 4-6% of your equity going into someone else’s pocket may not sit well with you. And the payout for selling with an agent may not justify the expense – particularly with vacant lots.
Pros and cons of selling FSBO
- You save on commission
- You are in control at every step of the process
- You can use your own skills and network to find the right buyer
- Lack of experience could lead to less ideal results
- Could be a time suck
- Not knowing legal regulations could cause trouble down the line
Sell directly to professional cash-buyer
Finally, if you’re looking for the fastest, most profitable way to sell, consider selling to a wholesale land buyer.
Wholesale land buyers are professional real estate investors that pay cash for your vacant land. Their objective is to acquire vacant land, fixer-uppers, or unwanted homes to flip and sell for a profit.
These companies buy directly from sellers without getting real estate agents involved. So the 6% commission tab? That money stays with you. And on top of it, you won’t have to spend time getting the property listed or marketed.
Did we mention wholesalers are cash buyers? This means you won’t have to jump through lending hoops or worry about financing mishaps before closing.
Sherlock Real Estate Investments – Wholesale Cash Buyers
“I live in Florida and am trying to sell my house in Tennessee. Michael is so helpful to get connected with people to fix it up and make this happen. I’m so grateful!” -Peter Atkins
At Sherlock REI, we’re a team of solution-oriented real estate specialists. We buy vacant land and properties in all conditions for CASH.
Our bottom line: to find win-win solutions. You get a fast closing and a competitive offer while we get to do what we love: making a business of helping people.
All of our offers are fair and based on current market rates. And to help you consider your selling options, get your COMPARABLE SALES REPORT.
Only fair offers and honest business.
So if you’re ready to sell your vacant land for cash in Nashville, contact our team today or GET AN ESTIMATE OFFER to see what your vacant land is worth.