Where to Buy Land for Sale
Even though LandCentral is the internet’s premier site for owner-financed, undeveloped land purchases, it’s worth mentioning some other avenues for buying undeveloped land. When it comes to buying land, there are two arenas: conventional and online. Let’s explore each of these and examine their strengths and weaknesses.
Buy Land Using Conventional Listings
The traditional way of browsing lots for sale is via a real estate broker. In this instance, someone who wants a piece of property contracts with an agent to find a property for them. Once a lot is selected, the agent handles all of the negotiating with the listing party. For these services the agent gets a certain percentage of the sale price, ranging anywhere from 1%-5%. The biggest benefit of hiring an agent is that they have access to the Major Listing Service (MLS) along with knowledge of the market and possible unpublished deals. The MLS is a massive database that compiles all the listings of properties available for sale nationwide. A keen agent will have a strong sense for the market, and when it comes to negotiating the price their experience can play a major role. The biggest drawback is that this is the most expensive method of buying a property. Although an agent’s small commission may not seem like much initially, a $100,000 property would yield a commission between $1,000-$5,000. The one positive is that sometimes this amount can be negotiated into the seller’s closing costs, moving the financial burden over to the seller.
Another common method for buying lots for sale is through an auction. At an auction interested parties will compete for the property, which is being sold at a reduced price. The price increases as different parties bid higher and higher amounts. Once the bidding stops the property will be sold to the highest bidder. Sometimes the bidding will stop well below what it might have been listed for on the open market; these buyers got a great deal. However, if the property is highly attractive the price can quickly work its way past what a person might otherwise pay. The advantage of an auction is the possibility of getting a property at a reduced price. The drawback is that sometimes the buyer will have little time to research and, depending on the pace of the auction, can have little time to decide what they’re willing to pay.
Buy Lots For Sale Online
Although there are a number of websites where someone can find lots for sale, the way these sites market the properties varies greatly. Over its 15 year history, LandCentral has established itself as the premier online land retailer through its comprehensive property information and exceptional customer service throughout the purchasing process. There are a number of other websites that sell land, but they do so in a fashion that requires the buyer to pay close attention. One common strategy is to offer the property in an online auction format. Upon closer inspection, these auctions only cover the down payment, and the property is being sold for a set value shown somewhere in the listing. Although this is perfectly legal, it can cause confusion if a buyer isn’t aware of the setup.
Another area where someone can find lots for sale is through online referral websites. These websites don’t actually own any of the land being listed, but instead act as a listing service for other companies or individuals to list their land for sale. Some prime examples of these websites would include eBay.com and LandWatch.com. These websites display the information about the lot for sale and sometimes offer a means to purchase the property. However they are acting as an intermediary between the actual seller and the buyer. Typically the buyer will not incur any extra fees using these types of sites as the seller generally covers these costs.
Although buying land on their own may seem scary at first, as long as the buyer does the necessary due diligence on both the seller and the property, it can be a cost effective way of purchasing real estate. If a buyer needs a more hands-on approach and a formal showing with someone to explain the lot for sale, purchasing through a traditional realtor might be a more comfortable approach. Either way, there are ways of finding lots for sale that meet the needs of every buyer.