Many homeowners own property they don’t use. Perhaps they bought it with plans to build a house, but later changed their mind or had to relocate and could no longer enjoy it. Or maybe they inherited the property and are unsure what to do with it. Whatever the reason, selling to a Vermont land company may be an option worth considering.
Generally, a Vermont land company is a reputable real estate investor that offers to buy properties directly from sellers. They have expertise in assessing a property’s value and market potential, and they can offer an all-cash purchase to streamline the transaction process. They can also handle the title work and closing details, making it a less stressful alternative to working with a traditional real estate agent or going the FSBO route.
Selling to a Vermont land company isn’t without its pros and cons. One of the most obvious drawbacks is that you’ll miss out on the traditional real estate commission of about 6% of the final sales price. This fee is usually split between the buyer’s agent and seller’s broker. Another drawback is that you’ll probably have to pay for the cost of a professional home inspection. This is typically a standard step in most real estate transactions and is designed to identify any major problems with the property that the buyer might find out about during their due diligence process.
You’ll likely have to sign a contract with the buyer that spells out the terms of the sale. This document should be carefully read, and you may want to consider hiring a real estate attorney to review it for you. There’s always the chance that something might be overlooked or misinterpreted, and a lawyer can help prevent these mistakes from occurring.
Another possible drawback is that a pros and cons of selling to a Vermont land company purchase price will likely be lower than what you might have hoped for when listing the property. In order to make a profit and sell the property quickly, land companies need to do careful analysis of comparable property sales and have the resources to perform appraisals. Because of these factors, they’re usually unable to match full retail asking prices.
One more thing to keep in mind is that you won’t get to meet or vet the buyers that a Vermont land company might bring in for the property showings. This can be an issue if you’re selling to a national land company that isn’t familiar with the local land market, including its values, demand and zoning regulations.
You’ll still be responsible for promoting and marketing the property to find buyers. This includes posting the property on real estate websites like Zillow and Trulia, and using social media to reach a wider audience. You’ll also need to set up a yard sign and take professional-level photographs to showcase the property.