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Quick, discount land buyers
Posted on 4/14/16 at 8:28 am
Posted on 4/14/16 at 8:28 am
I did a search and scanned a few pages back, and didn't find this topic, so I apologize if it has already been discussed. I read this board often, but haven't posted here.
I need to sell a piece of land in a small city in Louisiana, to help offset the costs of some really steep and suffocating medical bills. It has been for sale for a year, with the only good offer coming from a large national corporation. It was a deal where everyone in a 1.5 block area sells, or they don't buy. Needless to say, one guy refused to sell, there was no persuading him otherwise, and the offer fell through.
I have seen ads for "sell your land fast, money in the bank in only days". I haven't contacted one yet, because I envision it being like dealing with a shady used car salesman. My question is: Does anyone here know a ballpark range on how deep of a loss I will take percentage - wise if I go this route vs. waiting an undetermined length of time for a solid offer?
I'm not very well-versed in the real estate business and my terminology is probably lacking. If I can clarify anything, please feel free to ask. Thanks for any input.
I need to sell a piece of land in a small city in Louisiana, to help offset the costs of some really steep and suffocating medical bills. It has been for sale for a year, with the only good offer coming from a large national corporation. It was a deal where everyone in a 1.5 block area sells, or they don't buy. Needless to say, one guy refused to sell, there was no persuading him otherwise, and the offer fell through.
I have seen ads for "sell your land fast, money in the bank in only days". I haven't contacted one yet, because I envision it being like dealing with a shady used car salesman. My question is: Does anyone here know a ballpark range on how deep of a loss I will take percentage - wise if I go this route vs. waiting an undetermined length of time for a solid offer?
I'm not very well-versed in the real estate business and my terminology is probably lacking. If I can clarify anything, please feel free to ask. Thanks for any input.
This post was edited on 4/14/16 at 8:30 am
2
Posted on 4/14/16 at 8:46 am to p0845330
Land values took a huge hit during the recession and have slowly been recovering. They are still the least desirable asset class, not including retail-zoned land with good access and visibility. The reason is, building new is still +/- 25% more expensive than buying an existing building. In this case, being a rural location, the "pool" of people who have a demand for your land is very shallow. Without knowing the location it's tough to say, but if you're trying to sell this quickly, I'd guess you need to be priced below $1.00/SF. My two cents...
Posted on 4/14/16 at 8:46 am to p0845330
Where is this piece of land and what size?
Posted on 4/14/16 at 8:56 am to TigerSaint1
The only way someone like that will buy your land is if they feel like they can make a descent profit worth their time. I would think they would offer about 70% of the actual value.
If I was you, I would try just knocking 10% off of your current asking price if you haven't really had any offers and try pushing it on resale sites on FB and on craigslist assuming you don't have it listed with a realtor.
If I was you, I would try just knocking 10% off of your current asking price if you haven't really had any offers and try pushing it on resale sites on FB and on craigslist assuming you don't have it listed with a realtor.
Posted on 4/14/16 at 9:12 am to LSU1018
Grits, without divulging too much info, it is a small city in SW Louisiana that isn't a major attraction for busines, but is doing better than most. It is zoned "commercial, central business", is highly visible and fronts a highway. You are right about the small pool of potential buyers. The deal that fell through was for $10/square foot, but I have no illusions and do understand that getting even close to that going forward is probably unrealistic.
TigerSaint, I won't be home until tomorrow to access the paperwork with the specific size. I know not all city blocks are a consistent size, but it is roughly 40% of a block.
LSU1018, already came down 30%, and willing to do more. It is listed with a realtor.
All your info has been helpful. Appreciate it!
TigerSaint, I won't be home until tomorrow to access the paperwork with the specific size. I know not all city blocks are a consistent size, but it is roughly 40% of a block.
LSU1018, already came down 30%, and willing to do more. It is listed with a realtor.
All your info has been helpful. Appreciate it!
This post was edited on 4/14/16 at 9:15 am
Posted on 4/14/16 at 9:14 am to LSU1018
I think you'd be a lot better off dropping the price 10-25% than seeking out someone to buy it, anyone posting ads is looking to pay 50% or less of the value.
It's like trading in your car or something of that nature, those land buyers are nothing but middle man trying to flip it to make a profit. You are better off listing it at a price that someone will buy it and actually utilize it themselves.
If it's not selling or getting offers, and I know land can take longer, than the reality is you just need to lower your price substantially.
It's like trading in your car or something of that nature, those land buyers are nothing but middle man trying to flip it to make a profit. You are better off listing it at a price that someone will buy it and actually utilize it themselves.
If it's not selling or getting offers, and I know land can take longer, than the reality is you just need to lower your price substantially.
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