If ever you are planning on selling your land, and wanting to be independent from the service of a medium like real estate agent because you as a seller realize that you have more control over the sale and can also benefit better than the sale of their home without paying commission, then you must be selling your house as a For Sale By Owner. There are many considerations upon catering in this kind of option. First, because you decide the thought of hiring the service of a real estate agent, it could get you to spend much more time than you have expected, but it could also give you a know-how on selling your own land.
First and foremost, what is a land contract? To further know more about it, it is basically the Contract For Deed or the binding legal agreement between the current land owner and the interested purchaser. The title is transferred when everything is settled. May be monetary aspect and cleared debts. You can sell your land at your own choice of price, it may also be through minimal down payment as this can provide a new avenue to offer you prospective buyers.
As the seller of the land, it is your responsible to give out a reasonable price and how much the interest rate will be. You will also need to look through on how many months you are willing to offer financing for the purchase. Keep in mind that the records you are keeping must also be maintained and kept. Getting amortization schedule can help with detailed recording. Print out and mark off the monthly dues, with the buyers check number. Other stuffs like property taxes and Deed draft must be satisfied, and recorded at the County Recorders Office.
With concern on your fixed price, you must also consider that every potential buyers varies in some ways. Some have specification for the land that they are looking for, and if yours is not what they are looking for, then there is no room for negotiation. Some have idea of what they want, but are willing to confer and can have a few concessions when it comes to finding a suitable home for them, but others have no clue with what they are looking for, no idea on how to handle any aspect of buying a home. So it is better to not exploit in persuading your way through selling your land.
In negotiating with potential buyers, there should be emphasis on developing trust between you and your buyer. As they say, trustworthy people get more contract much easily, as they are pure with their intention and mean no harm against the buyer out of their own personal agenda. You must also learn to communicate in a gentle manner, giving off an approachable and confident appearance. People who are tense, nervous, and excited may be mistaken or given an impression of hiding something, even if you are not. Also, stick to the specific items in the house, and do not try to say anything just out of giving a boost on your sales talk. If there are defects, let the buyer know, so you may let them know ahead of time, than letting them discover it themselves, which will give bad record for you as a seller. And make sure to be at your professional level. Do not insult or aggravate the condition by insuring back the consumer when they throw out critiques on your property. Remember that customer is always right, and incorporating the buyer will never get you a sale.
Lastly, be responsible. Upon selling your property with a land contract, keep track of the record you are keeping, all the money received, and spent. You are your own responsibility, as you are also liable to what you sell, and these records are important and will serve as back up when problems arise.
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Source by Bianca Gianni