Do you have land to sell in Miami? If so, you might find yourself wondering, “Who pays when selling Miami land?
You’ll be surprised to find out the answer in today’s short article about selling land in Miami.
When most people think about selling land they own, they immediately assume it’s a straightforward two-step process. #1 Hand over the deed. #2 Accept a check for the land. It sounds obvious enough – the buyer pays the seller, right? Kind of.
That’s not really how the process of selling land works.
You Truth Shocks More Landowners Than You Realize.
The Initial Costs Are All Covered By The Seller!
If you’re a landowner and you have property to sell, you’ll have to pay first!
➊You’re required to cover the costs of a survey or a site analysis. It might even be a good idea to get in contact with a geologist and request they take look at your property to figure out what potential it has.
➋You’ll need to hire a real estate agent that will market and sell the property on your behalf. It’s no surprise that this can lead to additional expenses that you have to cover while the agent tries to find a buyer. For example, you’ll have to pay any mortgage, bills, taxes, and insurance on the property during the months that it takes for the agent to find a potential buyer.
➌When an agent succeeds in finding a buyer, you may need to work with a lawyer, a title company, and potentially other firms as well to complete ALL the paperwork. And, no surprise again. YOU will be the one covering all these costs the entire time!
➍Once the paperwork is complete, you will get the money for the property. If the buyer has the cash, the money will come from them to you. But, if the buyer is relying on bank financing and needed approval for a mortgage, this cash will come from a bank or lending agency, which can take time. Plus, once you receive the money, don’t forget there’s still YOUR mortgage to pay off (if there is one), and you’ll need to take care of any liens.
➎If you thought that was it, we’re sorry to tell you that there’s one FINAL bill! Once it’s all said and done, you’ll also have to pay the agent’s commission. Obviously, all their hard work can’t go unpaid for, and unfortunately, commission fees can cost thousands of dollars.
So, who pays when selling land in Miami?
The answer: YOU. Over and over again until you finally find a buyer who pays ONCE.
At Sunshine State Buyers, we’re not shocked to learn that many sellers realize that this is not the best way to sell. We understand that not everyone has the cash in hand to cover those expensive up-front costs. If you did, you’d probably prefer to go on a luxury holiday or buy something for the family to enjoy.
Sure, it’s nice to gamble on the possibility of getting a higher selling price. But, there’s no guarantee. You could wait several months and still not have a buyer.
It’s no wonder that so many sellers are looking for a faster and easier way to sell land. And, at Sunshine State Buyers, we have the answer! You can get a fast cash offer and bypass all of the costly and complicated steps above.
Check out our website >>> We Buy Houses Fast Florida! (and land!)