People often joke about needing to inherit property from a long-lost family member when they need an injection of cash, but the reality is inheriting real estate can be a lot of hassle, especially if you want or need to sell it.
Unless you’re fortunate enough to inherit property in an extremely high-demand area, selling inherited property is rarely straightforward, and that’s especially true when selling land. While you may not have any pre-sale preparation to do, land often sits on the market for months before finding a buyer. And, unlike selling a home, there’s little (if anything) you can do to make it more desirable.
But is it all doom and gloom? Of course not! Your inherited property is an asset just waiting to be turned into cash you can use to settle their estate or enjoy as you see fit. So, how do you sell it?
Before you put up that for sale sign or contact a land agent or realtor, you should check that you can legally move forward with the sale. If you’ve truly inherited it, you should make sure the deed is in your name. In some cases, you can sell land to settle their estate, but this can be complicated, and it’s usually best to wait until you legally own the land unless you need to sell it to settle their estate. If the latter is the case, check in with your attorney about what steps you need to take.
While you’re working with your attorney, make sure they check that there are no liens on the property that may hinder the sale. This is fairly unlikely in the case of inherited land, but it’s better to do your due diligence now than find out later that someone is owed money.
Once you’re ready to sell, your first step should be to ask those close to the land if they are interested in buying it. If the land is in your local area, this is easiest, but it is possible even if you’re in another state.
First, talk to any family members you think may be interested in buying the land from you. This is often the most straightforward sale, but make sure you still use an attorney to guide you to ensure the sale is fair to both parties.
Next, reach out to the land’s neighbors. In many cases, the people who own the land, homes, or businesses surrounding your land will be glad to expand their property by purchasing the land.
Finally, if you live in the area, get the word out through your friends that you’re selling – they may know someone looking for an opportunity to buy land locally.
If no one you know personally is interested in buying the land, it’s time to start considering your other options. You can:
- Advertise “For Sale by Owner”: Selling the land yourself is the most difficult option, so we’ll get it out of the way first. With this option, you advertise with a sign on the property (if it has road frontage) and advertise it online on any relevant websites. You can do this through major real estate websites, but also consider reaching out to local groups, such as farmers and equestrians. You can use forums and Facebook Groups for this.
- List with an Agent: Your next option is to list the land with a real estate agent in your area. If you’re in a rural area, you may find real estate agents who specialize in the sale of land and similar assets. This is a good option if you’re sure there are buyers out there, but you’re just not sure how to reach them. The downside to listing with an agent is their fees, which will eat into your profit. If you consider going down this route, make sure you find an agent who has sold land like yours in the past, or who specializes in similar sales.
- Sell to an Investor: Don’t worry – your land doesn’t have to be anything special for you to sell to an investor, and this is actually the easiest way to sell your land. Investors and “we buy land” companies (like ours!) are always on the lookout for land to purchase, even if it’s land you don’t think is particularly desirable.
Investors look for property of all kinds to purchase, develop or flip, and then sell on down the road for a profit. The benefits of selling to a land-buying company are:
- Speed – You can’t find a faster way to sell a property. Real estate investors and land buying companies understand every step of the process and so can move quickly, typically going from offer to cash in your pocket in less than two weeks.
- Buy As-Is – When you sell to a land-buying company, you don’t need to lift a finger. Even if you’ve never been to see the land yourself, a land-buying company will give you a cash offer for the land and buy it in whatever state it’s in – whether it’s been well cared for by your loved one or become a dumping ground for scrap.
- No Fees – When you sell to a land-buying company, you don’t have any fees or charges to cover. All you need to do is contact them, get your cash offer, and decide whether to take it or not. If you accept, they’ll take care of all the administrative tasks.
If you’ve got land to sell in Massachusetts, we’re here to buy! We buy land, condos, and homes in Massachusetts for cash in as-is condition, helping families sell properties that have been neglected by their loved one, needs unaffordable repairs, or have become a burden as they want to move as soon as possible.
The process couldn’t be simpler – all you need to do is reach out to us with the details of your property, we’ll give you our best cash offer, and then you accept it if it sounds good to you. If you accept, we’ll get the ball rolling and aim to get the cash in your pocket in days, rather than weeks. It really is that simple.
To get your no-obligation cash offer for your inherited land in Massachusetts (or for any other land or property), click here.