When you lose a loved one, it can be very difficult and stressful. Even more stressful is taking care of the financial assets and distributing them among family members.
Very often, a loved one will leave a piece of land and it can be very difficult figuring out what to do next. Unlike a house, a piece of land doesn't offer the same kind of use. A piece of land can't really be rented out, lived in or even sold easily on the local market.
There are unique challenges when it come to marketing land because of the limited financing options that are available and because there is a more narrow market especially if the land is in a remote area.
Because the land is inherited, many people don't really have an immediate use and sometimes, don't even know what they will use it for in the future so they would rather sell it.
How To Sell Inherited Land
People very often don't see any value in land that they have inherited. If the land was given to more than one family member (which is often the case), they all have to agree that they want to sell it and for how much.
It would be wise to discuss selling the inherited land with other family members that hold an interest in it. Everyone who owns the property must sign all the documentation.
This can be a challenge to have everyone agree to the sale, especially if the family members have drifted apart.
Before offering a clear title, you will have to hire a lawyer and file probate. This takes a few months. The court will give the executor of the estate the authority to distribute the land property.
The executor will be the owner of the land so that it has a clear title to be sold or transferred. A summary probate can be completed faster without the need of an attorney if the estate is only valued at a smaller amount, in certain states. Just be sure to check with your state what you are allowed to do.
Getting The Land Ready For Sale
To prepare the property for sale, the first thing to do is to find out about the property so that you can find all its selling points and so that you can answer any questions that the potential buyer may have.
You need to know the Tax ID. You can find this on a recent tax bill and it will also have a reference number on it so you can contact the local county office. You can even find the information online in most cases.
Some other important things to know is the exact location of the property, whether it has road access and if there are any utilities available. You can find this information by getting a hold of the county office that the property is in.
Talk to the county assessor to get the land value and the zoning code. You can find the location by visiting the online GIS map. You can check out Google maps or Google Earth to see an aerial view of the property and to see if there is road access.
Finding The Perfect Buyer
You may want to find a professional land buyer that can help you to sell the property or that you can sell it to directly. They will know what is needed to get the land sold.
Depending on how involved you want to be in the selling process, you will need to market your land. You can sell your land online or you may want to get someone to sell it for you.
If you want to sell your land fast, just fill out the form here on our website. We pay all closing costs and can help you to sell your land fast.