Help! I Need to Sell My Land in Ohio Quickly

Are you a landowner in Ohio facing the urgent need to sell your property? You're not alone. The Buckeye State's land market has been experiencing significant fluctuations in recent years. According to the Ohio State University Extension, the average value of Ohio cropland increased by 3.8% in 2023, reaching $7,930 per acre. However, this growth rate has slowed compared to previous years, potentially impacting sell times. The Ohio REALTORS® report that the average days on the market for all property types in Ohio was 39 days in February 2024, suggesting a relatively quick turnaround for motivated sellers. Despite these promising figures, selling land can often be more challenging than selling developed properties, making it crucial for landowners to understand their options and act strategically when looking to sell quickly.

Price It Right

Overpricing is one of the biggest mistakes land sellers make. Just because you have an emotional attachment to your land or have dreams about that perfect home being built on it one day doesn't mean buyers will pay top dollar, especially in a volatile land market.

Do your research and work with a knowledgeable real estate agent to determine fair market value. Recent sales of comparable vacant land in the area are your best data points. Price it competitively right from the start, even if it means swallowing your pride a bit on what you hoped to get. The odds of selling quickly go up significantly when the land is priced properly.

Use a Land Buying Company

Selling to a land buying company is often the fastest way to sell your vacant land. Companies like Land Boss specialize in buying and selling land for cash, typically purchasing at below market value. This isn't necessarily a bad thing though, as it allows them to buy quickly without contingencies.

Sure, you may leave some money on the table versus a traditional sale. But if time is of the essence, the convenience and speed of closing with a land buyer can make it worthwhile. Just do your research to pick a reputable company with positive reviews. Many landowners are relieved to get a fair cash offer and be done with the burdens of ownership fast.

Market Aggressively

Don't just put a sign up or list it on Zillow and hope for the best. To attract buyers quickly, your land needs broad exposure across multiple platforms. Here are some tips:

• List with a top agent who specializes in land - they have all the right connections.
• List on Zillow, Realtor.com, Lands of America, Loopnet, etc.
• Create listings directly on popular sites like Craigslist and Facebook Marketplace.
• Network with local investors - many look for off-market deals.
• Post in relevant Facebook Groups, like "Ohio Land Sales"
• Create print flyers and post on community boards.
• Add directional signs at main intersections near the property.

Marketing land takes consistent effort across many channels, but it's a numbers game. The more buyers that see it, the more likely you'll find one ready to move quickly.

Consider Owner Financing

One way to potentially sell your land faster is by offering owner financing. This allows buyers to purchase your property through scheduled payments over time, with interest, rather than coming up with a lump sum. Monthly payments are more feasible for some buyers.

Of course, you take on more risk as the bank, and it may take longer to fully cash out. But creative financing options like this expand your buyer pool. Just be sure to work with a real estate lawyer to draw up the proper contracts to protect yourself.

Divide It Up

If your land is more than a couple acres, consider dividing it into smaller parcels. It’s much easier for buyers to purchase a 1-2 acre lot than a huge 20 acre tract. The costs seem more approachable.

Work with local zoning offices to legally create subdivisions or splits. Then you can price and market the smaller lots individually. Even selling off just a portion recoups some cash quickly while you work on selling the rest.

Act Quickly On Offers

When you do get an offer, try to respond and negotiate promptly, especially if the buyer seems motivated. Don't stall or nitpick small details in hopes of squeezing out a few extra dollars. Likewise, don't constantly counter back and forth playing games.

You'll risk the buyer losing interest and moving onto the next property. If an offer is reasonably close to your asking price and the buyer has financing ready, try to find common ground and seal the deal. Removing contingencies also helps guarantee a quick closing.

Avoid Getting Buried in Fees

Be aware that selling land has many associated costs - commission fees, closing costs, tax implications etc. Factor these into your pricing strategy so you don't lose money in the end. Doing a 1031 Exchange can help defer capital gains taxes to reinvest in another property. An accountant and real estate lawyer can provide guidance on maximizing your net proceeds.

Manage Expectations

Finally, go into the land selling process with realistic expectations on timing. While you may get lucky with a quick sale, it still often takes at least several months to over a year even when priced competitively and marketed aggressively. Patience and persistence are key.

Selling land certainly comes with its challenges. But take the right steps, and you can minimize headaches while getting a fair return in a shorter time frame. With the range of options available today like land buying companies, creative financing, subdividing, and expanded online marketing, there are paths to liquidate your Ohio land rapidly when needed.

Selling Land Independently

While hiring an agent or selling to a land buying company are good options for offloading your property quickly, you can also sell your land on your own directly to buyers if you're up for more legwork. Here are some tips:

Price It Right 

Getting a formal appraisal to determine accurate market value is ideal. If not, study recent comparable sales in the area and price 10-15% below similar lots. Land tends to sell for around 85% of listing price on average.

Handle Legal Work 

Consult a real estate lawyer to review title and handle contract documentation to protect yourself. Disclose all easements, restrictions, encumbrances etc.

List Online 

Create For Sale listings on Zillow, Lands of America, Loopnet and other specialized land sites. Include photos emphasizing best features and clearly stated terms.

Market Locally 

List on Craigslist and Facebook Marketplace. Post flyers on community boards and place signage near the property. Network with nearby investors and land brokers.

Screen Buyers 

When you get offers, verify funds and financing readiness. Do background checks and call references to avoid problem buyers. Insert contingencies in the purchase contract as needed.

Negotiate Fairly 

Don't counter offers excessively or nitpick to squeeze out every last dollar. Keep communication open and find common ground.

With the right prep work and persistence, selling your land independently is very doable. Just be ready for more time showing the property and fielding buyers. But it lets you maximize sale price.

Final Words

Selling land can be a time-consuming and frustrating process, but for Ohio landowners needing to liquidate quickly there are several effective options available. With the right pricing strategy, marketing exposure, creativity around financing terms, and a realistic mindset, it's possible to sell your vacant land in a shorter timeframe. Taking advantage of land buying companies, subdividing larger parcels, and tapping into expanded online marketing channels helps attract motivated buyers more efficiently. With proper planning and persistence, you can minimize the headaches and close a fair deal on your Ohio land rapidly when needed. The key is being proactive, flexible and prudent in your approach.

Frequently Asked Questions (FAQs)

How long does it usually take to sell vacant land in Ohio?

On average, it takes 1-2 years to sell raw vacant land in Ohio if selling independently. Hiring an agent or selling to a land buying company can shorten the time frame, but expect a minimum of several months either way.

What discounts do land buying companies usually seek when making offers?

Most land buying companies aim to purchase property at 60-70% of market value. This allows them to profit when reselling. The convenience and speed comes at a cost of maximizing sale price.

What costs are associated with selling land in Ohio?

Expect to pay around 6% commission for a broker. Closing costs add 1-2% more. If not reinvesting proceeds, capital gains taxes apply. Plus costs for appraisals, legal work, inspections etc. Factor these in when pricing.

Should I consider owner financing when selling my land?

Owner financing allows buyers to purchase through scheduled installments over time. This expands your pool of potential buyers. But also adds risk and delays full payment. Consult a lawyer to structure agreements properly.

How small of a parcel can I subdivide my land into?

In Ohio, parcels must be a minimum of 1 acre to be considered a separate lot due to zoning restrictions. Anything smaller would likely not pass permitting requirements for sale.

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