How to Sell Inherited Land Fast in Rhode Island?

You've just inherited a piece of land in Rhode Island, the Ocean State. It's a bittersweet moment, isn't it? On one hand, you've got this valuable asset. On the other, you're faced with the daunting task of figuring out what to do with it. If you're leaning towards selling, especially if you want to do it quickly, you've come to the right place.

Now, before we dive into the nitty-gritty, let's take a moment to appreciate Rhode Island. It might be the smallest state in the U.S., but don't let that fool you. This little gem packs a punch with its stunning coastline, historic Newport mansions, and the vibrant buzz of Providence. From sandy beaches to rolling hills and lush forests, Rhode Island's got it all.

But here's the kicker when it comes to land in Rhode Island - it's hot property. No, really. According to the Rhode Island Association of Realtors, the median price for single-family homes shot up by 14.1% in 2023 compared to the previous year. And guess what? This trend is spilling over into land values too. The Lincoln Institute of Land Policy reports that Rhode Island's land value per acre is among the highest in the nation. Talk about a small state with big value!

So, you've got this inherited land, and you're thinking, "How do I sell this fast?" Well, grab a coffee (or a Del's Lemonade if you're feeling local), and let's walk through this together.

The Rhode Island Land Market: It's Complicated

First things first, let's talk about the Rhode Island land market. It's like that friend who's great but a bit unpredictable. Land values here are generally high - thanks to limited space and growing demand. But here's the catch: the market for vacant land can be as changeable as New England weather.

One thing to keep in mind? Selling land typically takes longer than selling a house with a white picket fence. We're talking 1-2 years on average. Why? Well, there are fewer folks in the market for raw land, and let's face it, buying land comes with its own set of complications - zoning laws, development costs, you name it.

Your Step-by-Step Guide to Selling Inherited Land Fast

1. Make Sure You're the Boss (Legally Speaking)

Before you even think about putting up that "For Sale" sign, you need to make sure you've got all your legal ducks in a row. This means:

• Finding that will or trust document (it might be hiding in a dusty drawer somewhere)
• Going through probate if needed (yeah, it's as fun as it sounds)
• Getting a clear title to the property

If you're sharing this inheritance with siblings or cousins, you'll need to get everyone on the same page. It might be worth chatting with a probate attorney to avoid any family feuds.

2. Figure Out What It's Worth

This is where things can get tricky. Determining land value isn't as straightforward as you might think. Here's what you can do:

• Play detective and research recent sales of similar properties nearby
• Consider bringing in a pro - an appraiser who knows Rhode Island land like the back of their hand
• Think about potential development opportunities. Could this land be the next hot spot for a subdivision or a trendy café?

Remember, land value can be as volatile as the stock market. Location, zoning, and market trends all play a part in this puzzle.

3. Spruce It Up (Yes, Even Empty Land)

You might be thinking, "It's just land, what's there to prepare?" But trust me, a little effort goes a long way:

• Clear out any junk or overgrown vegetation. You want potential buyers to see the land, not a jungle
• Mark those boundaries clearly. Nobody likes a property line dispute
• Get a survey done if you don't have one. It's like a blueprint for your land
• Gather info on utilities, road access, and zoning. Buyers love details

4. Pick Your Selling Strategy

You've got options here, my friend:

a. Team Up with a Real Estate Agent

A local agent who knows their stuff about land sales can be your best friend here. They'll handle the marketing, the negotiations, the whole shebang. Just keep in mind, this route might take a bit longer and you'll need to factor in commission fees.

b. Sell to a Land Buying Company

Companies like Land Boss specialize in buying land. They offer quick sales and cash payments. Now, their offer might be below what you'd get on the open market, but hey, speed and convenience count for something, right?

c. Go Solo with For Sale By Owner (FSBO)

Feeling brave? You could always try selling the land yourself. It might save you some cash on commissions, but be prepared to put in the time and effort.

5. Get the Word Out

If you're not going the land buying company route, you'll need to put on your marketing hat:

• Create listings that pop with great photos. Drone shots are all the rage these days
• Use online platforms and don't forget the good old local classifieds
• Network with local real estate investors and developers. You never know who might be looking for their next project
• Consider some targeted advertising to reach folks specifically interested in land

6. Deal with the Dealmaking

Once you've got some interested buyers, be ready for some back-and-forth. If you're flying solo without an agent, it might be worth getting a real estate attorney to help with the contract and closing process. Better safe than sorry, right?

The Hurdles of Selling Inherited Land

Let's be real, selling inherited land isn't always a walk in the park. You might face:

• Emotional attachment (it was Grandpa's favorite fishing spot, after all)
• Family disagreements (cue the dramatic music)
• Surprise taxes (because who doesn't love a good tax surprise?)
• The head-scratcher of figuring out fair market value
• A limited pool of buyers (not everyone's in the market for a patch of earth)

Want to Fast-Track? Consider a Land Buying Company

If time is of the essence, working with a land buying company like Land Boss could be your golden ticket. Here's why:

• They're fast. We're talking weeks, not months or years
• Cash offers mean no waiting around for bank approvals
• They buy as-is. No need to clear that undergrowth or fix up that old shed
• Paperwork is a breeze
• No need to play tour guide with endless property showings

Sure, their offer might not be top dollar, but for a quick, hassle-free sale of your inherited Rhode Island land, it could be just the ticket.

Final Thoughts

Selling inherited land in Rhode Island doesn't have to be a headache. Whether you go the traditional route, try your hand at FSBO, or opt for the speed of a land buying company, the key is to know your options and understand the local market.

Remember, the Rhode Island land market can be as unpredictable as a New England nor'easter. What might seem like a lowball offer could actually be fair given the quirks of land sales and development.

Whatever path you choose, stay informed, don't be afraid to ask for help, and keep your eyes on the prize. With the right approach, you can turn that inherited Rhode Island land into a done deal faster than you can say "quahog."

‍