10 Ways to Sell Your Land Faster in Kentucky

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10 Ways to Sell Your Land Faster in Kentucky
By

Bart Waldon

Kentucky is known for its rolling green hills, thoroughbred horses, bourbon distilleries and historic charm. If you own vacant land in the Bluegrass State, you may have considered selling it for profit or to free up capital for other ventures. However, selling land can be complicated and time-consuming without the right approach.

This guide covers 10 proven tips for selling your Kentucky land faster, drawing on insights from local real estate experts. Whether you have undeveloped acres, farmland or another type of rural property, these strategies can help you successfully close a deal.

Proven Tips to Sell Your Land Faster

Get to Know the Kentucky Land Market

Before listing your land, research recent sales and current listings in the local market. Land values can shift depending on economic conditions, demand from buyers and the property’s location within Kentucky. Generally, land near major metros like Louisville and Lexington or popular tourist destinations will sell for a premium.

Consult a qualified real estate agent or appraiser to determine your property’s accurate market value based on comparables in the area. This will help you price it competitively from the start, which is key for a quick sale. Be prepared to negotiate if you receive offers below asking price.

Highlight Prime Development Potential

Vacant land that can be developed or used for agricultural purposes tends to attract the highest prices per acre. Even if your property currently lacks infrastructure for housing or farming, talk up its potential in your listing description.

Emphasize attributes like gentle topo, proximity to main roads and highways, water access for irrigation, envisioned zoning changes that could allow denser development, etc. The right buyer will see and capitalize on these possibilities.

Get Your Paperwork in Order

Before listing your land, collect important documentation proving you have full ownership and can legally transfer the title. This includes the deed, parcel maps, property survey, disclosure forms and any easements or right-of-ways impacting use.

Being upfront will reassure buyers and prevent hang-ups during closing. If aspects are unclear, consider getting a new survey done to establish boundaries.

Enlist a Top-Notch Real Estate Agent

An experienced local agent well-connected with cash buyers can make a huge difference in selling land efficiently. Opt for an agent who specializes specifically in rural properties and understands their unique valuation complexities. Check reviews and sales track records.

Aside from listing on the Multiple Listing Service (MLS), your agent should market to investors directly through their network. This expands the pool of qualified prospects.

Get Listed on Land-Focused Platforms

While the MLS reaches some land buyers, consider casting a wider net by listing on popular land-only sites like Lands of America, LandWatch and Land and Farm. Leverage the search tools cash purchasers rely on to find discounted acreage for sale.

You can enlist your agent to post on these sites or create your own detailed listing highlighting the property’s amenities and site details with photos. Just be sure any promotion aligns with MLS terms.

Offer Owner Financing

Owner financing presents an appealing option for buyers lacking upfront cash to purchase land outright. By carrying the note yourself, you open opportunities that may yield a higher sale price. This path does come with risks, so consult your real estate attorney before moving forward.

Be Clear on Inclusions/Exclusions

Avoid confusion by clearly stating what is and isn’t included with the sale of your land upfront in listings. Call out structures, equipment or other items that will or will not convey with the deed.

For example, make sure buyers know:

  • Mineral rights are included/excluded
  • Existing fencing corners will transfer ownership
  • Hunting/agricultural leases are transferrable or will need to be renegotiated

Patience is Key

Marketing and showings can eat up chunks of time when selling land. Be prepared for the process to take awhile, especially if pursuing maximum value. Avoid knee-jerk price drops at the first lack of interest; this signals desperation to buyers who may then lowball offers.

Trust your pricing strategy and agent. With persistence, the right motivated cash buyer will come along.

Consider Owner Financing

For buyers lacking sufficient capital to buy land outright, offering owner financing can spur quicker sales. This path allows you to collect earnest money upfront and carry the remainder of what’s owed over time at an agreed interest rate. There are risks to understand, so consult an attorney before moving forward.

Highlight Tax Advantages

Savvy investors know buying vacant land can yield useful tax deductions that may offset or reduce other tax liabilities. As the owner, you can speak knowledgeably on benefits like property tax write-offs, paper loss harvesting and 1031 exchanges to pique buyer interest.

Get Social

Beyond official listings on real estate platforms, leverage your own social networks to spread the word about your Kentucky land for sale. Share the listing on neighborhood forums like Nextdoor, your personal Facebook feed and relevant LinkedIn groups. You never know who may have a cash buyer in their contacts.

Weigh All Offer Scenarios

If you receive multiple competitive bids for your property, carefully compare all terms before accepting one. Seek input from your real estate attorney and financial advisor on the best overall offer package beyond just the base dollar amount.

For instance, deals with flexible closing timelines or that keep you on the hook for fewer contingencies often prove easiest to close while maximizing your sale proceeds. Don’t automatically default to the highest bid price if other terms are problematic.

Selling your land can be a complex, demanding process in Kentucky or any market. But as long as you leverage these insider strategies, you can steer towards the closing finish line smoothly and successfully. Have confidence that the right buyer willing to meet your expectations exists. With a properly staged listing, savvy pricing and some patience during showings, you will find them.

Mistakes to Avoid While Selling Land Faster

Selling vacant land or rural acreage can be riddled with pitfalls for the uninformed. Avoid these common blunders that could delay a sale or cost you money.

Pricing Too High Out of the Gate

The biggest mistake sellers make is overpricing land based on emotion rather than actual market value. While you want to maximize profit, an amount no buyer will bear, despite best-use possibilities, will sit. List at or slightly below comparables that sold recently, then negotiate up. You can always lower pricing but may lose bargaining power hiking it back up later after overshooting initially.

Attempting to Handle without a Specialized Agent

Sure, forgoing an agent means keeping more sale proceeds, but their expertise launching targeted marketing campaigns to qualified cash buyers is hard to replicate. Lean on an agent experienced specifically in rural land deals who can tout the property’s potential to investors through their connections. Doing so alone, you risk missing out on best-case buyers willing to pay top dollar.

Neglecting Due Diligence Paperwork

Failing to furnish important documentation like deeds, surveys, easements, tax histories etc. early on needlessly slows the closing. Do the legwork upfront to prove ownership and boundaries to prevent issues arising mid-stream that can torpedo deals. Being organized signals you’re serious about selling, deterring lowball offers from skeptical buyers.

Reacting Emotionally to Initial Low Offers

Serious buyers often float deals below asking price to gauge if you’ll bite or counter. Knee-jerk rejecting these without countering risks alienating a potential buyer who would meet in the middle. Negotiate calmly in your best interest. Beware dropping pricing so soon that it indicates desperation versus confidence in the property’s value.

Final Thoughts

Selling land smoothly requires equal parts preparation and patience. Avoid overpricing or underpricing, declining lowball offers rashly, attempting to market without a specialized agent, and neglecting due diligence. Those who understand common pitfalls and steer around them stand the best chance of closing deals fast while securing top dollar. Leverage an agent’s expertise, set expectations on negotiations, gather paperwork proving ownership early, and use level-headed business savvy, not emotions, while interacting with buyers. Keep these principles in mind, and your property can sell quickly and lucratively, letting you pocket proceeds for other investments or life priorities. With some diligence and care to avoid missteps, selling land can actually prove easier than you may assume going into the process.

Frequently Asked Questions (FAQs)

I want to sell my land myself and not pay an agent. Is this a mistake?

Yes, attempting to sell land on your own without an agent experienced in rural properties is usually a mistake. You miss out on their connections to cash buyers willing to pay premiums and professional marketing expertise. Paying a commission is well worth it.

My neighbor just sold acreage for $9,000 an acre. Should I list my similar land for the same price per acre?

Not necessarily - every property differs slightly in development potential, land conditions, and location advantages that impact true value. Do your homework on recent comparables and area land trends with an appraiser’s guidance before listing.

I feel my land is worth $15,000 an acre but I keep getting offers for around $10,000 an acre. Should I stick to my price?

Probably not if it’s significantly higher than recent sales of similar parcels nearby. Overpricing based on emotion instead of market reality risks having your listing sit untouched. Consider countering higher offers with a price in line with other area sales.

If I list my land at a good price, it should sell immediately, right?

Wrong – even desirable rural land priced appropriately can take months to draw the right buyer willing to meet terms. Avoid knee-jerk price drops just because of initial low buyer activity. Stay patiently confident in your pricing strategy.

What’s the rush to get all my paperwork like title history and easements together upfront before listing?

Failing to supply documentation proving legal ownership early allows sales complications to brew beneath the surface then derail closings. Do due diligence legwork upfront to demonstrate seriousness about selling to attract better offers.

About The Author

Bart Waldon

Bart, co-founder of Land Boss with wife Dallas Waldon, boasts over half a decade in real estate. With 100+ successful land transactions nationwide, his expertise and hands-on approach solidify Land Boss as a leading player in land investment.

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