Help! I Need to Sell My Land in New Jersey Quickly

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Help! I Need to Sell My Land in New Jersey Quickly
By

Bart Waldon

Selling land in New Jersey can be a challenging process, especially if you need to sell quickly. However, with the right strategy and knowledge, it is possible to sell your New Jersey property fast. This article provides tips and guidance on how to sell your land quickly in the Garden State.

Why You May Need to Sell Land Fast in New Jersey

There are many reasons why landowners in New Jersey may need or want to sell their property quickly:

  • Financial issues - Job loss, medical bills, or other unexpected costs may force you to sell your land fast to access equity.
  • Relocation - Getting a new job in another state or needing to move suddenly for family reasons requires selling your New Jersey land fast.
  • Divorce - Dividing assets like land requires a quick sale when divorcing.
  • Death - Inheriting land you don't want or need requires selling the inherited property ASAP.
  • Unwanted property - If you inherited land in New Jersey you have no use for or got land in a bad investment, you'll want to sell quickly.
  • Development falls through - If you purchased land for development that failed to materialize, selling quickly recoups costs.
  • Burdensome taxes and maintenance - The costs of holding raw land become too much.
  • Better investment opportunity - Needing cash to fund a new business venture or investment may require quick land sale.

No matter what situation led you to need selling your New Jersey land fast, it is possible with the right approach.

Challenges of Selling Land Quickly in New Jersey

While selling land swiftly is possible in New Jersey, some common challenges can complicate the process:

  • Limited demand - Raw land has a relatively small pool of interested buyers. If you need to sell fast, this makes it harder.
  • Financing difficulties - Since land does not produce income, buyers have a hard time getting financing from banks. This shrinks your buyer pool.
  • Unknown value - Vacant land lacks comparables, making it hard to establish accurate market value for a quick sale.
  • No occupants - With raw land, you cannot sell to an occupant like with a house. This removes potential buyers.
  • Remote parcels - Land in very rural areas can be harder to sell quickly if fewer buyers know about them.
  • Use restrictions - Limitations on what the land can be used for due to zoning shrinks your buyer pool.
  • Holdout sellers - Owners listing land above market value who refuse to lower prices reduce sale options.
  • Limited demand periods - Certain times of year see lower land buyer activity, slowing sales.

While challenges exist, utilizing the right land selling strategies can help you navigate these issues successfully.

Tips for Selling Your Land Quickly in New Jersey

If you need to sell your land fast in New Jersey, here are some top tips that can help streamline the process:

Price It Right

Land that is priced right for the current market sells fastest. Overpricing your land because you want to get the most money possible can cause it to sit unsold. Connect with a local real estate agent experienced in land valuations to determine fair market value based on recent comparable sales, location, site attributes, and demand. Price in the lower end of fair market value to incentivize buyers. Be prepared to negotiate as well.

Market Aggressively

To reach lots of buyers quickly, you need to market your land rigorously utilizing multiple platforms. Create print and digital ads with attractive descriptions and quality photos of your parcel. List it on land listing sites like Lands of America and LandWatch. Post in Facebook Marketplace and Craigslist. Leverage real estate agent marketing tools like MLS listings. Install signs at the property with contact info. The more buyer eyes on your listing, the faster it will sell.

Offer Owner Financing

One of the biggest hurdles of selling land fast is that most buyers need financing to purchase. With owner financing, you finance the sale yourself at an attractive interest rate rather than requiring a traditional bank loan. This expands your buyer pool and makes your listing more attractive to sell the property quicker. Just be sure the buyer is credit-worthy.

Consider Land Investor Companies

There are real estate investment companies that specialize in buying and selling land. These companies like Land Boss purchase land directly from owners in flexible, fast sales on fair terms. Selling your land to an investment company can close in as little as a few days since they have cash on hand and don't require traditional financing. It simplifies the process quickly.

Divide Parcel if Possible

If your land is 10 acres or more, consider dividing it into smaller parcels if feasible based on zoning laws and topography. Smaller tracts not only sell faster but at higher per acre prices. The purchase is less intimidating and affordable to more buyers than one big piece.

Include Utility Checks

Having already confirmed utilities like power, water sewer, etc. are available and capacity on the land will speed up the sale. Rather than buyers having to research it, you've done the legwork proving it is development-ready. This gives buyers more confidence to purchase quickly.

Be Flexible on Terms

The more flexibility you show on the terms of sale, the faster you are likely to sell. Being open to lease-to-own terms, seller financing, lower down payments, closing date flexibility, or including adjacent separate parcels all expand your pool of buyers. Saying yes more opens more quick sale opportunities.

Hire a Real Estate Attorney

A real estate attorney that specializes in land transactions can ensure you complete all required due diligence to satisfy buyers and comply with regulations. This prevents hiccups that can delay closing. Having a lawyer ready to review and finalize contracts expedites signing.

What Price Can I Expect When Selling Land Fast?

If you need to sell land quickly in New Jersey, you will likely need to price it below full open market value. How much discount you'll have to accept depends on your specific parcel, but some guidelines can help set realistic expectations:

  • Plan for around 60% to 85% of fair market value - Large rural acreage may need to be priced at 60% or less while smaller subdividable tracts may only require 5% to 15% discounts.
  • Expect to offer 10%+ less than comparable sales - Offering at least 10% below recent sales of similar parcels gives buyers motivation to purchase quickly.
  • Be flexible on negotiations - Buyers may try to negotiate you down another 5% to 20% from your list price, so be open to reasonable counters.

The quicker you need to sell, the more deeply discounted your price may need to be. But selling fast has benefits like saving on taxes, maintenance costs, and mortgage payments that can offset a lower price.

How Long Does it Take to Sell Land in New Jersey?

In a typical market without urgency, land can take 1 to 3 years to sell in New Jersey. But utilizing the tips above can help you sell land much faster, especially if you are flexible on price.

Here are some timeframes you can expect trying to sell land quickly depending on the strategy you use:

  • 6 to 12 months - Listing with a real estate agent at a reduced price and marketing aggressively has potential to sell raw land in less than a year.
  • 90 days - Offering owner financing or other creative terms can allow you to sell your land in New Jersey in about three months.
  • 30 to 45 days - Selling to a direct land buyer company that pays cash like Land Boss can close in just a few weeks.

While selling land fast requires effort, with the right approach it is very doable even in a slow market. The benefits of acting quickly often outweigh trying to hold out for top dollar.

Is Selling Land to a Company a Good Idea?

For many property owners needing to sell land fast in New Jersey, selling directly to a land buying company for cash is the simplest approach. Some benefits of going this route include:

  • Speed - Companies have funding available and can close in days or weeks, much faster than listing it.
  • Certainty - The sale is guaranteed once an offer is accepted vs waiting indefinitely for a buyer to come along.
  • No hassles - Land companies handle all the paperwork and details of closing.
  • Cash payment - No worries about the buyer's financing. Cash offers provide confidence.
  • Cost savings - Avoiding lengthy listing periods cuts taxes, maintenance fees, and mortgage payments.
  • No commissions - Selling directly means you don't pay a real estate agent's commission.
  • As-is condition - Companies buy land as-is so you don't have to spend preparing it for sale.

Just be sure to vet any land buying company thoroughly. Look for longevity in business, membership in the Better Business Bureau, and check for customer complaints or lawsuits filed online. Established companies like Land Boss with good reputations can provide a fast, smooth transaction.

Final Tips for Selling Land Quickly in New Jersey

Selling your land fast in New Jersey is possible with the right approach tailored to your needs and parcel. Keep these final tips in mind:

  • Research land values - Pricing right is key, so take time to estimate fair market value. Search actual sold listings rather than just list prices.
  • Be flexible - The more terms you are open to like owner financing or lease-to-own, the faster you are likely to find a buyer.
  • Market aggressively - Lean on digital promotion and well-designed print ads plus signs on the property to gain maximum visibility.
  • Consider land investors - Companies like Land Boss are an option if you need to sell in 30 days or less.
  • Mind closing costs - If you have a mortgage, calculate payoff amount with penalties for a quick sale.
  • Consult professionals - Hire a lawyer and accountant to cover bases on contracts, title transfer, taxes, etc.

With proper planning and execution, you can minimize the time your New Jersey land stays on the market. If selling quickly is your priority, the above tips can help you successfully reach that goal. Just stay flexible and proactive to sell your land fast.

Final Thoughts

Selling land quickly in New Jersey can seem like a daunting task, but with the right approach, it is very achievable. By pricing competitively, marketing aggressively, utilizing creative terms, and being open to land investors, property owners can successfully sell their land in New Jersey fast. With proper planning and research, you can determine fair value and list at an attractive price point. Spreading the word through online and print advertising along with on-site signage helps gain max visibility. Flexible terms like owner financing opens options to more buyers. For those needing to sell in 30 days or less, reputable land buying companies provide a fast, easy cash sale alternative. While selling land swiftly requires effort, the payoff of recovering your investment quickly can make it well worth it. With a strategic, proactive approach tailored to your needs, selling your land fast in the Garden State is very feasible.

Frequently Asked Questions (FAQs)

How long does it take to sell land in New Jersey typically?

In a normal market without urgency, selling raw land in New Jersey often takes 1-3 years. Land lacks the pool of buyers that homes do, so it sits longer. With the tips in this article though, land can sell in 90 days or less in many cases.

What discounts should I expect when selling land fast in NJ?

To sell land quickly in New Jersey, expect to price it around 60-85% of true market value depending on your parcel specifics. Rural acreage may need bigger discounts while smaller subdividable tracts may only require 5-15% off. Be flexible.

Should I get my land appraised before selling in New Jersey?

Appraisals are not essential to sell land in NJ fast, as they take time. Checking actual sold comps yourself or consulting a land pro can give you an idea of fair market value quickly instead to price it right.

How can I determine the value of my NJ land to sell fast?

Research the actual sales prices, not just asking prices, of similar sized parcels with comparable attributes in your county recently. Adjust based on your land's unique pros and cons. Local real estate agents can also assess your land's value for a quick sale.

Is it risky to sell land to a company with an offer?

Selling to an established land buying company with a good reputation carries little risk. Check their BBB rating and online reviews. Reputable companies like Land Boss make fair cash offers and handle closing details for a smooth process selling land fast.

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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