Help! I Need to Sell My Land in Tennessee Quickly

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Help! I Need to Sell My Land in Tennessee Quickly
By

Bart Waldon

If you find yourself in a situation where you need to sell your land in Tennessee fast, you're not alone. Many landowners end up needing to sell their property quickly due to life circumstances like job loss, medical bills, divorce, or just wanting to liquidate an asset. The key is being prepared and knowing your options.

Selling land quickly in Tennessee does require some work and can involve compromises like accepting below market value. However, it is possible to sell your Tennessee land fast if you understand the local real estate market, work with reputable companies like Land Boss, and don't set unrealistic expectations.

Overview of the Tennessee Real Estate Market

The state of Tennessee has diverse geographical regions, from the Appalachian Mountains in the east to the Mississippi River valley in the west. Much of the state is rural, though major cities like Memphis, Nashville, Knoxville, and Chattanooga have seen growth. Overall, Tennessee's real estate market is healthy and land prices have been steadily increasing over the past decade.

Some key facts about the Tennessee real estate market:

  • Median home price in TN is around $275,000, significantly lower than the national median of $375,000. Land prices vary widely but average $5,000 per acre.
  • Metro areas like Nashville have seen housing prices rise rapidly, over 10% year-over-year recently. Rural land prices have been slower to increase.
  • TN has a faster rate of home sales and more affordable prices than nearby states, attracting relocations.
  • Farmland and hunting/recreational land are abundant, especially in rural middle and western TN.

Knowing these market trends for both residential and rural land can help set accurate expectations when seeking to sell your Tennessee property quickly.

Why You May Need to Sell Land Fast in Tennessee

There are many reasons Tennessee landowners end up needing to sell their property in a hurry, including:

  • Relocation - Getting a new job in another state, moving closer to family.
  • Divorce - As part of a separation or divorce settlement.
  • Financial issues - Job loss, medical bills or other large expenses.
  • Probate resolution - Settling an estate after a death in the family.
  • Burdensome property - Maintaining a remote property becomes too difficult.
  • Investment property liquidation - Wanting to cash-out on a real estate investment.
  • Land you inherited - Deciding to sell unwanted inherited property.
  • House payoff - Needing extra money to pay off your primary residence.

No matter what situation led you to need to sell your Tennessee land fast, having a strategy will help you get it done quickly and reduce stress.

How Long Does it Take to Sell Land in Tennessee?

If you list your Tennessee property with a real estate agent and price it competitively, it may sell within a few months. However, most vacant land takes 1-2 years to sell when going the traditional route.

Factors that can lengthen the time it takes to sell land in Tennessee:

  • Overpricing the property significantly above market value.
  • Attempting to sell without a real estate agent.
  • Having land with issues like no road frontage or adverse possession claims.
  • Minimal marketing exposure for the property.
  • Refusing offers at ask price hoping for a higher number.
  • Not accounting for topography challenges on the land.
  • Trying to sell during a slow season for real estate transactions.

To sell your Tennessee land fast, your best bet is being flexible on price, working with specialized companies like Land Boss, and having realistic expectations on timing.

How to Sell Your Tennessee Land Quickly

If you need to sell your land fast in Tennessee, here are some tips:

Price it right - Work with a local real estate agent to determine fair market value based on recent comps. List it at a competitive price, even if that is below what you hoped for. Overpricing will just mean it sits.

Be flexible on offers - When you do get offers, seriously consider ones at or very close to ask price instead of holding out for more. Negotiations and counters can lead buyers to move on.

Hire a company like Land Boss - Companies like Land Boss specialize in buying and selling rural land. They have cash on hand and can make quick offers and close fast.

Market aggressively - Use both digital and traditional marketing like online listings, signs, flyers and word-of-mouth to increase the chances of finding a motivated buyer quickly.

Consider owner financing - Offering your own financing instead of requiring an all cash purchase can expand your potential buyer pool.

Be prepared to compromise - Accepting a lower price or buyback options can get your property sold quickly, putting cash back in your hands.

Working With a Tennessee Land Buying Company

For the fastest way to sell your land in Tennessee, working with a specialized land buying company like Land Boss is an excellent option.

Companies like Land Boss can make all-cash offers, buy as-is with no repairs needed, and close deals within days if necessary. They already have acquisition funds in place and are looking to buy, so they can move extremely quickly.

The benefits of selling to a Tennessee land buying company:

  • Cash purchase - No need to provide financing, cash at closing.
  • Speed - Offers in 24 hours, ability to close in days if needed.
  • Certainty - Guaranteed sale, no risk of the deal falling through.
  • No costs - Typically no closing costs for you as the seller.
  • As-is condition - Can buy land as-is, no repairs or cleanup required.
  • No commissions - No real estate agent commissions to pay.
  • Professional - An established company with a track record of buying and selling land.

The trade-off is these companies need to buy at substantial discounts to market prices in order to profit from their business model. However, if your need is to sell fast, it may be worth taking a lower price to get cash quickly and ensure the sale goes through.

Reputable companies like Land Boss can make this process simple, providing fair cash offers and handling all the closing paperwork and details for you.

What About Tennessee Land Auctions?

Another option some sellers consider for liquidating Tennessee land quickly is engaging an auction company to hold a public auction on the property.

Benefits of auctioning land in Tennessee:

  • Creates urgency and a competitive bidding environment.
  • Auction company handles marketing and paperwork.
  • Sale date is set in advance.

Potential downsides:

  • Auctions can fail if bidding doesn't meet reserve price.
  • May still take weeks/months to organize and market.
  • You have little control over final sale price.
  • Commissions and costs reduce net proceeds.

For those needing truly urgent liquidation in days or weeks, auctions may still not be fast enough. And there is no guarantee the final hammer price will be as high as an all-cash offer from a trusted land buying company like Land Boss.

Questions to Ask Prospective Tennessee Land Buyers

If you decide to sell your Tennessee property to a land buying company or real estate investor, here are some good questions to ask:

  • How long have you been in business buying and selling land? Look for companies with a long track record in Tennessee specifically.
  • Are you making a cash offer? If not, what financing terms do you require?
  • How soon can you close on the property? Do you need any inspections or approvals first?
  • Will I need to pay any closing costs or real estate commissions?
  • Who handles the closing and recording of the deed paperwork?
  • Do I need to provide a survey, clean up the property, or make any repairs before closing?
  • What contingencies, if any, are associated with your offer to purchase my land?
  • What happens if I accept your offer but then a higher bid comes in before closing?

The answers will help you gauge the legitimacy, experience, and readiness to buy of prospective purchasers.

Closing the Deal Quickly

Once you accept an offer from a qualified land buyer in Tennessee, make sure you do your part to expedite closing and get paid promptly:

  • Provide all documents they request as soon as possible - title, tax info, disclosures etc.
  • Stay in close communication leading up to closing day to answer questions.
  • Review closing paperwork thoroughly but don't delay sending back signed documents.
  • Confirm closing procedures - many companies wire funds electronically at closing, allowing instant access to proceeds.
  • Have any necessary family members or powers of attorney ready for signing closing docs.
  • Be prepared to vacate the property by agreed upon date and provide any keys, codes, etc.
  • Follow up after closing to transfer utilities, update your address, and complete any other administrative tasks.

By cooperating fully with the buyer through closing and possession, you can ensure the sale of your Tennessee property happens swiftly and smoothly.

Final Thoughts

Selling land quickly in Tennessee can be accomplished when you thoroughly understand the real estate market, leverage experienced companies like Land Boss, and are realistic about timelines and pricing. With the right approach, you can get your property sold in weeks or months, not years. This lets you access the equity in your land so you can move forward with your plans. Don't wait to contact companies that buy land in Tennessee for a fast, smooth sale experience.

Frequently Asked Questions (FAQs)

How long does it usually take to sell land in Tennessee?

It typically takes 1-2 years to sell vacant land in Tennessee if listing it with an agent at market prices. However, you can sell much faster, usually within weeks or months, by pricing competitively and working with land buying companies.

What documents do I need to provide when selling my Tennessee land?

Typical documents needed are the deed showing current ownership, any easements or restrictions, property tax records, property disclosure forms, and a survey if available. The title must be clean and marketable.

Does my Tennessee land need to have road access to be sellable?

While road frontage and deeded access always make property more attractive to buyers, it is still possible to sell Tennessee land without direct road access. Title work is key to prove legal access rights via easements.

Should I get my Tennessee land appraised before selling?

Most land buyers will make offers based on recent sales of comparable properties, not appraisals. But for inherited properties or valuation questions an appraisal can help you set fair asking price.

What are closing costs when I sell my Tennessee land?

As the seller, you typically pay no closing costs when working with a land buying company. The buyer covers title search, document filing, and deed recording fees in most cases.

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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