How to Buy Land for Cash in Oklahoma?

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How to Buy Land for Cash in Oklahoma?
By

Bart Waldon

Oklahoma, nicknamed the “Sooner State”, offers a unique landscape of gentle rolling plains, prairie grasses, dense forests and lush wetlands. This midwestern state provides ample opportunities for those looking to buy vacant tracts of land for investment, recreational or agricultural use. With average land prices significantly below the national average, Oklahoma represents an affordable market for prospective land buyers. Let’s explore the process and benefits of purchasing land for cash in The Sooner State.

Buying Land in Oklahoma - Know the Lay of the Land

While much of Oklahoma’s landscape is rural, most land purchases occur near metropolitan centers like Oklahoma City and Tulsa where infrastructure, resources and development opportunities exist. Northeastern Oklahoma contains the state’s most expensive land in the Great Lakes-St. Lawrence forest region while southeast Oklahoma has the lowest land prices given its mountainous topography.

The average price per acre of Oklahoma farmland is around $2,190 compared to the nationwide average of $3,160. Pastureland in Oklahoma sells for approximately $1,510 per acre. These relatively low land prices make the state attractive for investors with cash on hand who can capitalize on bargains.

Why Purchase Land for Cash in Oklahoma

Paying the full purchase price in cash provides advantages for both the buyer and seller. Cash transactions close quickly since there is no financing involved. The closing process is straightforward with no appraisals, income verification or other red tape. Landowners prefer receiving immediate payment. For buyers, paying cash means no monthly mortgage payments, allowing faster payoff. Intended use of the property also dictates the appeal of buying for cash. Those wanting to develop, flip or subdivide land benefit from owning it outright initially.

Insider Tips for Smooth Cash Land Purchase

Buying vacant land for cash requires researching property specifics, financial preparation, offer calculations and an understanding of closing basics. Use these key tips for seamlessly navigating the process:

  • Vet property thoroughly - Inspect boundaries, access roads, terrain, views, deeds, taxes owed, mineral rights, easements, zoning and land use restrictions before purchase. This reduces the chance of unpleasant surprises after closing.
  • Confirm costs beyond purchase price - Keep several thousand dollars extra available beyond the offer amount to cover closing fees, title insurance, potential back taxes and immediate land management expenses after closing.
  • Make equitable offer for local market - Connect with a reputable Oklahoma land real estate company like Land Boss with extensive area market data to determine fair offer amounts based on comparables and current trends. Avoid lowball offers well below average sales in the specific county. Be prepared to negotiate to find common ground.
  • Factor in holding timeline - If planning to resell fairly quickly, make an offer low enough to allow for profit potential after all other expenses. For longer term buy and hold investors, offering closer to market prices secures better overall land value. Evaluate intended holding period when calculating offers.
  • Streamline closing process - Use a title company managing full cash closings routinely for speed and efficiency finalizing purchase details and money transfer. Clarify upfront who covers specific closing costs. Review timeline and items needed to close in orderly manner.

Why Work With a Cash Land Buyer Company?

A reputable company like Land Boss that specializes in buying and selling land for cash brings extensive experience with the process and exposure to off-market bargains. Consistently buying land enables strong relationships and deal flow with rural landowners directly, circumventing the delays of the traditional MLS. We have purchased over 100 land parcels to date using our own cash reserves. Our deep understanding of local land values helps buyers capitalize fully on market opportunities. We purchase then resell inventory rapidly or develop it ourselves as demand indicates. Leverage our expertise!

How Land Boss Cash Land Purchase Works and Top Benefits

Our simple four step cash land buying process unfolds smoothly as follows:

  1. Initial Property Research - Upon an inquiry from a landowner looking to sell, we thoroughly vet the parcel virtually first and request due diligence documents to confirm viability.
  2. Cash Offer Made - Next we extend a fair cash offer to purchase based on market comps and metrics. Our pricing aligns with an ability to profit while giving seller more than selling through traditional channels.
  3. Close and Take Ownership - Once offer acceptance occurs, we finalize closing through a title company promptly with all cash and take possession.
  4. Resell or Develop - Finally we either flip the land again on the open market or develop it ourselves per local demand and feasibility.

Owners enjoy certainty of sale with no listing hassles and guaranteed cash payment upon closing. We handle everything related to repositioning or developing the land post purchase. This removes burdens from the initial seller. Buyers through us get off market tracts before widely advertised. Our cash resources fuel expansion so we buy actively. We close deals reliably thanks to our cash buying model and focus.

Top reasons owners want to work with our cash land buying company include:

  • Quick sale and cash payment in just days without listing
  • No need to finance buyer or owner carry
  • Elimination of extra steps with traditional bank financing
  • Sale of hard-to-sell parcels banks deem unfit to finance
  • Avoiding high Realtor listing fees to access buyer marketplace
  • Sale facilitation without cleanup or repairs prior to closing

Our heavy deal flow means we buy land of varying sizes and types regularly with cash in Oklahoma. Contact us today to discuss specifics of your land tract and get a fair no obligation cash offer price quote.

Cash Land Purchase Checklist to Prepare for Closing

Pursuing a cash purchase of Oklahoma land involves some vital preparation and awareness around closing:

  • Locate closing professionals – Secure title company, attorney or escrow provider to oversee closing and transfer by name search and client referrals. Get itemized list of standard closing fees/costs they charge upfront.
  • Gather due diligence data - Make requests early for information proving clear deed, permissible land use and filling any data gaps identified during property vetting and negotiations.
  • Confirm total funds to close - Reverify net price negotiated plus closing costs and title policy fees to bring correct payment mode (cashier's check, wire transfer etc)
  • Review closing documents - Read documents associated with closing carefully well beforehand related to deed filing, title conveyance, tax payments. Understand obligations when signing.
  • Conduct final walkthrough - For vacant land, visually check boundaries and condition match expectations a final time before money changes hands.
  • Transfer sale proceeds securely - Sellers should provide payment specifics to title company handling funds dispersal from buyer carefully and double check for accuracy.

Follow this closing preparation checklist and tips to make for smooth sale completion and legal transfer of property ownership when purchasing Oklahoma land for cash.

Tips for Finding Off Market Land Deals

Access to Oklahoma land deals not publicly listed translates to buyer negotiating leverage for those paying cash. Contacting owners of vacant “For Sale By Owner” tracts directly puts interested cash buyers in the driver’s seat, especially if telephoning landowners directly through old fashioned cold calling approaches. Sellers want to move aging listings or excess asset land typically. Cash overtures catch attention.

County clerk offices house records on deed transfers, tax delinquencies and contact info to pursue off market seller leads. Public development plans also reveal areas eyed for potential infrastructure expansion where buying land now bears fruit later as area enhances. Subscribe to multiple listing sites and set alerts for new land listings sent via email to uncover deals first. Leverage boots on the ground connections through local real estate investors associations, title reps and lenders as well to gain early cash buyer advantage as tracts become available.

Getting cash land deals under contract ahead of the masses translates to instant equity at closing and raises end profit potential.

Questions to Ask Before Buying Land for Cash

Ensuring a land purchase aligns with your goals requires asking savvy questions before acquiring vacant property. Below are key items to cover:

  • Is the parcel properly zoned for intended use post purchase? Confirm with county planning office.
  • Are protective covenants on the land reasonable for my plans? Request and review.
  • What condition are access roads in to the property? Can utilities be run cost effectively?
  • Does terrain contain wetlands or other barriers hampering building or farming viability?
  • Have permits ever been denied on the tract for development purposes?
  • What natural disaster risks exist in the property area? Research history.
  • Does the seller have mineral rights or other partial ownership to disclose?

By digging in upfront prior to closing, cash land buyers mitigate chances of unpleasant surprises down the road after taking title that could negatively impact property use or resale. Perform due diligence before committing funds.

The team at Land Boss makes it easy and profitable to buy vacant land for cash in Oklahoma. Call or email us today to describe your needs!

Frequently Asked Questions (FAQs)

What types of land are the best candidates for buying with cash in Oklahoma? 

The most desirable land parcels for cash purchase in Oklahoma include vacant development land around expanding metro areas, affordable recreational and hunting acreage in rural areas, discounted agricultural farmland, and subdividable tracts just outside city centers with infrastructure ready for expansion.

What closing costs should I anticipate when buying Oklahoma land with cash? 

Typical closing fees involved with buying Oklahoma land for cash that must be budgeted for include title searches, title insurance, attorney/escrow fees, recording and filing charges, taxes and revenue stamps. These often total 2-5% of the purchase price.

What risks or downsides exist around buying land for cash versus financing?
Paying all cash means no leverage from financing to potentially earn higher investment returns. Also, no tax write-offs exist from interest payments and loan costs. Having cash tied up fully reduces liquidity for other deals or income generating assets. However, speed and simplicity of buying for cash offsets risks for most investors.

How low should my offer be on land I intend to buy for cash in Oklahoma? 

Making too low of an offer, even for a cash deal, offends sellers and kills negotiations. Research actual sales prices in the county before offering. Most experts recommend about 10-20% below actual comparable sales for an attractive but realistic cash land offer.

How can I estimate the resale value of a rural Oklahoma land parcel I'm buying with cash? Examining sales of similar nearby plots of land provides guidance on potential resale value. Also factor in conditions impacting demand since purchase like new infrastructure added or market shifts. Location and parcel usability play a role as well. Consult a local real estate professional experienced in land valuations for accurate price projections.

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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