How to Sell Land for Cash in Maryland

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How to Sell Land for Cash in Maryland
By

Bart Waldon

Maryland is known as "America in Miniature" for its diversity of geography and culture. From the shores of the Chesapeake Bay to the peaks of the Appalachian Mountains, the Free State offers sandy beaches, rolling farmlands, vibrant cosmopolitan cities and quaint small towns. With a long history dating back to the colonial era and playing a pivotal role in the American Revolution and Civil War, Maryland retains deep roots in the nation's past while looking towards the future as a hub of innovation.

Selling land in Maryland provides opportunities whether you own vacant land, farmland, waterfront property or acreage with development potential. With proper preparation and realistic pricing, those looking to sell land in Maryland can successfully navigate the market. We’ll explore the key steps to sell your land for cash in Maryland.

Set a Reasonable Asking Price Based on Market Analysis

Overpricing land is one of the biggest mistakes sellers make when trying to sell land for cash. Thoroughly research sales of comparable vacant land in your county over the past 6-12 months. Factors like location, size, zoning, and improvements like roads and utilities access significantly impact property value. Without several direct comparables to refer to, an appraisal can suggest value if selling multiple acres for development or farmland. Most experts advise pricing land between 60-80% of potential full market value when first listed to attract buyers.

As an example, some companies like Land Boss buy and sell land provide free consultations to discuss appropriate pricing for a seller’s property. They have extensive experience in the Maryland land market from purchasing over 100 properties. Sellers should expect offers from these kind of buyers to be 10-30% of full market value. This allows the buyer to sell to other buyers later for 60-70% of market value after holding the property for 1-2 years.

Use a Title Company for Closing the Sale

Working with a reputable title company allows the smooth transfer of the deed and proper handling of title insurance, escrow accounts for secure payment, and the closing process. Title companies have professional experience to handle the paperwork so sellers don’t have to worry about missing important steps or compliance requirements. The buyer usually selects the title company, but sellers can request buyers use their preferred title company as long as they adequately service the county where the land is located.

Advertise Your Land For Sale in Multiple Listings

Don’t expect a “For Sale By Owner” sign on your land by itself to suffice for selling land. Industry statistics report less than 10% of land parcels sell from only having a sign posted on the property. Better results come from digital marketing efforts by listing the land for sale prominently on multiple land and real estate websites. This significantly expands the visibility of your listing to prospective buyers actively searching for land online.

Even better than just digital listings is conducting additional targeted outreach. Sellers having success getting frequent calls from interested buyers use more aggressive efforts like direct mail campaigns, social media posts targeting known cash land buyers in specific Maryland counties, and networking with local real estate investor groups.

No matter the outreach method, it’s critical for sellers to be responsive to buyer inquiries and make accommodations for buyers to easily view the property. Industry stats show nearly 40% of motivated buyer calls never get a return call from the property seller or agent. Proper follow ups with all inquiries converts more contacts into potential buyers coming to see the land.

Prepare Your Property Documents

Before showing your land, take some time to compile important documents a potential buyer will want to review like:

  • The deed showing current legal ownership
  • Recent property tax assessments
  • Survey plat map depicting the boundaries
  • Partial title search showing no major outstanding claims
  • Details on current zoning classification and utilities access points
  • Copy of a recent appraisal if available

Getting these items ready in advance speeds the process significantly by providing what most real estate buyers will request anyway during their due diligence and risk analysis.

Be Flexible on Sale Terms

Some land buyers have the cash readily available to buy property outright with no financing needed. But other buyers may be short on funds so they request creative seller financing terms or land contracts allowing payments over time. Still other buyers may only be interested in a portion of your acreage for their needs.

Savvy sellers remain open-minded on offer terms instead of insisting on cash-only offers. Creative financing or land split proposals deserve consideration, especially from buyers willing to pay at or above typical cash discount pricing offered but needing some atypical flexibility in return.

Staying flexible on sale structures with some buyers can be well rewarded for sellers. Those needing liquidity fast may still opt to work with cash buyers like some land investment companies offering to quickly buy land at discounted pricing. These buyers add value by handling all the sale hassles so they can later re-sell to retail buyers at market prices. This buy low, sell high model allows them to pay competitive cash prices to sellers by anticipating their built-in profit spread.

What To Do if Your Land Won't Sell

Despite best efforts at reasonable pricing, preparation and marketing, some land parcels inevitably stay languishing on the open market unsold long past the average days-on-market timeframe. Rural and remote locations often face longer sale timelines no matter what. Out-of-state owners unfamiliar with the Maryland land market also tend to struggle getting land sold since they often overprice land compared to actual market conditions. And inherited land being sold by heirs now spread nationwide brings its own challenges coordinating remotely amongst widespread decision-makers directing the sale process.

If a land listing receives little activity without serious offers after 6 months or more, alternative options exist besides repeatedly lowering the price then finally pulling the listing in frustration. Some savvy sellers choose to work with reliable companies buying land for cash to transact quickly rather than waiting indefinitely for retail buyers. Additional creative options like seller financing notes, online land auction listing sites or even long-term lease agreements allow monetizing the land without requiring an immediate sale.

Land ownership can feel like a burden when selling drags on without results. But with reasonable pricing, thorough preparation and marketing, plus flexibility on sales terms, land can sell in Maryland bringing needed revenue for the seller. Follow this guide to improve the chances of success when selling land for cash in Maryland.

Final Thoughts

Selling land successfully takes effort but generates rewarding returns for your investment. Ensuring your Maryland property is accurately priced makes it attractive to buyers for a faster sale. Hiring a title company keeps transactions secure through closing. And being flexible on terms may get you more than just cash if you're willing to be creative. Preparing documents for buyers and advertising in multiple places also leads to more interest in acreage that meets buyers’ criteria. Doing your homework sets the stage. Then partnering with the abundance of Maryland land buyers ready to purchase properties meeting their goals results in removing the For Sale sign for a Sold celebration. Implement these keys to effectively navigate marketing your land. Soon you will efficiently progress from listing to under contract to garnering funds whether selling the entire parcel or just a portion that no longer fits your plans. With the tips outlined here, selling land for cash in Maryland can happen on a reasonable timeline to meet your liquidity needs without sacrificing getting significant value back on your investment.

Frequently Asked Questions (FAQs)

How long does it take to sell land for cash in Maryland?

On average, it takes 1-2 years to sell vacant land in Maryland if priced right and marketed aggressively. However, selling specifically for an all-cash offer can sometimes sell in just a few months with the right buyer.

Should I get an appraisal before selling land?

An appraisal is not required to sell land but highly recommended for larger or multi-use parcels. Most buyers make offers contingent on their own assessment of value. But a recent appraisal adds credibility to the asking price for vacant land.

Is it risky to sell land to a company buying for cash below market value?

There is some risk selling at a steep discount for cash but reputable buyers like Land Boss buy at set percentages below appraised values suitable for both parties. Established buyers already have a pool of interested retail buyers allowing them to pay competitive prices compared to waiting indefinitely for a retail offer.

Does my land need to have road access frontage for a cash buyer to still be interested?

Cash investors buy more remote land without road access but typically pay less than comparable frontage parcels. No access limits uses but many buyers have equipment to clear their own path if needed for plans like hunting recreational land.

Should I expect to pay commissions selling my land?

Listing with a land broker or agent does typically cost a ~10% sales commission. But selling directly to a cash investor like Land Boss eliminates commissions for full payout. FSBO sales depend on ability to market effectively without relying on agent resources.

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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