How to Sell Land for Cash in New York

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How to Sell Land for Cash in New York
By

Bart Waldon

Selling land in New York can be a great way to get fast cash, especially if you own vacant land that you no longer want or need. With over 7 million acres of land across the state, both urban and rural, New York has a robust real estate market where land is frequently bought and sold.

However, the process of selling land is not always straightforward. It requires time, effort and some basic knowledge about how land is valued and transactions are completed. The good news is that with the right approach, you can successfully sell your land for cash in New York, without the hassles of traditional land listings.

Understanding the New York Land Market

New York has diverse landscapes, climates and demographics across its different regions, all of which impact land values. In urban centers like New York City, land prices are at a premium due to high demand and limited supply. Rural areas have lower land values, but good locations near amenities or with key attributes can command strong prices.

Some factors that influence land value in New York include:

  • Location - Access and proximity to major cities, amenities, transportation hubs, waterfronts etc.
  • Zoning and land use - What can legally be built or developed on the land.
  • Improvements - Any existing structures, access roads, utilities etc.
  • Size - Total acreage and dimensions of the parcel.
  • Terrain - Flat usable land versus hills, slopes or wetlands.

As a starting point, vacant residential land in New York can range from $10,000 per acre up to $200,000+ per acre depending on the location and attributes. Commercial land commands even higher prices in prime areas.

Options For Selling Land in New York

When you decide to sell your land in New York, you have three main options:

List With a Real Estate Agent

This traditional approach involves hiring a local real estate agent/broker to assess your land, market it, screen buyers and facilitate the sale. The agent will list your property on MLS (Multiple Listing Services) to maximize exposure.

Pros: Handles marketing and negotiations. Provides experience and real estate expertise.

Cons: Commissions of 5-6% of the sale price. No guarantee your land will sell quickly. Can take 1-2 years to find a buyer.

Sell FSBO (For Sale By Owner)

You can opt to sell your land yourself without an agent. This allows you to avoid commissions, but requires time and effort on your end to market the property, field inquiries, vet buyers and handle the transaction details.

Pros: Avoid paying agent commissions.

Cons: Handling all parts of the sale yourself. Limited marketing reach. No experience negotiating land deals.

Sell to a Land Buying Company

A third option is selling your land to a local land buying company for an all-cash offer. Companies like Land Boss have funds available and specialize in buying and selling land.

Pros: Fast sale, typically within weeks. No commissions. Cash offer without contingencies.

Cons: Selling below full market value. Less profit compared to selling yourself or with an agent.

How To Value Land in New York

Determining an accurate price for your land will require looking at recent land sales in your area and assessing the key attributes that impact value. Some steps to take:

  • Research recent land transactions on sites like Zillow. Look for parcels with similar location, size, zoning etc. as your property. This can give you an idea of typical land value in the area.
  • Have the land appraised by a professional appraiser. They will analyze all aspects of the property and provide a detailed valuation report. Cost is usually $300-$500 for vacant land.
  • Consult local real estate professionals. Agents and brokers can often provide guidance on pricing in the current market based on their experience.
  • Consider getting multiple estimates. Land is not a commodity, so estimates will vary.

Start on the high side when pricing your land. You can always come down if you don’t get interest at the initial asking price.

Marketing Your Land For Sale

Once you’ve established an asking price, your next step is creating some buzz around the property and getting it in front of potential buyers.

Here are some marketing musts for selling land:

  • List the property on MLS through an agent or for-sale-by-owner platforms like LandsOfAmerica. This spreads the word to real estate agents and land buyers.
  • Create print listing sheets with property details and photos. Distribute them to local real estate offices.
  • Post the listing on social media channels and community groups like Facebook Marketplace. Leverage connections in the area.
  • Put up eye-catching for-sale signs at the property with your contact information.
  • Network with local investors, developers, builders, farmers, ranchers etc. who may be looking for land.
  • Advertise online on sites like Craigslist and Loopnet. Share details and photos to attract serious buyers.

The more exposure you can get for your land listing, the better chance you have of maximizing interest and driving up the sale price. Be prepared to invest time and effort into this process.

How To Field Offers and Negotiate Effectively

Once your marketing campaign starts generating inquiries, it's time to engage with potential buyers, field offers, and negotiate a great sales price. Here are some tips for maximizing your return:

  • Get offers in writing. Require interested buyers to submit signed purchase offers with proposed price, terms, closing date etc.
  • Shop multiple offers if possible. Don't take the first one that comes along. The more competition you can create, the higher the price will go.
  • Make buyers prove their financing. Ask for financial statements, bank commitment letters etc. so you don't waste time on window shoppers.
  • Disclose all you know about the property. Transparency builds trust and credibility during negotiations.
  • Don't be afraid to counteroffer. Negotiation often involves some back-and-forth before landing on an agreed price.
  • Focus on creating value. Highlight key attributes of the land that justify your asking price.
  • Be willing to compromise. Split the difference if needed to close the gap and complete the deal.

With the right negotiation approach, you can maximize your profit when selling your land. Set expectations with buyers upfront, drive competition, and know your bottom line price for closing the sale.

Selling Land to a Company for Cash

If you want to skip the time and effort of traditional land sales, selling to a local land buying company for an all-cash offer is an option worth considering.

Companies like Land Boss have the cash on hand to buy land, and specialize in purchasing vacant residential and commercial parcels for investment purposes. They buy land as-is, handle the title search and paperwork, and can close quickly with no financing contingencies.

Here is an overview of the cash land sale process:

  • Reach out to companies and/or submit the details on your land for sale. Provide location, acreage, pricing expectations.
  • The company will research the property and existing market data, and determine an initial purchase offer. Expect this to be below full market value.
  • You review the offer, and can accept it, decline it, or use it as basis for negotiation.
  • Once an agreed price is reached, the company handles appraisals, title search, legal filings, and sets a closing date, typically within 7-21 days.
  • At closing, you sign over the deed in exchange for the full purchase amount via cash, wire transfer, etc. Easy!

Selling your land for cash means less profit in most cases. However, it resolves the burden and uncertainty of traditional sales. If your goal is a fast, hassle-free transaction, connecting with local cash land buyers is worth exploring.

Working With a Cash Land Buyer in New York

When vetting land buying companies, look for an established track record of buying land throughout New York. Check for positive client reviews and proof that they follow ethical business practices.

A company like Land Boss buys land across the state and makes the process smooth and frustration-free for sellers. Their team combines extensive knowledge of the New York land market with expertise in real estate negotiations and transactions.

Landowners appreciate their no-pressure approach focused on creating a win-win deal. They offer transparency upfront about their buying criteria and pricing methodology. While offers may seem low compared to listing prices, Land Boss makes up for it by providing a fast and simple cash sale.

Final Words

Selling vacant land does take some work, even when opting for a cash sale to a company. But with the right approach and expectations going in, you can turn your unwanted land into cash efficiently.

The New York land market provides plenty of opportunities to generate interest among buyers. With targeted marketing and smart negotiating, selling for maximum value is possible. Yet for those who prioritize speed and convenience, connecting with a local cash land buyer is tough to beat.

Whether you choose to list your land with an agent, sell it yourself, or go the cash sale route, make sure to educate yourself on the process and utilize the strategies above. This will ensure you successfully turn your vacant land into cash.

Frequently Asked Questions (FAQs)

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

The timeline can vary, but most cash land sales in New York can be completed in 2-6 weeks from accepting an offer. Companies that buy land for cash have funds on hand and streamlined processes for closing deals quickly.

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

At a minimum, you’ll need to provide the deed showing you own the land, a recent tax bill, and documentation of any liens, mortgages, easements or other encumbrances on the title. The buyer will also conduct a title search.

How is the purchase offer amount determined?

Cash land buyers will research recent comparable sales and current market data to estimate your land's value. They will factor in the location, size, zoning and other attributes. Their offer will be below retail market value since they need to profit when reselling the land.

Can I negotiate the initial purchase offer?

Yes. The first offer is typically just a starting point. You can counteroffer and use comparables to justify asking for a higher amount. Buyers expect some negotiation so don't be afraid to advocate for more money.

Will I have to pay commissions when I sell my land for cash?

No. A benefit of selling directly to a land buying company is that there are zero commissions or agent fees. You get the full cash offer amount at closing with no deductions taken out. This saves you thousands compared to selling through an agent.

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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