How to Sell Your New Mexico Land Without a Realtor

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How to Sell Your New Mexico Land Without a Realtor
By

Bart Waldon

New Mexico is a beautiful state located in the Southwestern United States, known for its diverse landscape ranging from deserts to forests to mesas. With a rich history and culture, New Mexico offers many opportunities for land ownership. However, when it comes time to sell your New Mexico land, you may be wondering if you need to hire a real estate agent or if you can sell it yourself.

Selling land on your own without an agent, also known as For Sale By Owner (FSBO), has both advantages and disadvantages. The main benefit is avoiding paying a realtor’s commission, which can be a significant chunk of your profits. On the other hand, you take on more responsibility for marketing the property, negotiating offers, and navigating paperwork. This guide will walk through the major steps for successfully selling your New Mexico land FSBO to help you decide if it’s the right option for you.

Research New Mexico Land Sale Prices and Trends

Before listing your land, research recent sale prices for comparable properties in your area. This will help you set an appropriate asking price. Look at factors like location, acreage size, terrain, road access, views, existing structures, utilities availability and zoning when assessing comparables. Land values can vary greatly even within the same county.

You’ll also want to understand broader real estate trends in New Mexico. Has demand and prices been increasing or decreasing over the past few years? Are certain counties appreciating faster than others? Knowing what direction the local market is heading in will impact pricing strategy.

Online sites like Zillow provide some free info, but for detailed land sales history, the best option is to access county assessor data. Most areas of NM have this available through online property search portals on the county’s website.

Prepare Your Property for Sale

Make sure your land is in presentable condition before listing it. This includes clearing any garbage, debris or abandoned vehicles from the property. Additionally, you may need to make minor repairs or maintenance like fence mending, signage removal, trail clearing, etc.

If there are any structures, ensure they are safe and stable. This is important for liability reasons so prospective buyers can walk the land. Cosmetic updates to buildings may also allow you to increase the sale price.

Finally, ensure visible boundaries are clearly marked and consider installing signage with contact info. This keeps random visitors informed and deters unlawful activity like illegal dumping.

Market and Advertise Your New Mexico Land

Marketing is key when FSBO. Without agent representation, the onus is fully on you to connect with potential buyers.

Start by listing online classified sites focused on NM real estate like Lands of America and Land and Farm. Craigslist and Facebook Marketplace also provide localized exposure.

Create print flyers to post around your community on bulletin boards, at feed stores, libraries and hardware shops. Include photos highlighting appealing features and don’t forget contact details.

Network with friends, family and neighbors to get the word out on your land sale. They may know someone interested in buying or be able to refer you to a potential buyer. Don’t underestimate good old fashioned word of mouth.

If budget allows, paid advertising like local newspaper ads or radio spots can expand your reach. Just focus ads in markets where your land attributes are most desirable.

Installing roadside signage on nearby streets increases visibility significantly. Include key details like price, acreage and your phone number formatted large enough for passing cars to easily see.

Prepare Necessary Paperwork for Closing

Once you receive an offer, the buyer will expect certain legal documentation and land records for closing. Having these prepared ahead of time can facilitate a smoother sale process.

Key paperwork to have ready includes:

  • Deed showing current legal ownership
  • Property survey map with defined boundaries
  • Title records confirming no liens or encumbrances
  • Tax statements showing payments are current
  • Water rights documentation if applicable
  • Mineral rights documentation if severed from property rights
  • HOA bylaws for land with covenant conditions
  • Information on easements or right of ways

If you don’t have all these available, request records from the county clerk’s office early on. Counties have varying response times that can create delays if you wait until the last minute.

Negotiate Fairly and Objectively

A buyer making a low offer doesn’t necessarily mean they are trying to rip you off. Different factors like market conditions, property intricacies and a buyer’s financial position impact what offers are viable for them.

Approach negotiations in good faith by assessing all reasonable proposals objectively. Consider counter offering if an offer seems too low rather than rejecting it outright. Be prepared to provide evidence on how you arrived at your pricing decisions.

A fair price lies somewhere in the middle that both parties can happily accept. However, if you are urgent to sell fast for cash reasons, then compromising more on price may be a necessity you have to accept.

Close the Sale and Transfer Deed

Once negotiated terms are accepted, you’re ready for closing which formally transfers deed ownership to the buyer. This typically takes place at a title company which handles all monetary transactions and record filing.

The closing process for FSBO sales works much the same as using an agent. As the seller, your chief responsibilities are:

  • Ensuring buyer receives deed + key paperwork noted earlier
  • Overseeing funds are distributed properly to clear all encumbrances
  • Paying any closing costs indicated in purchase contract
  • Transferring utilities, HOA, permits etc. into buyer’s name

Closing is also when you’ll receive final payment, typically in the form of a certified check. Once recorded, the deed change becomes part of public land records.

And with that last step complete, congratulations - you have now successfully sold your New Mexico land without a realtor! The FSBO route entails more work and research on your end, but also nets more profit by avoiding agent commissions.

Final Thoughts

Selling your vacant land FSBO in New Mexico can seem like an intimidating process, but committing to do the proper research, preparation, and marketing puts the odds of a successful independent sale in your favor. Remember to thoroughly assess property value based on recent comparable sales in the area. Invest effort making your land show ready through cleanup, repairs, and boundary markings before listing it across multiple advertising platforms. Network locally, leverage online exposure options, and use visual signage to connect with buyers wherever they may be searching. 

Although at times inconvenient without the full resources and expertise of a real estate pro available, take pride in knowing that you orchestrated the entire sales journey from offer negotiation to closing paperwork on your own. Mastering how to sell your New Mexico land without an agent unlocks your full profit potential while gaining valuable real estate transactional skills in the process.

Frequently Asked Questions (FAQs)

Do I need a real estate license to sell my own land in New Mexico?

No, you do not need a real estate license if you are selling land you personally own in New Mexico. You have the right to sell your property yourself through a For Sale By Owner (FSBO) sale.

What closing costs will I pay when selling my New Mexico land myself?

Typical closing costs include mortgage payoff fees, outstanding property taxes, real estate transfer taxes, title insurance fees, attorney fees, and recording/filing fees. They generally total 2-5% of the total sale price.

How do I determine the fair market value of my New Mexico property on my own?

Research recent sales of comparable vacant land in your county by lot size, location, zoning, and features. Adjust price based on variables of your specific property. Drive the area near your land scouting prices of actively listed land parcels.

What are the contract and title transfer documents needed for my DIY land closing?

Essential paperwork includes the signed purchase contract, deed of ownership transfer, title search records, property survey plat, tax certificates showing paid status, and recorded easements and right-of-ways if applicable.

Should I consider owner financing when selling my land myself?

Offering your own financing can expand your buyer pool. Record payments by having buyer sign a Promissory Note. Consult an attorney to understand foreclosure rights if they default before owner-financing a DIY land sale.

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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