By Buying or selling real estate is often one of the most important financial decisions you will make in your life. It can also be the most time-consuming and complicated. However, there are ways to make the process faster and easier, such as by using a We’re your Michigan land buyers buyer.
There has never been a better time to purchase vacant land in Michigan. Property values have dropped, and land loan rates are low. This makes purchasing land a great investment. In addition, the state offers a variety of hunting and fishing opportunities, as well as an excellent school system.
One of the first steps in selling land quickly is to have all documents in order. This includes a clear title and any other paperwork that may be required by law. It’s also important to price the land fairly. If you ask too much, potential buyers will likely pass on the property. On the other hand, if you price it too low, it can be difficult to sell.
Another way to speed up the process is to offer financing. This will allow potential buyers to buy the land and pay it off over time with monthly payments, rather than having to come up with a large sum of money at once. This can be a great incentive to buyers and help you sell your land quickly.
A local bank may be able to provide land loans in Michigan. For example, Honor Bank has several locations across northern Michigan. They offer various land loan programs, including loans with terms up to 30 years and interest rates in the 5’s. They can also provide a construction loan that allows for up to 25% down.
You can also look for land sellers who are offering a warranty on their property. This can give potential buyers peace of mind and encourage them to make an offer. However, be careful when working with a “warranty” seller as some of them can be scam artists.
A franchised company such as We Buy Ugly Houses, owned by Brett and Arin Riggins, can also buy your property for cash. These companies are usually owned by local investors or those who are flipping houses, and they have good reviews from a handful of customers. They typically pay up to half of market value for properties.
There have also been several land scams in Michigan, especially in Detroit. These scammers buy homes at tax auctions, do no repairs and then sell them for as much as 10 times the original price to naive buyers with high interest rates. Then they collect back payments and evict the buyers when they don’t pay. Luckily, the Michigan courts have made it clear that prepayment penalties cannot exceed one percent of the purchase price for any loan over three years. This is helping to regulate the industry. In addition, a new law has been passed that requires lenders to provide clear disclosures to potential buyers of all hidden fees and charges.
