June 3, 2019By Alex Romanov
If you are thinking about selling land in Seattle, you may want to consider who pays when selling land in Seattle. This article will reveal the surprising answer.
You may think that when selling land, the first step is to hand over the deed and receive a check for the property, so the buyer pays the seller. Makes sense. Well surprisingly, that’s not how it works and you will be surprised at who pays when selling land in Seattle…
If you are in fact the seller, you will have to pay first. As the seller, you will have to start with paying for a site analysis or a survey, or you may have to pay for a geologist, who can tell you what potential the property has.
The next step would be to work with a real estate agent to try and sell the property. The agent will provide tips on selling your house or land. While the agent tries to find a buyer, there may well be additional expenses that you will have to pay. For example, in the months that the agent is looking for a buyer, you will need to cover any expenses on the property, such as any mortgage, taxes, bills and insurance.
You may need to work with a lawyer, a title company and potentially others as well to complete the paperwork, after the agent finds a buyer. Yes, YOU are financing all of this the entire time.
You will get the money for the property (after your mortgage and liens are paid off) this is once the paperwork is complete. The money will either come from buyers bank (if the buyer took out a mortgage to buy the property) or it would come directly from the buyer themselves (if paying in cash).
Sorry but you’re paying is not yet over! Once it’s all said and done, you will then need to pay the agents commission….which typically comes out of your pocket. Therefore, to answer that question ”who pays when selling land in Seattle,” the answer is you will pay over and over and the buyer or their bank will only have to pay you once.
A lot of sellers are becoming to realise that this is not the best way to sell, especially when it comes down to finding the cash to cover those costly up-front expenses. Of course it would be nice to gamble on possibly getting a higher selling price (even though you may not get what you’re asking for the land); it comes as no surprise when so many sellers start looking to find other ways to sell land an even faster way – by getting a fast cash offer from a property investor group, in order to bypass all costs as well as the complicated steps above.
Selling a property in today’s market can be confusing. Connect with us or submit your info below and we’ll help guide you through your options.
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