In a typical real estate transaction, the seller hires a listing agent to market the property and a buyer’s agent to bring in interested parties. The seller typically pays the agents’ commission fees, which can be 5% or more of the selling price of the property. North Carolina realtor free land sale (known as a for-sale-by-owner, or FSBO) allows sellers to save these fees, but it also requires substantial time and effort to market properties, screen buyers and negotiate and complete paperwork correctly.
North Carolina Land Sales Without Realtor Involvement
For a successful FSBO land sale, you need to understand your local market and know what comparable properties are selling for per acre. You should also be familiar with the local laws regarding zoning, environmental testing, and sewer permits. You should be prepared to make concessions for potential buyers as well. For example, you may need to lower the asking price if your property is subject to a lawsuit or easement.
Standard closing costs apply when selling land, but you may also face extra expenses like surveying and zoning fees. You will also need to pay for escrow services, which hold funds and facilitate the closing process. These fees might be paid by the seller, shared with the buyer or covered by the lender, Feick says.
At the closing, you will need to provide a cashier’s check or bank draft for the balance of the selling price. You will also need to provide proof of income and loan documents if you are financing the purchase with a mortgage or another type of loan.…