Janice Barger, Other/Just Looking in Florida

What do I need to know to sell land in TN without a real estate agent?

Asked by Janice Barger, Florida Sun Sep 12, 2010

I live in Florida. I bought three acres in Cookeville, TN in Aug 2007. The parcel is in The Pointe At Overlook, Phase V. I want to sell the land without a real estate agent. Six years ago, I sold my home FSBO and so have had some experience. What is the easiest way to learn what land is selling for in that area? What else do I need to consider when selling land out of state? For what part of the process will I need an attorney? Anything else I need to know? Please email me if you like more information. jbarger3@tampabay.rr.com

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Ms. Barger....

IN Tennessee just like Florida it is a buyer's market. Not impossible to sale you land by yourself. There is forty plus lots for sale in the overlook. Some for sale by owner and others are listed. I can email you a FREE comparable for your property based on what has sold there in the past six months, and a year.

Where you live does not have anything to do with the choice to sale on your own. It will make showing the property difficult. It will make it a little more difficult to communicate with potential buyers. The process is more complicated than most people realize. Land is sitting on the market an average of seven months, and everyone is looking for a deal. You will want to make sure that an interested parties can close on the offer after accepted, an attorney is needed without a Realtor to insure you are protected with disclosures and protected in proper forms being completed and signed by all parties.

The cost to use a Realtor to list your land would not be much more money than having an attorney over see the transaction. Much less money to exchange hand in commission for three acres than a home sold.

If you want me to email you a market analysis just email me, victoria@victoriacarmack.com.
Web Reference: http://www.AtHomeInTN.com
1 vote Thank Flag Link Sun Sep 12, 2010
I'm trying it FSBO. I've heard a lot of people talk about how essential an agent is, but I just can't bring myself to pay 5%-7%. That can be A LOT of money.
0 votes Thank Flag Link Fri Feb 1, 2013
Just don't do it without a good agent. You may get lucky this one time and have a good experience, but a worse case scenario is very scary without a qualified professional by your side. A good agent's guidance is worth every penny of their commission.
0 votes Thank Flag Link Fri Jan 14, 2011
Janice, if you want to sell it yourself, what do you need us for?
0 votes Thank Flag Link Sun Sep 12, 2010
If you want to sell the land on your own you need to decide how you will market it and at what price.

Getting your listing on the MLS is valuable marketing exposure, but you can't do that on your own unless you have a real estate license in the state you want to sell the land and if you have a subscription to the MLS. You could pay an agent for an entry only listing into the MLS. If you skip the MLS I think it is a disadvantage. Either way, you will want to advertise on many websites as possible.

The other thing that buyers will want to know about your land for sale is whether it is approved for building already or if it is "raw" land with no approvals.

To determine your asking price, you can search the public records for similar lots that have recently sold. A listing agent would normally help you with this.

If you are out of state, how will you handle inquiries? Buyers will probably want to see and walk the land before buying.

An attorney can help you with closing the transaction.

Where you are out of state, I think that you should consider using a local agent to represent you. See if you can negotiate a lower commission rate if that is your concern.
0 votes Thank Flag Link Sun Sep 12, 2010
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