Sell Land in Tennessee
Typically, the typical timeframe to close on a vacant Sell land in Tennessee ranges from 6 months to 2 years depending on location, market conditions and the property’s zoning restrictions. Vacant land located near metropolitan areas like Nashville, Knoxville and Chattanooga often sell more quickly because of the demand for urban amenities and development potential. Rural recreational properties and land that are difficult to access or have zoning limitations tend to take longer to sell because of a smaller buyer pool.
The list price of your vacant land is a key factor in how quickly it will sell. Pricing it competitively will attract a larger pool of buyers and increase the likelihood of receiving multiple offers and a bidding war. To get the most out of your listing, make sure to have professional photos done and to clear any debris and overgrowth from your property’s entrance to make it more appealing to buyers.
If you are selling your land with a real estate agent, be sure to negotiate the seller’s commission rate. On average, agent commission rates in Tennessee fall between 2.35% and 3.08% of the sales price. FSBO sellers can save this commission cost by finding a buyer without an agent, or by working with a brokerage that offers discounted commission rates for FSBO sellers.
In addition to paying for the seller’s commission, a FSBO seller will also need to cover the Tennessee buyer’s closing costs. These fees can include HOA transfer and recording charges, title insurance premiums, escrow costs and real estate attorney fees. These fees can add up and impact your bottom line.
To speed up the closing process and avoid having to pay these fees, consider selling your land directly to a local investor specializing in buying vacant land. Real estate investors frequently make fair cash offers for land, making the transaction simple and fast. They have a strong understanding of the local market and can accurately assess your land’s value, which makes it easy for them to close on a deal in a short amount of time.
One of the most significant advantages of selling your land to a local investor is that you can bypass the complicated mortgage and loan approval process. Cash buyers can typically close on a deal in as little as 30 days and are able to bypass the need for inspections, appraisals and other common contingencies that can sometimes delay or even derail a land sale. This can be a big advantage if you need to sell your vacant land fast for financial or personal reasons.