Tips on land sale, ownership and inheritance scenarios.

You Inherited Vacant Land, Now What?

Inheriting vacant land can be both a blessing and a burden. On one hand, you may have inherited a valuable asset that could appreciate in value over time. On the other hand, vacant land can come with its own set of challenges and costs, making it difficult to manage and maintain. So, what should you do with your newly inherited vacant land?

One option is to hold onto the land and wait for its value to increase. However, holding onto vacant land comes with its own set of drawbacks. For starters, you’ll be responsible for paying property taxes, which can add up quickly over time. Additionally, vacant land can attract unwanted attention from vandals, squatters, or illegal dumpers. This can lead to additional expenses and headaches for you as the new owner. If you’ve decided that holding onto the land isn’t the right choice for you, there are several options for selling it. You could list the land with a real estate agent, but this can be a time-consuming and costly process. You may also have to wait several months or even years before finding a buyer and when (or if) you do find one, you have to take into account commissions for listing and selling agents, closing costs and property taxes you were paying while waiting for the sale.

Selling inherited vacant land on your own is another option. However, this option is not always easy or advisable for several reasons. First, selling land on your own requires a significant amount of time, effort, and sometimes money. You’ll need to research the local real estate market, list your property to online marketplaces, and field inquiries from potential buyers. This can be a time-consuming process that requires a lot of attention and effort. Second, selling vacant land on your own can be risky. You may not have the knowledge or experience to accurately price your land, negotiate with buyers, or complete the legal paperwork required for the sale. This can result in a less than optimal sales price or even legal issues down the road.

Another option is to sell your inherited vacant land to an investor cash buyer like us. We specialize in purchasing land quickly and with minimal hassle. Which can be a relief for those who want to sell quickly and avoid the lengthy process of selling yourself or working with a real estate agent. There are several benefits to selling your vacant land to us. For starters, the process is often much faster than working with a real estate agent. You’ll receive an offer for your land within a few days, and the entire transaction can be completed in a matter of couple of weeks. This can be especially helpful if you need to sell quickly for personal reasons, such as settling an estate or paying off debts. Another benefit of working with us is that you won’t have to worry about any repairs, back taxes, abatement issues or upgrades to the property. We typically purchase properties as-is, meaning you won’t have to spend any money getting the land ready for sale. This can be a significant cost savings compared to selling yourself or working with a real estate agent. Agent may require you to make repairs or upgrades, clean trash before listing the property. New buyer might insist on you paying for those things as a contingency of the sale as well. Finally, we buy cash with our own funds and there’s no need to worry about financing falling through or the deal falling apart at the last minute. This can provide peace of mind for those who want a hassle-free and fast transaction.

We understand, inheriting vacant land can be a complex situation. If you’ve decided that holding onto the land isn’t the right choice for you, there are several options for selling it. While trying to sell yourself or working with a real estate agent is one option, selling your land to an investor cash buyer like us can be a more efficient, cost-effective, and predictable option. Consider all your options and choose the one that works best for your unique situation.

Should You Donate or Sell Your Vacant Land?

When you own land that you don’t need or can’t use, you may be faced with a difficult decision: whether to donate the property to charity or sell it to the land investor. Both options have their own advantages and disadvantages, and choosing the right one depends on your priorities and goals. Let’s explore the benefits of selling land to the land investor compared to donating it to a charity.

Benefits of Selling Land to the Land Investor:

  1. Financial Gain: One of the most obvious benefits of selling your land to the land investor is that you can receive immediate financial gain in return. You can use the money to invest in something else, pay off debt, or contribute to your retirement account.
  2. Immediate Cash Flow: When you sell your land to the land investor, you can receive a lump sum payment upfront. This can provide you with faster cash flow, which can be beneficial if you need to cover unexpected expenses or invest in something else.
  3. No Ongoing Obligations: Selling your land to the land investor typically means that you have no further obligations or responsibilities. Once the sale is complete, you’re free to move on and focus on other things.
  4. Simplified Process: Selling land to the land investor is generally a simpler process than donating it to charity, selling it yourself or with the help of an agent. After you agree on the price, closing time through escrow or attorney can take as little as 10 days and it is a straightforward process compared to donating land to charity. Charity might require you appraising the property first (especially if land is valued more than $5,000) or rejecting the property altogether because of the marketability issues.
  5. Potential for Higher Value: Selling your land to the land investor could result in a higher value to you than tax benefit if you donated it to charity. Even if sale price and donated charitable deduction are of equal value. (Please consult your accountant).

Benefits of Donating Land to Charity:

  1. Tax Benefits: When you donate land to a charity, you can receive tax benefits, which can help offset the cost of owning the land. You can claim a charitable deduction on your tax return for the fair market value of the land, which can be beneficial if you have a high income and need to reduce your tax liability. (Please consult your accountant).
  2. Social Impact: Donating your land to charity can make a significant impact on your community or a cause that you care about. It can be a way to give back and make a difference in the world.
  3. Legacy: Donating land to charity can create a lasting legacy that you can be proud of. You can leave a positive impact on the world and ensure that your land is used for a worthwhile cause.
  4. Environmental Benefits: Donating land to charity that works as a conservation organization can help protect the environment and preserve natural resources for future generations. It can be a way to ensure that your land is used for a good purpose and helps the planet.

In conclusion, there are benefits to both selling your land to the land investor and donating it to charity. If you’re looking for immediate financial gain and simplicity, selling your land may be the best option. However, if you’re looking for social impact, tax benefits, legacy, or environmental benefits, donating your land to charity could be the way to go. It’s important to consider your goals and priorities before making a decision and at the same time we cannot stress enough importance of talking to an accountant to see which option is more financially beneficial in your particular situation.

We are not attorneys, accountants or financial advisors, nor we holding ourselves out to be, and the information contained in this post is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.

How Parcel of Land Can Delay Settlement of an Estate

The passing of a loved one is an emotionally trying time, and dealing with the legal processes that come afterward can add a layer of stress to an already difficult situation.

One of the most common challenges that arise during the estate settlement process is dealing with parcels of vacant land that might be part of the estate, but are relatively fractional of total estate value.

More often than not these parcels would have marketability issues or might be considered “highly illiquid”. This could cause the estate to remain open or delay closing of trust until this real estate is sold or otherwise liquidated. Throughout the years we worked closely with numerous trustees, estate executors, administrators, family and probate attorneys in assisting them with liquidating these parcels and helping to expedite the estate settlement or closing of trust. If you are facing a situation where one or multiple parcels of land are delaying the settlement of an estate or closing of trust, please get in touch with us and let’s discuss how we can be of assistance in this matter. You also can submit your property information here.