How are the properties listed on LandSpot.org different from properties found on the MLS?
This is an absolutely, great question! Namely, because it sums up our whole reason for establishing LandSpot.org in the first place. We wanted to make it easier for people to attain their land ownership dreams. Therefore, the properties you will find posted here will fit into either one of two different scenarios in hopes of helping would-be land owners to do just that. ONE) The property will be offered for cash sale at a substantial discount; often as much as 40-50% of its Full Market Value. …or TWO) The property will be offered pre-bundled with financing and made available on easy payment terms. MLS listings just won’t be able to compete.
Additionally, any listing on the MLS is also being represented by a Licensed Real Estate Agent/Broker. All properties listed on LandSpot.org are our OWN properties. We are not agents and do not list any properties for sale that we do not hold the ownership interest to. So, when you speak to us, you are speaking to the owners. There is no middleman slowing the process down and/or adding to the costs.
That said, we do value what many real estate agents can bring to the table and network highly with and are willing to work with such agents, as might even be preferable to you. For example, a buyer agent may be able to assist you in finding and comparing other properties in the same area. We only represent our own… (Of course, let’s see the MLS properties try to compete with our pricing and terms! …too funny.)
Why offer your properties at a discount? Why not sell them at full value and/or at least sell them all on terms without the discount?
I know it might seem at times like we are ridiculously giving away money when we sell our properties at a discount, but the truth is that we NEED to maintain a balance between cash sales and terms sales to continue our business model.
ALL our purchases of property are for cash. So, if we buy all our properties for cash and then made them ALL available for purchase on terms (small payments), we would soon find ourselves short of the cash we need to purchase additional properties.
We want to make land ownership a possibility for everyone, but while offering terms on all properties might seem the most profitable way for us to stay true to that ambition, the reality is that that model in its purest form is just not a sustainable one. Selling a drastically discounted property for cash allows us to recoup our money for another property purchase and still make a profit; albeit much smaller.
How often do you add new properties to the site?
LandSpot.org is a brand new website for us. (Premier RE Investments, Inc.) So, the most honest answer I can give is… regularly. Since that’s not a very useful answer, know that we market and buy properties EVERY WEEK. The ONLY reason they aren’t ALL posted to the website is that we nearly always will be able to sell our properties before we ever get around to posting them to the website. This is because we always alert people that sign up with our BUYERS LIST of a new property we are offering a day or two before we ever post the property to ANY website.
Posting listings takes a lot of time and the need to post them to all the prominent websites takes even more. In short, we not only consider it proper business to reward those that sign up for our Buyers List with earlier notice of a new property, but it is also a great time management strategy to do so.
The lesson is, do both of us a favor and sign up for our Buyers List and guarantee yourself both notice of every new property and warning that it is about to be listed. JOIN NOW!
Are you real estate agents?
No, we BUY every piece of property and represent ourselves in every sale.
Can I list my own property on LandSpot.org?
At this point we are only listing our own properties and haven’t set up any sort of web portal on our site that would allow others to upload and manage their own properties and listings. Perhaps in time we’ll consider it.
Will you help us find a property that meets our desires?
We currently do such marketing for some of our select recurring buyers. If you love land as much as we do and have plans to buy, buy and keep buying land for as long as the good Lord allows, well then we’d be happy to do the heavy lifting for you. Contact our office and ask for either Jenn or Neil. They’ll be happy to write down all your target land characteristics and work them into our recurring marketing campaigns.
If you love land, but are just looking for that one special property that meets all your dream requirements, well we probably can’t justify a whole marketing campaign on its behalf, but please contact us and share it with us anyway. Our network of real estate owners and investors is vast and if we can help both you and one of owner friends, that’s win-win-win enough for us.
The property on your sight is listed at a discounted cash price. Can I buy it on terms?
Maybe. Again, we are the owners and we made the decision to list the property at a discount. Give us a call and we may be willing to also extend that property to you on terms. Just remember, that we only discount CASH SALES and that the discount on that property price may be as much as 40-50% lower than its full market value. So, while you may gain the convenience of gaining the property with just a small monthly payment, transitioning the property from a cash sale to a term sale will lose you that great discount.
How do I buy or make an offer on a property?
My best advice is to contact us quickly by any and all means available to you until you receive word back that the property is yours. The reason? Our properties sell quickly and we sell on a first come, first serve basis.
We return voicemails and emails in the order they are received. So, if one person leaves voicemail saying they want XYZ property and another emails saying they’ll take XYZ property, we’ll look at whose message arrived first and contact that individual back first.
That said, phone calls have a slight edge (in my humble opinion) in that your decision to purchase reaches us faster than you can generally type an email. People rarely have to leave a voicemail here in our office and so I would generally recommend phoning immediately when you make the decision to purchase.
However, if you should leave a voicemail, I would still recommend sending in an email via the website. As the person we are on the phone with may be reviewing 10 or 12 different properties (including the one you want) and they may keep us on the phone for 20 minutes before they get to letting us know they want your property. If you only left a voicemail, we’ll have already committed before ever hearing about your desire. However, if you also email , we’ll see your interest pop up on our screen while we’re still on the call… and so long as we know you want the property before the person on the phone mentions they want it… it’s yours!
In short, phoning is the fastest, but email immediately if you get voice mail… List the property specifically, such as with the Parcel Number, or County, State, Subdivision, Unit and Lot Number and that you’ll take it right in the email’s subject line and we’ll be sure to see it.
What is involved in the process of buying a property?
I’m going to start this answer off by stating that I HIGHLY, highly recommend you also scroll down and read the answer to the question on what we recommend you do for due diligence. This answer will only cover the nuts and bolts of the actual transaction.
For small property CASH sales, say less than $5000, we keep the process as inexpensive as legally possible for you. Meaning the property is generally sold, without title insurance, direct between us, with no title company or escrow agency in the middle. Any of this, of course, can be added per your comfort levels, but they are additional expenses that you would have to incur.
If you follow our recommendations for conducting your own due diligence (the same due diligence we do ourselves when we purchase and/or you would be asking a title company to do), you’ll have complete confidence in knowing your ownership rights to the property will be secure.
Normally, once your payment has cleared (Check, Money Order, Wire Transfer), we record the signed, notarized deed transferring ownership to you directly with the county. Depending on the county, this may be done electronically or it may require us to mail the actual deed. Either way, we cover the cost to register the deed as well as the postage to forward the signed and notarized deed to you after it has been recorded. Your use of the property, however, is yours to use freely once payment has cleared.
For larger cash sale properties and ALL properties sold on terms, we will close via First American Title Company. Available upon request, but also at your expense, is a title insurance policy from First American. You are not obligated to purchase their policy, but it is available per your comfort level.
Purchases financed via Tiptoe Capital, LLC, our internal financing arm, do not require title insurance, as we are confident in our own due diligence that we conducted before purchasing the property(ies). However, if you should use outside financing, a title insurance policy will most likely be a requirement.
Does the property have back taxes, liens, or other encumbrances on the property?
We look into all this prior to our own purchase decision and are happy to share and discuss each and every property you have an interest in. If you are buying on terms, we will/should have paid everything already. If it’s a highly discounted cash sale, you’ll just have to accept that part of your great savings, perhaps as much as 50%, may be in having to deal with that outstanding $40 Property Owners Association Fee and/or that $30 tax bill. We’re pretty sure you’ll still thank us.
That said, because of the speed at which many of our properties sell, please know that we do not buy properties that have excessive back taxes or other encumbrances on them unless we’ve negotiated the price down sufficiently to cover them ourselves and/or to pass along the sum in a lower sales price so that the new owner can cover them themselves.
We will always disclose everything we know…. Because who likes surprises? That said, gain peace of mind and review the question below related to doing a proper due diligence yourself.
Do I need an attorney or real estate agent?
If you feel you need to ask this question, then my suggestion is yes. Peace of mind is important. We are more than comfortable letting your attorney function as an escrow agent/closing attorney for any purchase to help you achieve peace of mind. Just bear in mind that you will be absorbing that cost.
IF it helps with your decision, buying vacant land is more akin to buying a car than buying a house. You make sure the seller can transfer clear ownership… You pay money. You get clear ownership. The headaches, risks, and stresses of purchasing a home/building in questionable condition and/or risks of whether it was built to code and/or even built legally just don’t exist with vacant land. Adding an attorney at $200 an hour is just a price we find hard to justify for such a simple transaction.
Do you have a money back guarantee?
Officially, all sales are sold “As-Is” and are “Final” (See Terms and Conditions) However, we loved your land enough to buy it the first time. So, call us! We’ll always help if we can.
Properties bought on discount are the easiest to assist with. We can either purchase it back, less all our incurred costs and then just sell it again… OR perhaps we could purchase an OPTION to buy the property at your purchase price and then market it for more, splitting the profit with you. Mind you, we’ve never had this scenario occur with a discounted property. After all, if you purchased a property at 50-60% of its market value and then decided you didn’t want it, it’s pretty simple to just list if for full value and reap the whole investment reward yourself.
On occasion, someone who buys a property on terms will find their circumstances in life have changed and that they can no longer make payments. In these situations, it is probably best to call. If we can help you keep the property, we will. If you just stop payments, per the terms of your loans, the property never is deeded over to you and no money is returned by default. (This will happen without us even knowing about it.) If you phone, however, you’ll find we always want to help and we always want to be fair. Loans that are near being paid off we might even just forgive and sign the property over to you. So, when in doubt/trouble/etc… CALL! Not everything is about money…
Can I use bank financing to buy your properties?
Yep. If you can find it…
(Oh, but I suppose you want some elaboration.)
The reason we started offering some properties on terms is that, in general, banks won’t provide financing for vacant land. For them to do so, the property usually has to be tied to the building of a house or other finance-able structure.
However, for us, if you can find outside financing… whether it be through a bank or just a great friend or relative, we receive all our payment at once. There is no risk on our part. So, it is as if you’ve just paid cash.
In fact, if you can find such financing, you may be able to combine the best of both worlds from our two pricing structures. Namely, you could find a property that we are offering for a Cash Discount, but still reap the convenience of a small monthly payment. We would lose money on any property we sold that combined both a large discount and terms, but if you are resourceful, maybe you can really swing a truly masterful deal in which you get both benefits. We hope you can!
Do you charge any processing fees and/or other fees when you sell?
The question should really be, “Do you incur any processing or other expenses in the sales process that you bill us for?” See? Just ask the question this way and at least you’ll find yourself automatically recognizing that processing any business transaction comes at a cost. …and since we don’t sell properties at a loss, the buyer of any good or service is ultimately always the one that incurs the expense.
Fortunately for you, we at least take all the managing headaches of thess expenses off your plate. We find and hire any mobile notaries, we cover their expenses, we generally draft the need deed(s) ourselves, and, once signed, we incur the costs to have it recorded with the county and even to have it shipped to you after it is recorded.
In short, there is no way for any transaction to take place without costs… and thus, unless the transaction is a loss to the seller, the cost always is truly reflected in the sales price. We, however, manage it all.
So, the feel good short answer is “No, we don’t charge any processing or other fees to sell our properties.” BUT, the full disclosure is that it’s sort of like our government printing money… The inflation it causes is like a TAX on us that they never had to publicly vote for. It’s there and you pay for it. You just won’t feel it directly.
Can I build, raise crops, or own livestock on the property?
Most likely, but it will depend on the specific zoning for the property you are interested in. This is one key thing that we advise people to explore in their due diligence. Namely, making sure that the land is legally suitable for whatever plans you would have for the property. (House, farm, personal space shuttle launching pad, etc.)
Most properties we purchase are clearly zoned and disclosed as agricultural, residential, and/or recreational, etc. This will give you a general idea of what you can do, but it is always wise to phone the county and check on the specifics. (See due diligence question below.) For example, if the property is zoned agricultural, you are most likely zoned for and can raise animals. I don’t recommend chickens, however. (They’re fowl.)
Can I get title insurance?
Absolutely, we recommend using First American Title Company. It you are buying a property from us on terms and/or a larger property, we will most likely be closing via First American Title Company anyway. This is always an option regardless of property size, but it is at an additional cost and therefore we only advise you do so if you should feel it necessary after having done your own due diligence.
Should I do my own due diligence before buying the property?
YES! Of course, though we admit that waiting to commit to purchasing any given property until after you have done your own due diligence may result in someone else scooping up the property due to the great value of our deals.
Long story short, you should always do your due diligence. We do… though we admit that we don’t suffer the competition or time pressures that you will from our buyer’s list. (To skip the “How To” for now, feel free to jump straight to the Bullet Point Due Diligence Summary at the bottom for a quick list and understanding.)
However, many of our recurring buyers don’t bother as 1) they have come to rely on our having done due diligence and having grown to become akin to a trusted extension of their own efforts and 2) our recurring buyers are almost exclusively buying our discounted cash properties. As such, I surprise $100 past due, tax bill attached to a $20,000 property that they bought for $10,000 is probably not such a big issue to them. (Though we would be personally mortified for such a thing to slip through our process.)
For the record, however, here is our quick and simple itinerary of what we recommend that you do with any property you purchase, whether or not it is through LandSpot.org / Premier RE Investments, Inc.
Verify Ownership – First, phone us and let us know you are beginning this. Depending on the county the property is in, we may not have received the recorded deed back in the mail yet, but we should know whether the recording is complete.
Also, not all properties are purchased under Premier RE Investments, Inc. Properties that we feel we are likely to wish to hold and/or maybe sell on terms, we will usually buy under a Trust name. This allows us to more easily allocate the property to an appropriate LLC holding company without having to incur additional recording fees with the county and/or muddying up the county records with an abundance of short term ownership transfers. (Resulting in a “cloud” on the deed.)
We usually send our property alert email out to our Buyer’s List as soon as we receive the notarized deed back in the mail. As such, for those on our Buyer’s List, we often have properties committed to being sold before we have even mailed the deed for recording. This is usually no inconvenience in counties where we can record a deed electronically, but can be a bit of a nuisance in counties that require the deed to be mailed to them directly.
Timing issues aside, to verify ownership of any property, phone the county clerk’s office and let them know that you wish to verify ownership of a parcel of land you are considering purchasing. Just keep the property listing open and handy on your computer when you phone and you should have no difficulty in providing them with whatever information they may request to help them look up the property you are interested in. Again, you’ll need to know what Trust name, if any, Premier Re Investments, Inc. has taken ownership of the property in or the point is moot.
Verify Back taxes – Often, this can be done when you are already on the phone with the county clerk. Simply let them know that you wish to verify the property’s tax status and they should be able to connect you with the appropriate individual. Some counties will require that you hang up and phone another phone number directly, but usually you will need to speak with the County Treasurer and/or Assessor. We like to verify what the annual taxes on the property are and whether or not any back taxes are currently owed on the property. Not that back taxes are an issue that would ever stop us from purchasing a property, but if the amount is significant and/or is going to be due shortly, we need to be aware so that we can assure the property isn’t about to be seized for public auction.
Check Zoning against your ambitions – Your due diligence here will/should be actually more elaborate than ours. We simply list the zoning and/or read up on the zoning to help us match and/or market properties to buyers, but when it comes to, for example, building your dream house/bunker, specifics matter.
Know what you want to do with the property. Most property we buy has little or no restrictions on what can be done with the property, but it is always better to be safe than sorry. Speak with the county, tell them your property of interest, and then find out all the details of what you can and can not do with the property.
That said, I’d like to reiterate my earlier FAQ point about raising chickens… Don’t do it. They’re fowl.
Check for any Property Owner Association dues that might be owed. – For properties located within such an association, this is a common occurrence. Such fees are usually nominal, $40 -$60 per year, but they can add up to hundreds of dollars depending on the size of the land you own and the number of years the owner has gone without paying their dues.
We won’t purchase properties that have excessive outstanding POA fees simply because it is possible for a POA to put a lien on the property. Mind you, we’ve seen properties with liens such as these bought and sold repeatedly without the liens ever being paid or released. That said, you’re getting a great deal on a great piece of land. POA’s fees go toward keeping access roads clear and safe. The fees are nominal and bring you great benefit. We recommend you never let them fall behind.
There are great pieces of property in such POAs that we have ended up not purchasing because the access roads fell into great disrepair and we just wouldn’t have access to them. Without access, we would probably even pass on land given to us for free… We know other investors that have actually done so.
Make sure the location is convenient to your wants and needs. – Even before you visit the property. Is it where you want to be? Hop on Google Earth, take the GPS coordinates from the listing and cut and past the coordinates into the Search bar. Now, look around. Look at the roads that lead there. Look for the nearest towns, nearby places of interest, and/or locations where you could resupply.
This is a search that really is specific to you and is difficult to comprehensively address. For example, are you a golfer? Are there golf courses nearby? How many times a week to do you golf? A 40 minute drive to the nearest couple golf courses might be acceptable to you if you only golf a couple times a week. However, if you like to golf everyday, will this property and its location really make you happy? Perhaps a property that is closer to your hobby outlets and/or even a piece of a land that would let you set up a few golf holes of your own would be more suitable. Dream big and seek to have it all!
Visit the property – I know that many of you are like me and are quite content to just buy more property from a Google Earth image, but for those of you that are just searching for that one special dream property, you just really won’t know until you visit it.
Google Earth and/or even property specific photos and videos can certainly help you visualize the “prospect” of the property, but they can never “promise” you the property you are visualizing. Is the property too breezy? Too open? Too buggy? Too quiet? Even photos and video will not be able to help you truly understand the topography until you visit and walk the land. What looks like a nice gentle slope to walk down pleasantly to a stream in a video, might become that long, pain in the butt, hike uphill to your SUV once you’ve visited the place.
It’s also important to make sure you have access to the property. Just because there is a road on the map doesn’t mean it is still navigable… or perhaps the road just needs a monster truck and not the 1969 Volkswagen Camper Bus you keep breathing life into. In short, if your plans are to drive your RV to this property for three months every year, will you be able to drive it there?
If you can’t visit the property, there are services such as WeGoLook.com that for $50-$80 will go to the property and photo/video the property for you. This may not be better than what the property listing has available. However, you could also request they document their drive into the property to help you get a better understanding of whether or not you will be able to access it with your own vehicle. Mind you, I’m sure their costs are much more for very remote properties. If the area is remote, perhaps trying CraigsList.com in the local area will get the job done more reliably and inexpensively. Heck, you might even happen upon a willing would-be neighbor who can truly give you the lay of the land.
Now, I know that the speed and cost at which most of our properties sell might make such a trip seem impractical… and that’s a fair point. You certainly don’t wish to lose the property to someone who, like me, is just content with a Google Earth image. However, if you can’t visit the property before hand, perhaps you would wish to limit yourself to our CASH Discounted Properties. That way, if once you have visited the property you decide that you do not with to keep it, you can at least sell it for substantial profit and have even greater funds to continue your search for your perfect land.
In sum, our recommended Due Diligence for you is
- Verify Ownership
- Verify Back Taxes
- Check the Zoning
- Check for Property Owner Associations and Fees
- Check the Location for Convenience
- Visit the Property
What kinds of properties are you looking for?
Well, if you’re here on LandSpot.org, our best guess is that you own some land. …We’re interested.
That said, vacant, recreational, or agricultural properties are not the only types of properties Premier RE Investments, Inc. purchases. Our start was in multi-family and single family residential properties and we are still very active in small to medium sized commercial apartment buildings. Our passion is land, however.
My personal favorites are the hard-to-get-to, extreme rural, properties with some amazing feature or attribute, but largely our bread and butter comes from infill lots in residential suburbs. So, if you have some land, let’s talk.
Need more specific examples? Crop land, pasture lands, flat, wide-open barren landscapes, steep, rocky unbuildable mountainsides, or even swampy, leech infested, mosquito havens… 0.1 acre properties, 1000 acre properties… etc., blah, etc., blah.
Yep, we’re interested.
What would your plans be with my property?
We’ve had owners in the past agree to sell us their land on the conditional commitment that we would only sell the property to someone who would actually use and enjoy the property. Namely, they didn’t want it to just go to someone for investment purposes.
We have always honored such preferences and usually, with the new owner’s permission, have even sent courtesy follow up notes to the former owners to let them know that their property has found a good new caretaker and even what their plans are for it. For example, “the new owners are a young couple with two toddlers that hope to make the property their summer getaway camp and yearly family reunion destination. They loved your shared story of having held a Valentine’s Day picnic there every year of your marriage no matter what the weather and plan to make that part of their tradition as well. ”
So, please let us know your request and we’ll do our best to comply.
This specificity aside, we ARE real estate investors and hope to make money off every purchase, but first and foremost when it comes to land, we are land lovers. Depending on the land and circumstance, we may hold it for a short while in hopes of a more favorable market or plan on holding onto the property indefinitely. (We have vacations and dreams too!) We may seek to develop and partition large land claims into numerous smaller land claims to “spread the wealth” sort of speak or we may simply post its availability out to our Buyer’s List, the vast majority of which are land dreamers too.
At the end of the day, the vast majority of the land we purchase we never set foot on. That said, we still get the enjoyment and experience of having owned each property, dreamed of how we would personally use each parcel, and even shared our experiences, observations and plans for each property with the new owner(s). In fact, it is always our hope that YOU will have some stories and/or hopes for the property that we might share with the new owner(s). A sense of history and legacy only adds to each new owner’s appreciation for the property, such as referenced in the example above.
How do I request an offer from you?
Just submit your contact information and interest on this page’s form and we’ll get the ball rolling for you. Phone conversations are always best and so we do request phone numbers, but as you can see from our contact form, we realize some people are reluctant to speak and so we do not require it in our Contact Form. (Just make sure to watch for our email! It could come from a LandSpot.org email address or more directly even from Jenn, Neil or perhaps even Tessa, from one of their name@PremierREInvestments.com addresses.)
I signed your Purchase Agreement, but now I want to keep my property. Can I get out?
Of course, you are exactly the type of people we want to help attain land of their own. We aren’t about to make this about money.
That said, we do need to cover any incurred costs. On occasion, costs can even be very significant for us. Perhaps, for example, if we had agreed to pay for a survey of a property to clean up a “cloud” on the title with a neighbor property owner. That would be significant, even in the thousands of dollars. Especially if, for example, a large irregular shaped property out in the middle of nowhere were involved.
In short, it would hurt us to not have any costs reimbursed but will always work with you to keep the property with you. We have never forced an owner to honor a purchase agreement and we would consider it unconscionable to do so. Consider the purchase agreement more of a handshake over the agreed to terms…
So, in advance, congratulations!
I received your offer, but would like more money. What options might we discuss, as opposed to my just walking away?
Using us as buyer to your property is lot like choosing to go to the Convenient Store instead of the Full Service Grocery Store. We’re VASTLY more convenient, but at a cost.
We are not offended if you should choose to take the long road to selling your property on your own. In fact, I would say that more than half of owners that sell their land to us first tried to do so on their own or through a realtor.
The truth is, when it comes to Real Estate, especially land, when we speak of the “Market Value” of a property, we are speaking of a possible sales price value that someone would act upon if the property was held on the open market for an extended period of time or at least enough time for an interested party to come along that really just didn’t care about the price. This is the norm for all real estate, but land especially. One to two year waiting periods in some regions of the country are common for vacant land.
What we deem true “Market Value” for land to be is a price at which the land is likely to sell within the next 30 to 60 days. (More like an appropriately priced new car.) THIS is the price we generally must sell our properties at and is therefore this price that we will utilize to back into our offers to you.
We refer to our sales prices as being 50 to 60% of the “Market Value” for the property, but in truth, our prices are probably more in line with their TRUE “Market Value”. Just like quality jewelry sells brand new for incredibly high amounts of money… It’s pricing on the secondary market is probably more akin to brand new costume jewelry cost. However, if you list it for sale out there for a long enough period of time and at or near your original purchase price, eventually someone will come along and agree with you that it is just as desirable as it ever was when you purchased it… and you’ll have your sale. In our opinion, however, that is not a good reflection of “Market Value” and if frustrates us to have to refer to it that way. We certainly couldn’t stay in business long if our properties all took so long to sell as the norm.
As for your options, let’s talk. Your property itself may lend itself to options that others may not possess. 1) We may be willing to pay more. 2) We may not be comfortable paying more, but would be willing to come to an agreement that would allow us to market your property to our buyer’s list mindful of your higher price. There’s no harm in trying and if you’re right, everybody still wins and wins quickly. 3) Also, if you have a large piece of land and/or are considering selling off a whole portfolio of properties, that can be a management nightmare, but opens up the possibility of varying partnering type relationships that go beyond the normal scope of LandSpot.org, but not the Premier RE Investments, Inc. family.
In short, every situation and property is unique. We can’t cram them all through the cookie-cutter that is LandSpot.org, but we always try to help. Please just call. We’ll help if we can and if we can’t, we’ll do our best to make some recommendations on how you might best look out for your better interests.
Are there any fees if I sell my land to you?
As a general rule, never. We want to make this as simple and convenient as possible for you and generally cover all the costs associated with our normal purchase methods.
That said, especially on smaller properties, sometimes sellers wish to include something that we might otherwise not include. For example, if we are purchasing a small property for $500 and the seller wishes to close through a title company that would cost us a $1000, we just can’t do it. The property loses us money right from the get go.
In this instance, we would request that the seller either follow our normal procedure of sending a mobile notary with a cashiers check to meet with him or agree to pay for the additional desired title company themselves.
Aside from this sort of irregularity. We cover it all and never surprise anyone with some sort of hidden fee.
What’s involved and how long does the process take?
Much of this will be dependent on your property and the situation, but it’s usually a matter of how many days and not weeks.
Smaller properties that we can avoid having to use title companies or attorneys to manage the closing tend to go the fastest. For example, if you have the property deed, we can just use a faxed or emailed copy of the deed to draft a new one. Then we simply find a mobile notary convenient to you, mail them a cashiers check along with the deed to be signed, and then they’ll contact you to arrange a meeting, gather signatures and leave you with your check.
This is only usually dragged out longer if we have to rely on the county to provide a copy of the deed. Many counties won’t even take email or fax requests for deeds and require us to mail in our deed request with a check to cover processing costs and a self addressed stamped envelope for them to snail mail it back to us. We’ve had this extend purchases by weeks. (We sort of always keep our fingers crossed that you’ll have your deed and that… for some reason, it just so happens to be right in your pocket… As opposed to the less convenient, but probably far more intelligent place of keeping it in a secure place, such as in a bank security deposit box across town.)
For larger properties that we would wish to utilize a title company for, the time can be extended past days, but in our experience, title companies tend to love the simplicity of our deals and many will bend over backwards to process your closing quickly so that we keep utilizing them. We wire them the money, they collect your signature. Done.
They love our land deals compared to the frustrating coordination and headaches of house closings that require the juggling of multiple party schedules via phone (tag) and/or email of both the buyer and seller’s real estate agents and/or attorneys. Seriously, the hearts of these poor people to put up with such stresses day in and day are simply extraordinary.
Some states, such as New York, are what we term “Attorney States”. These states require by law that an attorney be involved in every property closing. We do not tend to market for properties in such states simply because of the added costs and business headaches of buying and selling through attorneys. It’s just frustrating to control and provide, fast convenient service as a business when your success at doing so is hitched to the ever full schedules of an attorney. We sill still consider purchasing land in such states. Just be prepared to have the time horizons for such a closing to be completely out of our control or even realm of influence.
I still have questions…
…and I still have long winded answers. Give us a call! We’re going to get along fine.