Are you thinking about selling land in Wichita? If so, you might be wondering who pays when selling land in Wichita. In this article, we’ll reveal the surprising answer.
Most people believe selling land is a simple process. On the surface, selling land appears to be a simple transaction where the seller hands over the deed and accepts money for the property. You might think that the buyer pays the seller. It is far more complex than that and you might be surprised at who pays when selling land in Wichita…
If you’re the seller, you’ll have to pay first! Land is a potent asset with many different uses. Hiring a surveyor, a site analyst, or a geologist can help you unlock the full potential of your property.
Then you’ll work with a real estate agent to try and sell the property. You will have additional expenses to pay while the agent searches for a buyer. For example, you’ll have to pay the mortgage, bills, taxes, and insurance for the property in the months that the agent is looking for a buyer.
When an agent finds a buyer, you will probably hire a lawyer, a title company, and potentially other specialists to close the property deal. YOU are paying for all of these.
Once the deal is closed, you will get the money for the property – after your mortgage is paid off and any liens are taken care of. That money might either come directly from the buyer (if they’re paying cash) or it might come from the buyer’s bank (if the buyer had to get a mortgage to buy the properties).
That’s an expensive process, but you are not done paying for the sale yet! Once the deal is closed, you’ll also have to pay the agent’s commission… and that typically comes out of your pocket.
So, to answer the question, “who pays when selling land in Wichita?” the answer is that you’ll pay others many times while the buyer or their bank will pay you only once. That means for you to turn any profit you will need to accurately account for all of your expenses. All on the hopes that you hired the real estate agent who will find a buyer who is willing to pay the higher price you are hoping for.
Many sellers are looking for alternative ways to sell their property. You may want this alternative if you don’t have the available cash to pay for those expensive up-front costs that may easily cost thousands if not tens of thousands. Sure, you can potentially sell your property for a higher price. However, you might not get the price you want for the land. It’s no wonder so many sellers are looking for a faster way to sell land – by getting a fast cash offer and bypassing all of the costly and complicated steps for using a real estate agent.