Have you inherited land from a family member or relative out of state? Or maybe you own a land property that’s geographically far from your current residence, and you want to sell it.

If your answer to the questions above is yes, you have to be aware of the challenges that usually trouble sellers that sell land from afar. Selling land beyond the state line is more complicated than putting a property up for sale in an area where your present home is located.

There is no need to worry there are plenty of ways to lessen the burden of selling land out of state. Just read these useful tips below to learn how you can do it.

Use Different Avenues to Find Motivated Buyers

You won’t have a hard time looking for potential land buyers for your distant land if you know what you’re doing. Some individuals and companies are willing to buy it. Some businesses will even help you with legal matters if they want to purchase your property.

Nowadays, you can find a lot of individuals and companies looking for land for sale online. It would help if you used the web for marketing your land. For example, you can put your property on a listing site to reach a wider out-of-state audience. Make sure to keep your online listing active so that you can respond to people asking about the property.

There are also land auctions available online that specialize in different land types, including ranches, working farms, residential, and commercial lots. You only have to search the web for these auction sites.

Besides listing or marketing your land online, you can also take advantage of classified advertisements in the newspapers. Yes, even in the internet era, there are motivated land buyers and investors who still scour the papers daily for land properties.

If the land you’re putting up for sale is near a big city, you can extend your listing or ads to that city. Large cities are home to many land buyers and investors who want to buy a property in another nearby locality or region.

Work with a Professional Real Estate Agent

Things will be a lot easier for you if you have a person that can help you sell your faraway land. If you want a fast and less hassle sale, you must work with a realtor with long years of experience and expertise in land selling.

Your realtor should thoroughly understand the nature of the market where your land is situated. He/she should have superior negotiating skills, access to essential real estate databases, and a broad network of fellow real estate professionals.

If you hire a realtor, you won’t have to worry about your sensitive personal information falling into the wrong hands. Your agent can also help you with post-transaction matters. Another beautiful thing about working with a realtor is that potential buyers won’t consider your property for sale as a scam.

As far as possible, don’t attempt to sell your land on your own. Work with a real estate professional who can handle the aspects of the sale even in your absence. A realtor is a big help for a land seller like you who wants to sell a property out of state.

Price the Property Right

Giving a reasonable price for the land requires research and logical thinking. Your realtor can recommend you with price ranges based on comps selling in the locality where the property is situated. Always make sure to decide on a price that’s competitive to boost the salability of the land you’re selling.

A competitively priced land will always draw in potential buyers. If the price is right, land buyers will also be motivated to purchase your property in cash since it’s challenging to look for a loan option when it comes to land purchases.

Yes, land buyers are now smart when choosing a property that’s best for them. Aside from the quality and features of the land, one of their top priorities is the price.

Don’t Forget the Taxes

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A fruitful land sale requires you to pay tax on capital gains in the state where the property is standing. In most cases, there are also taxes that you need to pay in the state where you live.

Admittedly, paying taxes twice for the land sale can be an unfair arrangement. But you can demand a tax credit and subtract it from the total amount of taxes you owe to either one of the states that charge you. In this way, you can lessen the taxes you have to pay.

It’s great to work with a tax attorney or an accountant to handle the tax-related matters of your land sale.

Takeaway

It’s indeed challenging to sell land out of state, but if you know what you’re doing, you can have a successful land sale. Please keep in mind the tips mentioned in this article to overcome the challenges of selling land out of state.