When you inherit any type of real estate, including land, after losing a friend or family member, it can be overwhelming, especially when you add the complications of probate or shared inheritance among multiple beneficiaries. If you’ve inherited land and have no need for the property, you’re likely considering cashing in on the inheritance. Once you’ve ensured the title is transferred into your name correctly and that there are encumbrances from liens, you’ll have a better picture of the potential profits you will realize from the sale of the land.
You should go into this venture with realistic expectations; however, as land doesn’t typically sell as quickly as a house, in 2020, the average number of days on the market for a piece of land was just over seven months. So, once you’ve cleared the land of overgrowth and made sure the ground is cleaned up and appealing to buyers, your next step will be to determine the method of selling the land that works best for your situation. So read on as we explore what to do with inherited land in Ontario.
Suppose financial strain and the relief that the sale of your inherited land can offer makes time a crucial factor. In that case, one thing you could do with inherited land in Ontario is to provide the option to buy the land to interested family members as a quick way to locate a buyer. While you may have no desire to hold onto the land you’ve inherited, other family members may have a personal connection and wish to keep the land within the family. Remember, family members often have expectations of special pricing, so you may not get market value by following this option. In addition, you’ll want to consider long-term ramifications to your relationship should there be any feelings of ill-will that linger after the sale on the part of either party. You can avoid turning to family members to sell the land by contacting a local professional investor, like those at Simcoe House Buyers, who will make you an offer for the land that you’ll agree is fair. And your closing can be within a matter of days when you sell directly to Simcoe House Buyers because we pay cash.
Selling the land as an FSBO or selling it yourself is another option you can take with inherited land in Ontario. Often, landowners who decide to take on the job of selling the land themselves soon realize they’re in over their heads. Marketing in the tech-savvy world of online listings and placing your land on the right websites can be expensive. In addition, buyers are likely to bypass photographs that aren’t of professional quality. Finally, once you have received an offer, negotiating with buyers can be difficult and the paperwork complicated. Don’t forget the closing expenses as well. On the other hand, if you’d like to avoid all of the upfront costs of listing and skip the hassles of dealing with buyers, selling directly to a professional investor like those at Simcoe House Buyers and alleviate the stress.
Suppose you’d prefer not to list the land yourself. In that case, another thing you could do with inherited land in Ontario is to call on a professional real estate agent to assist you with the marketing, negotiations, and paperwork associated with selling real estate. But, of course, you’ll still have to cover all of the out-of-pocket costs associated with the listing and pay high commissions to the agent from the profits for their help. However, with a direct sale of your inherited land to a professional investor like those at Simcoe House Buyers, you won’t have to worry about paying any commissions. With no complicated and stressful negotiations, working with a direct buyer from Simcoe House Buyers makes selling inherited land easy. Our straightforward contract has no hidden fees to surprise you at the closing, and you won’t even pay closing costs when you sell directly to Simcoe House Buyers.
Why not call on the experts at Simcoe House Buyers to help you best determine what to do with inherited land in Ontario for your situation? At Simcoe House Buyers, we stop everything and listen, taking the time to answer any of your questions and address any concerns about the process because we understand how important open communication is. We offer a no-obligation consultation and no pressure because at Simcoe House Buyers, we want what is best for you, so we lay it all on the table. At Simcoe House Buyers, we want you to make an educated decision you’ll feel good about long after the deal. An experienced professional investor from Simcoe House Buyers will provide you with a reliable valuation of your land to compare our offer vs. listing with an agent or on your own and see for yourself which is the best option for your circumstances. Contact Simcoe House Buyers at (705) 300-8076.