What is the best way to sell a small piece of rural property that is only worth $8000?
My mother inherited a small lot in rural Illinois. It has a junk trailer on it and is probably only worth 8-10k. We live over an hour from it so we don’t really want to rent it or use it. We would like to sell it in the easiest way possible. We called a few real estate agents in that area and they charge flat rates of $2000, so it wouldn’t really be worth it. We know little about real estate and really would need someone to handle the paperwork and legalese. Any ideas?
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Tags: Lot, Paperwork, Real Estate Agents
rent property | , 8 Nov 09
By Still reading, November 11, 2009 @ 4:53 pm
We lived in Illinois for years, and had many friends in the same situation. Three realistic choices–keep the property and pay taxes, sell through a realtor and pay the high fee, stop paying taxes and let the county take it. Even if you list with the realtor, there is an excellent chance that a year from now you will still own the property. It is tough to find an buyer for vacant land with no obvious appeal.
By newmexicorealestateforms, November 14, 2009 @ 4:25 pm
First of all you might want to contact the neighbors to the property second you will need to contact a title company in that county to help you. Finally I would contact the assessor’s office and ask what the going sales prices are for similar property.
These suggestions being that the costs of hiring agents and or appraisers might not be justified in the sales return. Of course if value justified, you can hire a real estate licensee based on him/her getting paid upon the sale and get a broker’s price opinion on the value of the property, then that would be the best way to go.
Best of luck
By fdm215, November 16, 2009 @ 10:47 pm
You should consider using an auction firm to sell the property. You can probably find some listed on the whitepages.com site for the area. Or, if you have contacts in the area, ask them if they can give references, suggestions.
By George R, November 18, 2009 @ 1:56 am
Depends on what the property could be used for. Contact the property owners on either side and see if they would be interested. You can wholesale it out with ads in the paper to an investor. There would need to be enough margin in it for the person buying the property and the price he could sell it and make it worth his while. In your case, I would determine the least I would accept and sell it for that.
By canadianhomes4sale, November 19, 2009 @ 10:18 am
The number one thing to do in regards to selling rural property is to talk to the neighbours. Some one may be interested in adding it to their own land. Also approach SPCA, Horse Clubs, ect they may know someone who wants to buy cheap. Or the best idea ( if I do say so myself) list it on as many FSBO ( for sale by owner FREE sites as possible) view as a sample
Letting the land go for taxes could hurt your credit rating.