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I just sold a cheap parcel of raw land for $2400. This is the closing statment:
Unpaid county taxes: $25
Sales commission: $500 (this is their minimum...not a huge problem)
Closing fee to title company: $400
Title Insurance to title company: $360
Total closing fees to seller: $1285....a large piece of a $2400 sale
Is it typical for SELLERS to pay title insurance in Colorado? Here in NH, if the buyers want it, they pay for it. And if there is a mortgage, the buyer has no choice but to pay for the lender's title insurance policy...
Five acres of alpine desert. It is buildable. My realtor says this is where the freedom fighters live.
I built here looking for peace, quiet, and privacy. Then Colorado made pot growing legal and a bunch of poor pot aficionados moved in. Their shacks (guy across the street put straw bales around a little old motorhome) ruined the neighborhood.
This is the boondocks. One neighbor (lives over a mile away) free ranges a herd of cattle and a herd of horses.
For Sale signs don't do much good on roads that are almost never taken.
As for 2beindenver....agreed....all you need to do to make more money is raise the price.
You've got some great suggestions. I like the donation one. Talk to a title company about handling all the sales for you. They can advise you on shifting some of the costs from you to the buyer.
I've got more tax write offs than I can use. I'm selling because I can't afford all of my property taxes.
When you sign up with a realtor, they are your agent for a certain period. You can't normally turn around and sell it yourself thus bypassing the realtor.
I've got more tax write offs than I can use. I'm selling because I can't afford all of my property taxes.
When you sign up with a realtor, they are your agent for a certain period. You can't normally turn around and sell it yourself thus bypassing the realtor.
How much can the taxes on 8 worthless lots cost per year? You can call them build-able all you want, but like you said, they are in a HORRIBLE area full of the dregs of humanity subsisting off of illegal activities. I'm sure using the land requires you to truck-in water since the lots aren't even big enough for a well permit.
Flipping worthless land isn't as easy as it used to be before suckers, I mean buyers, could check out the Internet for real information about 'cheap build-able' land.
I guess what I'm saying is increase your prices to account for your expenses or just accept that you won't be making a profit on the junk lots that someone unloaded on you. Good luck.
I'm sorry for the harshness of my tone, but these lots have been a valueless scam for over 50 years, and they will continue to be one long after we on C-D are all dead.
Last edited by rugrats2001; 08-27-2016 at 06:49 AM..
I just sold a cheap parcel of raw land for $2400. This is the closing statment:
Unpaid county taxes: $25
Sales commission: $500 (this is their minimum...not a huge problem)
Closing fee to title company: $400
Title Insurance to title company: $360
Total closing fees to seller: $1285....a large piece of a $2400 sale
I have eight more parcels for sale. I am trying to sell one by myself.....after learning more about the high percentage gobbled up by closing fees for cheap land.
I have bought parcels where the previous owner just gave me some paperwork that I presented to the County Land office. The fees were extremely cheap. No title insurance but I have read that title insurance is rarely more than an exercise in printing money.
Then again....I sold an inherited home in Texas. Closing procedures found a lien on the property by the ex-owners ex-wife....for ~$10,000. So we had to pay that from the sales proceeds. Then again....that was a home.
I had a real estate license in the 80's. Took a few law courses in college. Memory fades with time.
Doesn't seem it is even worth selling at this point. Why not wait til it is worth more.
the title company has the same risks whether a house or not .. my buddy had a situation recently with a landlocked abandoned home behind his property .
it turned out while there was a fence around that house the house was actually on the land he owned unknowingly.
it was landlocked and had no access , it turned out many decades ago the builder of the development built himself an on site house to live in while construction was going on .
they wanted 50k to remove that house from what turned out to be my friends land .
........ Then Colorado made pot growing legal and a bunch of poor pot aficionados moved in. Their shacks (guy across the street put straw bales around a little old motorhome) ruined the neighborhood...........
You know the expression "if you can't beat 'em, join 'em"?
Wait until your listings expire, or simply cancel them and then start advertising on free sites in places like Los Angeles and San Francisco, any big town where there are going to be some younger people. "Inexpensive Legal Pot Growing Land $3500 for 5 acres."
Some dreamer will snap them right up.
You could even list them on the land for sale section on eBay.
Pot growing land brings super premium prices in Oregon, but middle age entrepreneurs are buying and you won't trick them into buying your desert. What you need is some stoner with a big dream, and there are plenty of those out there.
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