If you’re looking to sell land, the ability to offer an all-cash deal can speed up a sale and eliminate delays caused by financing arrangements. However, working with a cash buyer brings its own set of issues to be aware of.

For example, michigan cash land buying instructions should be prepared to answer questions about the land’s location, topography and history, as well as potential development opportunities. You also want to be clear on any post-sale obligations, such as facilitating zoning changes or securing permits. It’s a good idea to work with an experienced real estate attorney or real estate broker to ensure that all terms are properly defined in the contract.

Cash Land Buying Strategies: A Beginner’s Guide

In addition, you should be ready to accept a lower offer than you might expect. Cash buyers often make offers that reflect average prices for land in the area, and they may not appreciate special features of your property, such as a view or an access road.

Another concern is that the cash buyer may not perform a thorough due diligence, as they are not subject to underwriting requirements and bank approvals. It’s important to carefully evaluate their claims and request proof of funds from the financial institution where they hold the money, including the name on the account, the date and the balance in question.

Finally, you should be wary of cash buyers who don’t follow through on their promise to pay quickly. They may also be less likely to make contract contingencies, such as an appraisal or inspection, that protect you if the property doesn’t meet your expectations.