Frequently Asked Questions
Who are you?
We are a Texas-based, family-owned company that buys and sells vacant land. We sell property directly to end buyers.
Are you a real estate agent? / Is one required to buy and sell land?
We are not real estate agents and we do not represent others as an agent or receive a commission for selling land. A real estate agent is not required for someone (or a company) to buy and sell land for themselves.
We have experience buying and selling land and have financial or equitable interest in each property or contract we sell.
We directly advertise our properties using the internet, social media, e-mail and word of mouth.
We find real estate agents are very knowledgeable and helpful in many situations. We frequently work with agents who know we buy and sell vacant land. We occasionally list land with real estate agents. When we use a real estate agent to sell land, we gladly pay a commission. And, when we sell land to a buyer using a real estate agent, we attempt to negotiate a price that allows the buyer to compensate their representative or enable us to pay a reasonable commission to an agent who brings us a buyer. Please note, out of respect for any real estate agent involved, we ask that when interacting with us on a property we have listed with an agent or when you are using an agent to purchase a property, interaction take place through the agent(s).
How did you acquire the properties you are selling?
We use our eyes (drive-buy) our ears (word-of-mouth network) and the internet to research counties or areas within a county to invest. We use the internet and publicly available data to identify properties that may meet our criteria and for contact information for property owners. Then, we contact property owners that may no longer want their property and make them an offer to buy their property. Often, sellers are referred to us through our land acquisition networks and by folks who know we buy land.
What happens next (after I agree to buy) and when?
|1. Sign an Agreement
|Within 24 hours
|We request the name and address the buyer wants reflected on the deed and get the buyer’s e-mail, phone number, and mailing address. We send a Purchase and Sales Agreement to the buyer to sign and return.
2. Decide How to Close
|Within 24 hours
We determine, with the buyer, the closing method to be used. We close transactions two ways:
|3. Close the Sale
|Usually completes in two to four weeks
Internal Close usually completes in two weeks
Title Company close usually completes in two to four weeks.
|4. Pay for the Property
|See Closing Process details below.
5. Record the Deed
See Closing Process details below.
What determines if we do an Internal or Title Company Closing?
We work with each buyer to determine which approach works best for each transaction and mutually agree whether we will close the transaction internally (“in-house”) or use a title company.
The internal close process is usually less involved, takes less time to complete and is less expensive than a title company closing. If we do an internal close, our company pays all closing costs.
Buyers may want to do a title company closing for higher value transactions or when a buyer requires title insurance. If we do an title company closing, the buyer typically pays the title company closing costs.
How does the Internal Closing process work?
Once we get a signed purchase and sale agreement, we have a deed prepared. The deed conveys property ownership from us to the buyer once signed, notarized and recorded with the county.
If buyers are a reasonable commute from one us, we arrange to meet buyers at the county clerk’s office or a mutually agreeable business / public location. The buyer brings a cashier’s check for the contract sales price issued by a recognized financial institution and made out to our company. At the closing meeting, the process involves these steps:
We exchange the buyer’s cashier’s check for the notarized deed transferring ownership. We give the buyer written instructions for recording the deed with the county clerk. That’s it.
If buyers are remote from us, we arrange for a mobile notary, in the area of the buyer, to handle several keys steps of the internal close process. Here are the typical steps when a mobile notary facilitates an internal closing:
1. We send the buyer’s and notary’s contact information to each other.
2. We express mail the notary these items:
– The executed notarized deed transferring ownership to the buyer.
– Written instructions advising the buyer how to record the deed.
– A form for the buyer to sign (and the notary to notarize) acknowledging receipt of the deed.
– Our check paying the notary for their services.
– A postage-paid envelope for the notary to send items back to us.
3. We have the notary contact the buyer and arrange a mutually agreeable time and location to meet.
4. The notary meets the buyer and exchanges the cashier’s check and the notarized acknowledgement of receipt of deed by buyer for the deed.
5. The notary sends us the cashier’s check and the notarized acknowledgement.
Should I use a real estate agent to buy land from you ?
Whether you use a real estate agent is a decision you must make on your own. We don’t advise for or against it. We have used agents to both buy and sell. They can provide a valuable service in many areas of real estate.
However, many agents are not as familiar with (or interested in) vacant land – particularly smaller parcels of land. Fewer land transactions occur annually (versus houses) and land can take longer to sell (and longer to generate a commission). So, agents are not as incentivized to be active in vacant land. A land deal typically has a much lower transaction price than houses, so it generate less commissions for an agent. Land often is not worth an agent’s time and effort.
How does a Title Company Closing process work?
When closing through a title company, we use a company that serves the county where the property is located. The typical closing process steps are:
1. We enlist the services of a title company near the property.
2. We send the title company a copy of the signed purchase and sale agreement along with contact information for the buyer.
3. The title company reaches out to the buyer to get the information they need to close the transaction.
4. The title company arranges a time and place for the seller and buyer to close the transaction.
5. At closing, the title company collects the funds from the buyer and provides the buyer copies of the closing documents.
6. At closing, the title company provides the seller with copies of the closing documents and disburses funds to the seller.
7. The title company records the original deed with the county clerk.
8. The title company provides the buyer a copy of the title insurance policy and the original recorded deed.
If the seller and buyer are near the property, the closing typically occurs in the title company office. For parties not in the area, the title company may arrange for a mobile notary to secure signatures on needed documents or arrange a “courtesy closing” at an affiliated title company located near the remote party. Even if both parties are located near the title company office, the parties may attend separate closing meetings with the title company.
Title companies require the buyer to provide “good funds” either by wire transfer made in advance of closing or by a cashier’s check provided at closing made out to the title company.