Efficient Land Sales Process
Selling vacant land requires a unique approach that’s different from traditional real estate transactions. Finding interested buyers, vetting them to ensure they’re qualified, and closing the sale requires a lot of time and money most sellers don’t have to spare. But new reforms in the state of Louisiana are streamlining this type of real estate transaction.
Historically, vacant land sales in Louisiana have often involved long delays between purchase and closing due to government red tape and procedural pitfalls. The governing bodies of each city and town have different processes to approve sales, making each one a potential minefield for uninformed or impatient buyers. But a recent reform by the City of New Orleans may help speed up the process considerably. The City’s Vacant Property Review Committee was dissolved, with the responsibility for reviewing and vetting prospective buyers being assigned to city agencies instead. The streamlined approach has already been effective in cutting down on processing times and increasing transparency in the process.
In addition, the city’s reforms also aim to address some underlying problems in the sales process. Some of the most significant issues include the lack of a clear timeline for how long it takes to close on vacant land purchases, the difficulty in determining fair value, and the difficulty of getting approval for the necessary permits. By addressing these problems, the City of New Orleans hopes to make it easier for buyers to buy unused land and use it as an investment or develop it for commercial or residential purposes.
While the reforms are still new, they’re already helping to streamline Efficient Louisiana Land Sales Process land sales and put more vacant land into the hands of investors. This is important for both the city and its residents, who have long been concerned about the rapid expansion of a growing population in the region. The reforms will also make it more convenient for residents to locate affordable housing in the region.
Other factors that contribute to a quick sale for vacant land in Louisiana are having accurate information available, preparing the land to sell, and keeping up with zoning laws. Having all official details about the parcel, including the property records, plot maps, and total acreage, ready before listing the land can help owners set the right asking price. Researching recent area sales and analyzing local zoning rules can also provide valuable insight into a parcel’s actual market value.
When attempting to sell, a quick closing is essential to avoid accruing debt payments or taxes while waiting on a buyer. For this reason, many land sellers choose to work with a “we buy land” company that offers cash and can close quickly. Reputable companies offer competitive, fair cash offers based on current sales comps and other factors that drive their business models. They can also often cut seller fees or cover title/closing costs altogether, which can significantly reduce the total amount of capital gains taxes paid by the land owner.