What is the Selling Process for Land?
As a professional real estate broker and Realtor, I am committed to making the selling of your Tehama, Shasta County Land or Property go as smooth as possible.
I have written out the basic process so you know what to expect when you go to sell or get to the escrow stage.
The first step is to get a property valuation for your Redding, Tehama or Shasta County land which I provide free of charge. You will also need to decide if owner financing is an option for you. In short, I highly recommend owner financing as there is little risk on your part and you can make a lot more money as you will can get a very nice interest rate. I am very happy to discuss all aspects of owner financing with you.
After you sign the listing agreement I will go out to the property and take premium photos, put up my sign, mark points of interest, approximate property boundaries, and capture attributes of the property that help it sell. Then I put the listing into the Shasta County MLS system or Shasta Multiple Listing Service. There the property can be seen by every Shasta County agent and anyone else who is a member of the Shasta County MLS system. Your property will also be on Realtor.com, my website, and about 24 other real estate specific websites as well as on select mailings.
All parts of the sale can be handled long distance; you do not need to be present. Once a buyer is found and the offer gets accepted by you, escrow is opened. The buyer will put a deposit into escrow. This amount is usually $500-$1,000. Typically, this amount is refundable in the first 17 days after the offer is accepted. If the buyer decides they do not want the property due to some fault of the property or real estate report they do not approve of they are entitled to a refund of their deposit. The title company or escrow will collect all the monies for the transaction and are a neutral third party to the contract. They simply follow the instructions on the Land Purchase Agreement that you and the seller agreed to in writing.
It’s the title company’s job to pull up all recorded documents pertaining to the Shasta County Land or Tehama County Land you are selling. They will issue a title report that outlines what taxes are owed, any recorded liens against the property, any easements or lack of access as well as any reserved oil or mineral rights or special water rights. If you currently owe any taxes on the property they will automatically get paid through escrow out of your proceeds.
Lastly, all the required real estate forms are sent to you and the buyer for signatures. Just before escrow closes the Title Company will send you papers to sign and return. If you are local you may come to the title company to sign these documents. After the title company receives your closing papers, the buyers closing papers and funds to close, the title company will record the deed in the new buyers name. Your funds from the sale will be mailed or wired to you or however you specified you wanted the funds dispersed. If the sales price is over $100,000 the title company will hold back 3.33 % of the purchase price to send to the California Franchise Tax Board for tax purposes unless you have valid exemption, like your taking a loss on the sale of your property. You may file at the end of the year to get back any over payment.
If you have any questions about the selling process please feel free to contact me about it today. I look forward to helping you with the sale of your land.