When you are ready to sell your property, negotiating the sale of real estate can be difficult, especially when you want to maximize your selling price and do it in the shortest time possible. And navigating the paperwork, contracts, and preparations both before and after the sale can be daunting for someone who doesn’t do this on a regular basis.  You need someone with knowledge, experience, and the skills to represent you during this process.

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I became an Accredited Land Consultant in 2006 and have over eighteen years experience as a licensed real estate professional in Marion County. I have successfully closed hundreds upon hundreds of land transactions for satisfied property owners, negotiating the best prices for my customers while closing the transaction as quickly and painlessly as possible.

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And the task becomes more difficult for the land owner if you don't live near the property. Many property owners in Marion County bought their property many years ago prior to moving away, had to move unexpectedly, or even bought their property sight-unseen during the real estate boom. It isn't convenient, or in many cases economically feasible, for these owners to spend the time and travel involved in trying to sell these properties, even when they are ready to cash out that equity or are simply tired of paying property taxes and upkeep on a piece of land they never even see anymore.  I've sold hundreds of properties for out-of-area sellers, And I help property owners every day from out of the area, the state, and even the country with the sale of their property here in Marion County. I do all the extra work on this end to close the sale for my clients.

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If you’ve been holding onto the property as an investment, or just thought of it as not worth the time and trouble of selling, now might be a good time to consider putting that property on the market and putting the money to some other use.  Prices per acre are the best they have been in a number of years, and demand for properties has increased significantly since the “real estate bust” of 2007.  We’ve reached the new normal in real estate – prices are neither racing up through speculation like they were during the boom, nor plummeting like they did for years after the bust.  Interest rates are attractive and there is net positive population growth in Florida, so buyers and sellers have both come back to the market.

 

The first step is listing your property for sale.  After doing an in-depth study of your property and recent comparable sales, I can help you determine the best possible price for your property.  The right price is important.  If the price is too high, the property will simply languish on the market without any offers.  Also if you start too high, then make a drastic reduction later, buyers will want to know what is wrong with the property that caused the sudden price drop and why it has been on the market for so long. And with land it is even more important to have the price right.  Typically only 35% of land sells during the listing period, usually because the property is priced above what buyers are willing to pay.  So you need the right price as well as a highly experienced land expert to get your land sold, and sold in the shortest time possible.

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After your property is listed for sale, I immediately start marketing your property both to buyers and to other real estate agents.  Foxfire Realty is the largest real estate firm in Marion County, selling more property than any other firm year after year. Foxfire also has the most real estate agents, so you have a huge team of agents working with buyers ready to show your property.  And through the MLS (Multiple Listing Service), we work with real estate agents with every other brokerage in Marion County that are working with buyers looking for properties like yours.

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Then comes the offer.  The listing price on your property is essentially an offer to sell the property to a buyer at that price.  Buyers will consider this offer and may do one of three things.  Agree to purchase your property at this price, decline to purchase your property, or make a counter-offer of a price they would like to pay for your property.  A counter-offer is nothing to feel insulted by, nor are you under any obligation to accept an offer for less than full price.  You may either accept their counter-offer, decline their counter-offer, or make your own counter-offer of a price somewhere between your original asking price and their counter-offer.

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Once an offer has been accepted by both parties, a contract for sale and purchase is prepared and signed by both parties.  The signing can be done electronically with a digital signature through your email or even by fax if you are not local. Typically a closing date of 30-60 days is negotiated.  With a cash offer it can be even shorter. 

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After the contract is signed, a title company begins preparing for the transfer of the property at the closing.  Since the seller typically pays most closing costs in Marion County, the seller normally selects the title company.  There are many title companies to choose from.  Foxfire Realty is partnered with Ocala Land Title – a very competitive and professional title company in Marion County – but as the seller you are able to select any title company. 

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The typical closing costs involved are:

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Title insurance.  This is an insurance policy that you as the seller provide to the buyer.  It assures that both the buyer and seller are protected from losses that could result from any clouds on the title (defects on the title or conflicting claims of ownership) found in the future.  When purchasing the property with a mortgage, the buyer purchases a similar title insurance policy to protect their lender from clouds on the title.  The price of the policy will vary by the purchase price of the property – for a $100,000 sale, the title insurance would typically be about $575.

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Document Stamps on the Deed. The state of Florida charges a documentary stamp tax, levied at the rate of $0.70 per $100 (or portion thereof) on documents that transfer interest in Florida real property. For that same $100,000 sale, the doc stamps would be $700.

 

Title company closing fee. This is where the title company gets paid for their services. They perform the title search, draw up all the closing documents and explain them to all parties, handle the collecting of closing costs and distribution of monies, ensure that the new titles, deeds and other documents are filed with the appropriate entities, and conduct the formal closing, whether in their office or electronically for either party that is not present. Their fee is typically around $300.

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For a home, during the closing period the buyer may arrange to have a home inspection done to check for any major defects in the home that need to be repaired.  The buyer will also pay to have an appraisal done for the lender, a survey to determine exact property lines, and a termite inspection to check for any damage by wood destroying organisms.  For a piece of vacant property, the only inspection necessary would be the survey, which is an option for the buyer (at their expense) and is required of the buyer if a lender is involved.

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On the closing date, the property is transferred into the name of the buyer, and the buyer takes possession.  The buyer and seller sign all the closing paperwork, and at this time the title company transfers the funds to the seller.  If the seller is not local, the title company will have previously sent the closing paperwork to the seller via overnight mail.  The seller then signs this paperwork in front of a notary, and sends everything back via the provided overnight mail envelope in time for it to arrive before the closing. Recently Florida has allowed for the entire closing to be done remotely with electronic signatures.  The title company does not execute the seller's documents until the buyer signs their documents as well and provides all purchase funds in full.

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With a knowledgeable and experienced agent, this entire process from start to finish will go quickly and seamlessly.  This is a brief overview of the process from listing to closing, but if you would like any additional information feel free to call or email me at any time!