Despite surging Hawaii land assets against deeply constrained property supply backdrops, private owners routinely struggle offloading parcels independently. Hiring a typical real estate agent to list vacant acreage typically yields meager marketing exposure with double-digit commission fees up to 10% draining profit potential. Determining clear motivations, comprehensively researching property value, establishing streamlined legal documentation, crafting effective listings and proactively managing closings are essential to a successful solo sale.
Local buyers shopping for homesteads and vacant lots typically scour the MLS network in addition to local bulletin boards at businesses frequented by such shoppers. Word of mouth promotion can also help draw in interested parties. Once an acceptable offer has been accepted, it’s a good idea to hire a licensed Hawaii real estate attorney to manage paperwork and negotiations. This allows the seller to retain experienced guidance at an hourly rate rather than a traditional realtor’s percentage of the sale price.
Before listing your sell your Hawaii land without a realtor, do some market research to understand current property values in the area. Review comparable land plots sold nearby, drive around neighborhoods and consider factors that impact property values including view, proximity to utilities, zoning restrictions, soil quality, waterways and flooding zones. This will help you set an optimal price for your Hawaii land. Overpricing can be a major turn off for interested buyers and it will likely result in the property sitting on the market for an extended period of time.
As you begin receiving inquiries, vet buyers to filter out time-wasters and focus on the most qualified leads. Request buyers complete a pre-qualification questionnaire prior to arranging site visits to establish their ability to purchase and level of interest. Be sure to leave ample time between accepted offers and closing procedures so that you’re able to respond to any inspection requests and facilitate mortgage approvals if needed.
Once an offer is accepted, it’s a good idea for sellers to schedule a closing date within 30-60 days of accepting an offer. This allows plenty of time for inspections, mortgage approvals and transferring deeds via escrow. Be sure to work closely with your escrow company, as they will likely have experience with closing land transactions. At the closing, the buyer will sign a final purchase agreement which will outline the terms of the deal and who is responsible for conducting the closing (typically a title company or a real estate broker). Once everything has been completed, you’ll receive payment via wire transfer or physical check.