The state of Illinois, often referred to as the “corn belt,” has an abundance of farmland and rural property. Agriculture is a significant industry in the state and contributes billions of dollars to its economy annually. Land in Illinois can be purchased for a variety of purposes, including farming, ranching, hunting and building homes or vacation cabins.
Land prices vary depending on the type of land, location, soil quality and other factors. On average, land costs about $7,500 per acre. Farmland near cities tends to be more expensive.
Before selling your land, do your research to ensure you get the best price. Obtain an appraisal from a qualified professional, and compare to similar properties in your area. This will help you determine the correct pricing to attract the most potential buyers.
In addition, you should vet potential buyers Illinois land buyer carefully. Credible buyers will put all terms in writing, be able to verify funds and use a reputable title/closing service. Additionally, they will not ask for excessive contingencies or lowball offers.
If you are unable to wait 1-2 years for full market value, a cash offer may be the right choice for your situation. However, make sure you vet any buyer carefully to avoid scams.
Many people are forced to sell their vacant property for a variety of reasons. They might be behind on their property taxes, facing financial hardship or just need extra money. Whatever the reason, they want to close the sale quickly and easily.
If this sounds like you, then a reputable company that buys homes and land for cash might be the right fit for you. These companies specialize in purchasing properties in any condition, including those that have been neglected or left vacant for years. Their experienced staff will work hard to ensure a fast and successful transaction for you.
One of the most common ways to sell land in Illinois is through an installment contract. A new law that went into effect in January provides additional protections to buyers, including requiring an amortization schedule to help them understand how long it will take to pay off their loans; defining who is responsible for maintenance, insurance and taxes; prohibiting certain predatory loan terms; and requiring all land sales to be documented with the county recorder’s office.
Selling your Illinois land is a big decision, and it can be difficult to know where to start. Fortunately, there are plenty of resources available to guide you through the process. These websites can help you find a local real estate agent, find the right property for you and even help you secure financing. They can also provide advice on how to prepare your land for sale and what types of paperwork you’ll need to complete. They can also connect you with the right lenders and title companies to speed up the closing process. They can also advise you on zoning regulations and other local requirements. They can even recommend the most popular land for sale in your area.