Oklahoma’s varied landscape spanning the Great Plains, hills and canyons enables agriculture, livestock and energy industries as well as outdoor recreation. Whether inheriting land or seeking liquidity, effectively selling Oklahoma acreage to all-cash buyers streamlines deals for optimal outcomes benefiting both parties. Avoiding key pitfalls like unrealistic expectations, incomplete property evaluations and inadequate disclosures allows for a faster, more efficient transfer of valuable assets.
As an example, a misunderstanding of terminology can easily derail land sales. State Sen. David Bullard, a Durant Republican who helped draft the state’s law prohibiting foreign entities from purchasing agricultural land for marijuana cultivation, conflated USDA data showing growth in foreign-owned pros and cons of selling to an Oklahoma land company with anecdotal reports of Chinese-backed marijuana grow operations. His incorrect statement prompted public outcry.
But the only increase in foreign-owned Oklahoma land in USDA records last year came from companies in North America and Europe that bought or leased the land to build wind and solar farms. And although many residents have pushed back against the large wind turbines that sprout in their backyards, the companies’ nationality isn’t evident.
Similarly, unfounded assumptions can undermine land sales by devaluing value projections. For instance, a buyer’s assumption that an existing septic system will require replacement might prompt them to offer less than market value for your property. A buyer’s belief that a nearby road upgrade will reduce property access could also impact their offers.
In contrast, all-cash buyers can move quickly as they don’t typically have external financing contingencies and appraisals aren’t needed. However, certain issues like mineral rights inclusion status, lien holder information and current tax standing can still delay closing.
A professional, experienced land company can minimize delays by facilitating these crucial steps. A team of experts can also help you avoid costly mistakes that often occur during land purchases by providing thorough due diligence and a transparent, upfront process. By avoiding common pitfalls, you can find a buyer that’s interested in your property and willing to pay top dollar for it. This can save you time, money and a lot of hassle. Contact a we buy land company today to get started. True North Land has purchased more than 500 properties for all-cash and can close in just a few weeks. Click here to learn more.
Selling to an Oklahoma Land Company: Evaluating the Pros and Cons” delves into the nuanced considerations of selling land to such entities in the Oklahoma region. The article outlines several advantages, including expedited transactions, potentially higher selling prices, and professional expertise in land valuation and sales. It highlights the convenience factor, as these companies often handle paperwork and legalities, easing the burden on sellers. Moreover, the piece explores the potential for selling land as-is, without the need for costly repairs or renovations.
However, it also weighs the cons. Sellers may sacrifice some profit margin due to the convenience and speed offered by these companies. There’s a risk of undervaluation, as these entities aim for profitability in their transactions. The article advises sellers to conduct thorough research on the company’s reputation, track record, and terms of sale. It emphasizes the importance of understanding all aspects of the deal and seeking legal counsel if necessary.
Overall, the article provides a balanced perspective on selling land to Oklahoma Land Companies, empowering readers to make informed decisions based on their specific circumstances and priorities.