FAQ
We've put together some frequently asked questions to provide you more information about Landacy and the services we offer.
Who are you?
We're a direct land buyer that focuses on delivering solutions to sellers in difficult situations while improving communities. Through our team’s extensive knowledge of the real estate business and our network of resources, we’re able to assist landowners with a wide variety of solutions to any real estate problem. Our mission is to empower property owners and provide the optimum property selling experience: convenience, oversight, and value. We take out the stress, uncertainty, and inconvenience from the traditional real estate selling process. We make you a competitive purchase offer to make sure you get all the value you can from your land. We’re problem-solvers and straight-shooters with the ability to quickly buy your land for a competitive price.
My land has a lot of issues. Will you still buy it?
In most cases, yes, we’ll still buy it. Most of the property we purchase have various problems (junk, title issues, etc.).
Where are you currently buying land?
We're currently buying land across the country. Our decades of experience make it possible for us to buy quality properties, offer competitive prices, and deliver landowners a hassle-free property selling experience.
What types of land do you buy?
Depending on the property, price, and location, we'll consider all types of land.
How fast can you buy my land?
It’s completely your choice. You get to pick the day (anytime between 7 and 180 days). We’re ready to move as fast as you need or give you as much time as you desire.
How long do I have to move out after closing?
If you've been living on your land, with our flexible closing option, you can move out up to 5 days after closing. To qualify, you must complete a Post-Possession Addendum. This is a free service, but please note that we will hold back $5,000 as a deposit that you will receive once you vacate your property on the 5th day assuming no further damages have been incurred to it.
I already have a listing broker. May I still use your service?
Although you do not need a real estate professional to sell your land to us, if you have an existing listing agreement with a real estate broker, we’re required to communicate our offer directly to your broker. Also, the real estate commission will be deducted by the title company (or attorney) from your net proceeds at closing. You should read the terms of your listing agreement to confirm those amounts.
I'm behind on my loan payments. Will you still buy my land?
Absolutely! We must work quickly though! Many lenders would prefer to receive payment on their loan instead of taking the land. We often work with lenders to delay any further legal action until we can complete the property purchase and you have the money to pay off the mortgage. We’ll do our best to work with you and your lender to purchase your land.
How do you keep my information 100% confidential and secure?
For all document signings, we use an approved third-party web-based software application that is UETA/ESIGN compliant. All escrow payments and paperwork are handled by a trusted title company or law firm (depending on your state), securing all financial management and payments. The security of your information throughout the entire sales process is part of our guarantee of a better hassle-free experience with us.
How do you determine my land’s purchase price?
We’ve purchased hundreds of properties over the past 10 years, providing us with a unique insight into the needs of landowners. We calculate your property's market value by analyzing all possible data sources (i.e. neighborhood comps, recent sale prices, and local market condition), and evaluate the property specifics provided in your offer request. From that, we provide you with a competitive cash offer within hours.
Who pays for the title, escrow and closing costs in a transaction with you?
We pay the closing and processing fees during the real estate transaction with you.
How will I receive my purchase offer?
After you submit your request, we’ll email you a competitive purchase offer after speaking with you over the phone to learn more about your land and current situation.
How long is my offer valid?
Our offers are usually good for thirty days, but in most cases, landowners discover that our offers are so competitive that they accept them immediately. If you’re curious what the expiration date is of your offer, just look for the expiration date at the bottom of your offer. Keep in mind, you can always request a new offer by calling or emailing us. Then, we’ll send you an updated offer as quickly as possible. Please keep in mind that the depending on the real estate market, your offer may be lower than the first one you received.
What happens after I accept my offer?
After you accept your offer, each landowner will receive an email with the purchase contract attached and an email from us with a brief overview of our process and next steps.
When do I select what day I want to close?
When you view your offer, you can choose your closing date within 7 – 180 days. This date will then be indicated in the final purchase and sales contract you’ll receive via email the same day. If something changes and you need to make a slight change to your close date, let us know and we’ll do our best to make the adjustment.
Is the transaction final after I accept my offer or is there something else I need to do?
To finalize your offer, you must sign the purchase contract. This contract will be emailed or faxed to each individual landowner.
What happens after I sign the purchase contract?
Once the contract is digitally signed, we’ll open escrow at a title company or attorney’s office and deposit the earnest money, usually within a few days. Then, we’ll contact you to schedule your property inspection.
When does my property go into escrow?
Your land will go into escrow as soon as the purchase contract has been signed between you and us.
How do I find out about the inspection results?
We’ll send you an email within seven days summarizing any required repair credits because of issues that were not previously disclosed to us.
What happens if the third-party property inspector finds an issue?
If the property inspector discovers any undisclosed issues, we’ll discuss them with you. After the inspection, we might request a credit to address the difference. You’ll receive an addendum to the contract, explaining any necessary repairs or credits before closing. If repair credits are needed, you can choose to accept the addendum or cancel the transaction altogether.
What are my options if repair credits are required after the inspection?
You have two options if the property inspector determines repairs are required to your land that were not previously disclosed by you:
1. The easiest option is to let us do the repairs by agreeing to credit the repair expenses to us at closing. In most cases, due to our volume and in-house resources, we’re able to keep required repair credits to a low and reasonable price point. We simply ask for exactly what is needed to get the home ready for acquisition. To move forward with this option, you would sign an addendum to the contract that defines the required repairs and costs. This solution means no money out of pocket or work was done by you.
2. If you don’t agree to the required repairs, you can choose to not move forward with the purchase and sales contract, at no cost or no obligation. Keep in mind, these repairs will most likely have to be addressed regardless of if you sell to us or try to sell traditionally. A traditional buyer will typically want these same issues fixed (or credited) before they agree to purchase your land.
When is the final walkthrough of my land?
We’ll contact you several days before your closing date to schedule the final walkthrough of your property by a licensed state-licensed third-party property inspector. The walkthrough typically happens one to three days before closing. The purpose of the secondary inspection is to verify the land is still in the same condition and to check on agreed repairs if you decided to handle them independently.
When do we sign closing documents?
A few days before your agreed-upon closing date, an escrow agent from the title company or a representative from an attorney’s office will contact you to finalize the day and time you’ll sign the final closing documents. You’ll receive your final purchase payout check at this time.
When do I get my loan payoff?
After we open escrow, the title company or attorney’s office will contact you to assist with the mortgage payoff for your land.
May I negotiate on your offer?
By removing the hassle of negotiating, it has helped us simplify the process of selling your land. Instead of focusing on negotiation, we target accuracy and use hundreds of data points, local market expertise, and your home’s unique features to give you an offer at market value. If you’ve received an offer and feel there’s additional information about your land, you’d like us to consider, please let us know. We’d be happy to learn more about your property so we can make you the most competitive offer.
How does your property trade-in program work?
Our trade-in program allows you to buy a new property and sell your current property in one simple and seamless transaction. After you’ve found the property, you want to purchase, secure the sale of your current land with our offer, pick your preferred move-in date, and close on the day of your choice. We’ll handle the rest.
What are the benefits of utilizing your trade-in program?
We align the closing dates of your land sale and new property purchase so you can move straight from your old property to your new one, saving months of hassle and thousands of dollars. Eliminate the hassle of repairs, moving more than once, carrying two mortgages, and/or having to make contingent offers ever again.
I’ve heard you’re trying to do away with real estate brokers. Is that true?
We work with real estate brokers every day. We want to join the party, not break it up. In fact, we paid thousands of dollars in commissions last year, and the real estate brokers who work with us love the Landacy experience. We provide a simple transaction experience that brings certainty to the process that real estate brokers and their clients love.
I have a listing and I'd like to get an offer from you. What's the process?
If you’re representing a landowner, you can visit our website and request an offer on behalf of your client. We respect any listing agreement you have with your client, and we’ll work with you directly.
What happens if my client asks you for an offer directly?
If your seller asks for an offer and it is listed in an MLS (multiple listing service), we’ll send the offer to you. We respect any listing agreement you have with your client, and we’ll work with you directly.
Do you conduct the property inspections yourself?
In most cases, we work with property inspectors to inspect every property we’re interested in purchasing.
What are the benefits of selling my property to you?
- We pay you cash and take care of all the paperwork.
- We pay all the closing costs.
- We don’t charge any commissions or fees.
- We cover any outstanding property taxes and pay off any liens on the property.
- We make the selling process simple, fast, and hassle-free for you.
- We’ll close on the date of your choice.
- We don’t expect you to make any repairs or improvements.
What will you do with my property if I sell it to you?
We usually deploy one of three strategies based on the property and location:
1. Sell it to other investors who want to purchase it for their own portfolio.
2. Hold for investment purposes.
3. List it for sale in a traditional sense once we have made improvements to it.
Are you a scam?
We're a legitimate land development and investment company that purchases many properties per year. Although our approach to finding land to buy may be a bit unconventional, we're a professional company run by hard working and honest people. We buy all of our properties with our own funds and do not assign contracts to any other investors. We close all of our purchases through title companies and attorneys to protect both parties. Simply put, our goal is to be a fast and easy solution to buy your property.
I have never been to the property. Will you still buy it if I don’t know anything about it?
Certainly, we're prepared to purchase your land even if you haven't visited or possess minimal knowledge about it. This scenario is quite common for us. We conduct thorough research on all land we acquire, so there's no necessity for you to furnish any specific details. Rest assured; we handle everything from start to finish.
How do I qualify for the $1,000 referral fee?
In the majority of cases, we offer a $1,000 referral fee upon closing if you refer a property to us that we ultimately purchase. To qualify for this referral fee, the land must meet the following criteria:
1. Not publicly listed for sale: The land should not be actively listed on the market.
2. You are not the owner: You should not have ownership of the land.
3. No Realtor representing the seller: The seller should not be working with a Realtor.4. No prior contact with us: The seller has not previously reached out to us.
5. You are the first to refer the property: You are the initial person to bring this land to our attention.
We appreciate your referrals and look forward to rewarding you for your assistance!
I owe more than my property is worth. Are you able to help me?
Yes. Unfortunately, this is common, and we can work with you and your bank through a process called a "short sale" to buy your land.
