If you’re in the market to buy land in New York, it might be tempting to pursue all-cash deals. After all, buyers with cash tend to have an advantage in a tight housing market, particularly when mortgage rates are high and financing is expensive. In fact, all-cash purchases accounted for 65.4 percent of Manhattan co-op and condo closings in the second quarter of this year—the highest percentage on record. But it’s important to do your homework before committing to a purchase, and understand the pros and cons of paying cash for land.

Why Do People Sell Land for Cash?

The decision to sell land for cash is often driven by financial needs or a changing life situation. Individuals may find themselves in need of immediate funding to cover unexpected expenses, pay off debt, or fund a new business venture. In these cases, selling land for cash can provide a fast and easy way to liquidate assets.

Other motivations for selling land Cash for Land in New York include changes in zoning regulations, environmental concerns, or market opportunities. Land that is located near amenities or major transportation routes typically commands higher prices than remote parcels. Land that has access to utilities and is zoned for commercial or multi-family development also tends to sell for more. Additionally, individuals with a passion for sustainability or environmental conservation may choose to sell their land to organizations that share these values.

There are a few benefits of selling your property to a buyer who pays cash. In addition to speeding up the sales process, you can expect fewer upfront costs and fees compared to traditional real estate transactions. Cash buyers typically cover some or all closing costs and won’t require you to pay Realtor commissions.

Lastly, selling to a buyer who pays cash can also save you money on interest and origination fees. In some cases, these costs can add up to thousands of dollars. When you sell to a cash buyer, you can bypass these expenses and keep more of your sale proceeds for future investments or improvements to your property.

What Types of Land Does a Company That Buys Land for Cash Consider?

Companies that specialize in buying land for cash are willing to consider various types of property, including residential lots and rural acreage. They typically have a team of experts who can assess the quality and potential of each piece of land before making an offer. This allows them to provide sellers with a range of selling options that best suit their priorities and timeframes. In addition, online land marketplaces can connect sellers with prospective buyers and facilitate the process of selling their property for cash.