Your Questions Answered
At Ashlar, I firmly b that an educated home buyer or seller is best equipped to make their own decisions. That’s why I take time out of my day each and every day to answer someone’s real estate question. And, when I think the answer can be useful to you as well, I share it here. So without further ado:
The letters you receive are usually offering about 20% – 50% of the land’s actual value.
Comps with a built home are not really useful for land, as you are trying to value the land whereas with a home typically speaking most of the value is going to be in the structure.
Vacant land is also one of the hardest things to sell. It’s not instantly convertible to cash and usually takes a few months to sell on the open unless you are just absolutely giving it away. The main problem is that someone usually needs cash to buy it outright (vacant land financing is difficult to find) or you would need to be willing to hold a note for the buyer for a few years. Even then it still takes a while.
I’ve sold vacant land, including the waterfront, and the only thing that may be more difficult to sell is a mobile home in condo ownership.
That said, you will net way, way more than the letters by listing it with a professional. You can also try selling it on your own of course, but as I said it takes a long, long time sifting through a bunch of tire kickers to find the one person that actually wants to buy it.