|
How do I determine what my lot is worth?
What's the difference between "Active", "Pending" and "Sold" prices?
How current is the "Value My Lot" pricing information on your website?
How do I find my Unit, Block and Lot number for my lot?
How do I determine the best price for my lot?
How long will it take to sell my lot?
How much commission will SearchLots charge me?
How long is the Listing Contract in effect?
Can I change the price on my lot after listing it?
How will SearchLots market my lot?
What are the fees and costs involved in selling my lot?
Who pays the taxes when I sell my lot?
What is a 1031 Exchange?
What's involved in the closing process?
What is "Season", and how will it affect the sale of my lot?
A: To determine what your Cape Coral, Lehigh Acres or Fort Myers lot is worth at today's market value, begin by defining the range of value for your lot by comparing the Active and Pending prices of lots comparable to yours in size, frontage and water access. The highest comparable lot Pending price and the highest comparable lot Active price should reveal the upper-end range of the value for your lot. Click Here for the secret to lot values.
A: Sold Prices reveals the actual price the lot owner received from the completed sale of their lot. Since lot values are growing so rapidly in the Lee County, Florida Market, we only report sales prices in the last 3 months.
Active (or current listing) Prices show the asking prices for lots on the market.what the lot owners hope to achieve. These are values that traditional real estate agents work with. and they may not be accurate.more wishful thinking, or worse yet, lower than what some one today might be actually willing to pay.
Pending Prices reflect the negotiated price between buyer and seller on a property under contract. In essence, this is the most accurate market value of a lot considering all market forces in play during a given week. Pending prices are the real indication of "real-time" market action.
A: The "Active", "Pending" and "Sold" pricing information found in our exclusive "Value Your Lot" mapping system is updated daily, directly from the MLS system.
A: Try checking your:
A: Click here to read about the Secret to Determining the Accurate Value/Price of Your Lot
A: That depends on your answer to one critical question:
How soon do you need or want the money from the sale of your lot?
Based on your answer to this question, we recommend a 1, 3 or 6 month pricing strategy
One Month Pricing Strategy
If you want to sell your lot in one month, establish your lot price at today's market value, slightly less if it's a Buyers Market or slightly more if Sellers Market
Three Month Pricing Strategy
If you want to sell your lot within 3 months, establish
your lot price at today's market value of your lot + 3 times the average
monthly growth rate, slightly less if it's a Buyers Market or slightly
more if it's a Sellers Market. Please feel free to call us for counsel
on the estimated monthly growth rate.
Six Month Pricing Strategy
If you want to sell your lot within 6 months, establish
your lot price at today's market value of your lot + 6 times the average
monthly growth rate, slightly less if it's a Buyers Market or slightly
more if Sellers Market. Please feel free to call us for counsel on
the estimated monthly growth rate.
A: Our fee for managing the sale of your lot is a competitive market commission rate of 6%.
A: The standard SearchLot's Lot Listing
Contract is in effect for 6 months. However, if you are not satisfied
with our service or results, you can cancel the contract at any time.
A: Of course, you can change the price
on your lot after listing it. In fact, given the dynamic nature of the
Lee County Real Estate Market, we encourage you to continuously monitor
the changing market conditions and the impact it has on your lot valuation
and price via our exclusive Value
My Lot system on www.SearchLots.com.
A: In addition to including your property in the Lee County and Cape Coral, Florida MLS system, your listing gets the added benefit of exposure on our website and our aggressive advertising campaigns including radio advertising and print advertising, ensuring your listing will be seen by a wide network of Real Estate Agents, investors and buyers.
Most importantly, selling your lot will be the top priority of the Searchlot's Sales Team!
A: The approximate fee's and transaction costs related with selling your lot are:
- Listing Handling Fee: $250
- Commission: 4 - 6% of sale price
- Title Insurance: $500 - $550 per $ 100,000 increment
in the price of your lot
- Settlement fee : $100-150
- Postage and Handling Fee's: $50 - $85
- Doc Stamps (Deed): ($0.7/$100)
- Pro-Rated Taxes: See Who pays the taxes when I sell my lot?
A: There are two different tax implications when you sell your lot. First, there are Lee County Property Taxes, which are assessed annually by the Lee County Appraisers office, on a December 1st - November 20th fiscal year time frame.
Depending upon when the lot is sold, upon closing, the seller is responsible for the taxes for the time he/she owned the lot since the start of the December 1st fiscal year. This is amount is credited to the buyer during the closing process, and the Buyer has responsibility to physically pay the total tax bill at the end of the year.
The second tax implication is Capital Gains tax. If you own your lot for at least 366 days (12 months + 1 day) before selling it, your Capital Gaines tax liability will be limited to the 15% long-term Capital Gains tax rate. If you sell your lot before that, you run the risk of being taxed on the increased value of the lot at your personal income tax rate.
Please refer to IRS Publication 544 for further information.
A: IRS Code 1031 allows you to defer paying both Federal and State capital gains taxes when you sell a lot and buy another (or others!) of "like kind". Many rules apply under a 1031 Exchange, but here are the basics:
- The lot(s) that you buy must be of equal or greater value than the lot you sell
- You must declare your intention to establish a 1031 Exchange during the closing process of selling your lot.
- From the date of closing on the sale of your lot, you have 45 days to identify the new lot(s) to be "exchanged" and 180 days to complete the purchase of the new lot(s).
Please refer to IRS Publication 544 for further information. We can help with both sides of the transaction.both selling your lot, and helping you to find the best lots to buy!
A: After a contract has been executed
(signed by both parties) it will be handled by the title company and our
in-house closing department which will follow up on escrow monies, financing
(loan approval), the title work as well as checking the settlement statement
for errors before a package is sent to you as our client. We will be there
to answer all your questions throughout the whole process.
A: "Season" is the January - mid-April
time frame in which tourists and winter-only residents descend on Lee
County cities such as Cape Coral, Fort Myers and Lehigh Acres to take advantage of our wonderful climate and beautiful
beaches.
In fact, the population of Lee County increases by almost 30% during that time frame.
Although historically the number of real estate transactions have increased during these months, as the visitors (or "Snowbirds", as the locals call them), fall in love with the area and decide to buy. But, we have been noticing in the past few years, that the real estate investment market has been staying relatively "hot" year-round.
| 
