Wyoming Land for Sale by Owner
Let’s review two hypothetical transactions regarding the sale of a tract of land in the State of Wyoming. The first case involves a person buying Wyoming land for sale by owner, and the second case involves a person buying land through a real estate broker. In both cases, the buyers discovered the properties for sale through classified ads in the local newspaper.
In the first case, the buyer telephones the owner and arranges a time and date to view the land. The buyer and the seller discuss the property and between themselves negotiate a price and terms. The seller orders a preliminary title report for buyer’s review, and the buyer telephones the county clerk to verify that the seller owns the property. Shortly thereafter the seller prepares a contract for deed, and both seller and buyer sign, and finally, the buyer gives the seller a check for the down payment. Depending on how long it takes the title company to prepare the title report, the whole process can be completed in about a week’s time at very little expense. So within a week or 10 days, the sale could be completed, with the buyer taking possession of the land.
In the second case, the buyer telephones the real estate broker and arranges to see the property. Next, an official offer is prepared, and the broker presents the offer to the seller. It could take weeks of offers and counteroffers bouncing back and forth through the broker before a price and terms are finally agreed upon. Then an expensive escrow account is opened, and the buyer begins the frustrating process of applying for a loan to acquire the land. Credit reports are issued, and the buyer will have to turn over income tax filings for several years, as well as a multitude of additional financial records and private information. Finally, if everything goes exceedingly smoothly, the transaction might close within a couple of months, with escrow and title expenses and lending fees easily running several thousand dollars. To add insult to injury, the buyer will be personally responsible for the loan, as opposed to the first case, where it can be agreed that the buyer has no personal liability when the seller carries the loan himself.
Therefore, buying Wyoming land for sale from owner is far and away the preferred method of acquiring land. It is simply a matter of seeking out such sellers, as they are pretty plentiful throughout the state.