What do I need to do in order to purchase the property?
First, be sure you have done all your research and due diligence on the property and have the funds to purchase it. If you are ready, you can place a nonrefundable deposit on the property by adding the property to your cart and checking it out. Read on below to “How does the transaction work after I place the deposit?” to see how the entire process works.
Why is the deposit nonrefundable?
This wasn’t an easy choice to make the deposits nonrefundable. We have had one too many unserious buyers put deposits down, string us along that they were going to close and never end up completing the purchase. We have lost out providing serious buyers with a good deal because the property was gummed up and in limbo. Before you put the deposit down, make sure you have the funds available and you have completed any and all due diligence. Call Christian anytime at 216-249-7273 if you have questions. He is always happy to help make sure the property you’re interested in is a good fit for you before you move forward with the purchase.
Can I pay the full price with a credit card?
No. We only accept the deposit being paid with a credit card. On credit card transactions, PayPal charges us 2.99%. As an example, a $5,000 purchase paid with a credit card would cost us just under $150 in fees. This is quite a lot to lose in fees while we are trying to keep prices low. Additionally, there have been cases in which other land selling companies have accepted a credit card payment, conveyed the property to the buyer and then the buyer has attempted a chargeback. While this is rare, unfortunately there are scammers who attempt to steal property in this way.
How does the transaction work after I place a deposit?
There are two options to close the transaction: through a title company or through JM Land Sales. If you choose to close with a title company, this expense is to be borne by you the buyer. All together the fees will range from $700 to $1,500. A title company quote can be requested to determine the actual closing and title cost for a specific property. Closing through a title company can take anywhere from 3-4 weeks. Closing with JM Land Sales takes anywhere from 3-7 days. There is no price for closing through JM Land Sales. The price of the property includes everything needed to transfer the property into your name. PLEASE NOTE: If you would like title insurance on a property then the transaction must be closed through a title company. JM Land Sales does not offer title insurance. See below for more information on closing through a title company vs through JM Land Sales.
The process of closing the transaction through a title company: Once you place the nonrefundable deposit, we are instantly notified and the property is marked “out of stock” automatically. No one else can place a deposit as the property is reserved for you. Within 24 hours, we will send a purchase agreement to the provided email for your signature. Once signed, we will forward the purchase agreement to the chosen title company and they will take it from there. We then await instruction from the title company as they prepare to close the transaction for us.
The process of having JM Land Sales close the transaction: Once you place the nonrefundable deposit, we are instantly notified and the property is marked “out of stock” automatically. No one else can place a deposit as the property is reserved for you. Within 24 hours, we will send a purchase agreement and deed instructions form to the email you provided for your signature. The deed instructions form gathers information on how you wish to take title to the property. Once the purchase agreement and deed instructions form are signed and returned, we will need to collect the remaining balance owed. Acceptable forms of payment for the remaining balance are a wire or cashiers check. We are not owner financing properties at this time. All transactions are expected to be paid in full. PLEASE NOTE: We no longer charge a “document fee.” Instead, the price of the property includes everything necessary to transfer the property into your name. This includes creation of the deed and related documents and recording fees. Once payment has cleared with our bank, within one business day we will have the new deed and related documents transferring the property to you signed, notarized and mailed to the county clerk’s office for recording. Before mailing to the county, we will scan and email you a copy of the deed. At this point, the property is officially yours. Once recorded with the county, you will receive the original deed back in the mail.
Why are your properties so inexpensive?
Our company reviews dozens of properties for every one we buy. We are capable of doing this because of the unique forms of marketing we use to source high quality property at deeply discounted prices.
Can I visit the property before I purchase it?
Absolutely! Please CONTACT us if you plan to visit a property.
Is it safe to buy property on the internet?
Yes, as long as you trust who/where you are buying it from. JMlandsales.com puts customer satisfaction above everything else. We are a safe and secure full time real estate company. You can look up our company with the Ohio Secretary of State to see we are in good standing.
When can I start using the property after I buy it?
As soon as our company signs the deed to you and you receive the new deed or the county records the deed in your name.
How do I know the property information is correct?
Buyer beware – We strongly encourage all potential buyers to verify property details and do their own due diligence prior to purchasing. This information can easily be obtained from county offices such as the treasurer, clerk & recorder, building department/ code enforcer, assessor, etc. All the information we have on each property is in our listings. Please take the time to verify before purchasing.
I don’t see my question answered here?
We would love to hear from you and answer your questions. Find our contact information on the CONTACT page.