If you own a lot in Sussex or Kent County and you’re thinking about selling, you have three main options. You can list it with a real estate agent. You can sell to one of the “we buy land” companies that send letters and postcards. Or you can sell directly to a builder.
We’re a builder, and we buy land. So we’re not neutral. But each option fits some sellers better than others, and we’ll tell you where each one works and where it doesn’t.
Here’s how they compare.
Option 1: List it with a real estate agent
Listing puts your land in front of the most buyers. The agent prices it, puts it on the MLS, markets it and handles the paperwork.
Where it works:
- Your lot is clean, buildable and in a spot people want. More buyers can mean a higher price.
- You’re not in a hurry.
- You want to test the market before you decide.
If all three are true, listing may get you the highest number. We’d rather you hear that from us.
The trade-offs:
- Commission. You pay the agent a percentage of the sale price at closing.
- Time. Land often takes longer to sell than a house. Many land buyers need a land loan, and those are harder to get than a regular mortgage.
- Deals can fall through. Buyers usually ask for time to line up financing, a survey or a perc test. If something doesn’t check out, they can walk away.
- Prep. You may need to clear brush, haul out junk or remove an old trailer before the lot shows well.
- Closing costs. You pay the seller’s share, which usually includes half of the Delaware realty transfer tax.
Option 2: Sell to a “we buy land” company
If you own land, you’ve probably gotten their letters. Many are investors based out of state. Some make an offer without ever seeing the property.
Where it works:
- You want it done fast, with no showings and no cleanup.
- The lot would be hard to sell on the open market.
- You check the company out and they do what they say.
The trade-offs:
- Lower offers. Most plan to resell the land, so their offer has to leave room for their profit.
- They may not be the real buyer. Some sign a contract with you, then sell that contract to someone else. This is called assigning. If they can’t find a buyer, they may back out.
- Fine print. Watch for long inspection periods, easy ways for them to cancel, and who pays closing costs.
- Harder to check out. A company with an out-of-state address is harder to look into than someone local you can meet at the lot.
Option 3: Sell to a local builder
A builder buys land to build on it. That’s us. We’re Kyle and Tyler Nicholls, two brothers who build new homes in Sussex and Kent County. We started Telos after watching friends get priced out of owning a home.
How it works with us:
- We pay cash. No waiting on a buyer’s loan approval.
- We can usually close in about two weeks. The main thing that sets the timeline is the title search by the closing attorney.
- We pay all the closing costs. That includes your half of the Delaware transfer tax, usually 2% of the sale price.
- No commission. When you sell to us directly, there’s no agent fee.
- We buy as-is. Old mobile home, junk, overgrown brush: leave it. We handle the cleanup and removal.
- We’re the buyer who closes. We don’t sell your contract to anyone else. We buy the land and we build on it.
Where it works:
- In-town infill lots, lots with an old mobile home, inherited land and acreage.
- You want a simple sale with one local buyer you can meet.
- You’d like to see the land become a home someone local can afford.
The trade-offs:
- We have to be able to build on it. We look at the lot’s size, access, wetlands, and sewer or septic before we make an offer. If we can’t build there, we’ll tell you quickly. Here’s what we look at.
- Our offer is based on what we can build and sell there. For a prime lot with time on your side, listing may bring more.
- Sometimes a short inspection period. If we need to check something like septic or wetlands after we sign, it’s usually less than a week. Often we do that research before we make a written offer instead.
Inherited the land and the estate isn’t settled yet? Call us anyway. We can talk through where things stand. Our guide to selling an inherited lot in Sussex or Kent County walks through the estate steps.
Side by side
| List with an agent | “We buy land” company | Local builder (Telos) | |
|---|---|---|---|
| Price | Often highest for a buildable lot in demand | Often lower; they need room to resell | Based on what can be built there |
| Time to close | Often months | Can be fast | About 2 weeks, set by the title search |
| Commission | Yes | No | No |
| Closing costs | You pay the seller’s share | Varies; read the contract | We pay them, including your transfer tax |
| Lot condition | Usually needs cleanup to show well | Usually as-is | As-is; we handle cleanup |
| Can it fall through? | Yes, over financing or inspections | Yes, if they can’t resell the contract or they cancel | Cash, so no buyer loan to fall through. Any inspection period is usually under a week. |
| Who you deal with | An agent, and a buyer you may never meet | Often a company out of state | Two local brothers |
Questions to ask any land buyer (including us)
- Are you the buyer who will close, or could you assign the contract to someone else?
- Who pays the closing costs, including the transfer tax?
- How long until closing, and what could delay it?
- Is there an inspection period? Can you cancel during it?
- Do I need to clean up the lot or remove anything first?
- Where are you based? Can we meet at the property?
- What have you built or bought near here?
Get the answers in writing before you sign anything.
Our answers
| Question | Our answer |
|---|---|
| Are you the buyer who will close? | Yes. We don’t sell your contract to someone else. |
| Who pays the closing costs? | We do, including your half of the transfer tax. |
| How long until closing? | Usually about two weeks. The closing attorney’s title search sets the pace. |
| Is there an inspection period? | Sometimes, usually less than a week, to check things like septic or wetlands. We can back out during it if the lot doesn’t work. Often we do that research before we make a written offer instead. |
| Do I need to clean up the lot first? | No. We buy as-is and handle the cleanup. |
| Where are you based? Can we meet at the property? | We’re based in Milford. Yes, we’ll meet you at the lot. |
| What have you built or bought near here? | Ask us. We’ll tell you where we’ve built and bought nearby. |
Which one is right for you?
- Prime, buildable lot and no rush: listing may get you the most.
- Need it gone fast and don’t mind a lower number: a “we buy land” company can work. Check them out first.
- Want a quick cash sale, as-is, to a local buyer: that’s us.
Not sure? Call anyway. We’ll look at the lot and tell you if we’re a fit. No pressure either way.
Call or text Kyle at 302-760-3900.
More on how we buy land: Sell Your Land
Tyler Nicholls, a co-owner of Telos Properties LLC, is a Delaware real estate licensee.