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Author name: Alex Reese

Buying Land, Real Estate Market Fundamentals, State Land Guides

Your Step-by-Step Guide to Buying Land in Pender County, NC

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Your Step-by-Step Guide to Buying Land in Pender County Table of Contents Introduction Understanding the Pender County Land Market​ Determine Your Needs and Budget Find and Evaluate Land for Sale Secure Financing Make an Offer and Negotiate Close the Deal Next Steps Dreaming of owning land in beautiful Pender County, North Carolina? Whether you envision building your dream home, creating a peaceful retreat, or investing in a promising future, this step-by-step guide will walk you through the process of buying land in this sought-after coastal county. Why Pender County? Pender County, North Carolina: where the rhythm of the waves meets the rustle of longleaf pines. Imagine 26 miles of pristine coastline, with sun-drenched beaches beckoning you to unwind. Over 1.5 million visitors escape to Pender County each year, seeking the perfect blend of coastal charm and Southern hospitality. With three vibrant coastal towns – Topsail Beach, Surf City, and Hampstead – you’ll find a unique blend of laid-back charm and exciting possibilities. And speaking of possibilities, Pender County’s prime location, just a short 30-minute drive (approximately 25 miles) from the bustling city of Wilmington, opens up a world of opportunity. Wilmington, a major economic hub in southeastern North Carolina, boasts a diverse job market with over 78,000 jobs and key employers in healthcare (New Hanover Regional Medical Center), education (University of North Carolina Wilmington), and manufacturing (GE Hitachi Nuclear Energy). Many homeowners who work in Wilmington choose to live in Pender County, drawn to its lower cost of living (on average, 10% lower than Wilmington, according to Sperling’s Best Places), spacious properties, and relaxed coastal lifestyle. It’s the best of both worlds – the career opportunities of a thriving city combined with the peace and tranquility of a coastal community. But there’s more to Pender County than just stunning shores. Venture inland, and you’ll discover a hidden gem where over 65,000 residents call home. Historic towns like Burgaw whisper tales of the past, while sprawling farmland paints a picture of rural tranquility. Did you know Pender County is a blueberry haven, producing over 10 million pounds of this superfood each year? Picture yourself with a bucket in hand, plucking juicy berries straight from the bush at a local farm like Shaken Creek Farms, which welcomes visitors to experience the joy of blueberry picking. And for those seeking a more active lifestyle, Pender County offers a variety of outdoor adventures. Explore the scenic trails of Holly Shelter Game Land, perfect for hiking and wildlife viewing.  Cast a line in the Northeast Cape Fear River, known for its excellent fishing.  Or paddle through the serene waters of Topsail Sound, enjoying the beauty of the coastal ecosystem. Whether you crave the vibrant energy of Topsail Island, the surfer’s paradise of Surf City, or the peaceful seclusion of Hampstead’s beaches, Pender County offers a coastal escape for every taste. And if a slower pace calls to you, explore the heartland, where you can build your dream home amidst rolling hills and cultivate your own slice of North Carolina’s rich agricultural heritage. Speaking of heritage… Pender County, established in 1875, carries a legacy as rich as its landscapes. Named after the esteemed Civil War General, William Dorsey Pender, this region holds a unique place in North Carolina’s history. Carved from portions of New Hanover and Bladen Counties, Pender County emerged as a distinct entity, driven by the need for a more localized government to serve the growing population and unique needs of the area. Early settlers were drawn to the fertile lands and abundant natural resources, establishing a strong agricultural foundation that continues to shape the county’s identity today. Its rich history is rooted in agriculture, with farming and forestry playing a significant role in the local economy. The Pender County “Tale of Two Markets” Pender County’s real estate market can be viewed as two distinct markets, each with its own unique characteristics and appeal: Coastal Market – Driven by tourism and vacation homes, the coastal market is characterized by higher prices and strong demand for waterfront properties. If you’re seeking a prime location near the beach, be prepared for a competitive market and potentially higher prices. Inland Market – The inland market offers more affordable options for those seeking larger acreage, rural living, or agricultural opportunities. If you dream of owning a spacious property with room to roam, cultivate a farm, or build a custom home, the inland areas of Pender County offer a wealth of possibilities. Understanding the Pender County Land Market Before you start your land search, it’s essential to get a feel for the Pender County land market. Remember that the county offers two distinct markets: the coastal market, driven by tourism and vacation homes, and the inland market, which offers more affordable options for those seeking larger acreage or a rural lifestyle. Here are key factors to consider in both markets: Market Trends – The Pender County land market is experiencing high demand, particularly for larger parcels and waterfront properties. This is creating a competitive market where desirable properties sell quickly. Land values have been steadily increasing. The median listing home price in Pender County was $561.4K in November 2024, trending up 14.8% year-over-year (Source: Realtor.com). This strong housing market often translates to increased demand for land as well. To give you a better idea of what to expect when buying land to build a home: Inland – If you’re looking to build your dream home in a more peaceful setting, the inland market offers attractive options. In the last 12 months, the median sold price for a 1-acre lot in the inland market was around $33,000. This provides a good starting point for budgeting your land purchase. Coastal – If you dream of building your home by the beach, be prepared for a more competitive market. The median sold price for a 1-acre infill lot by the beach in the last 12 months was around $614,500. This significant price difference highlights the premium placed on coastal living in Pender County. To give

Buying Land, Real Estate Market Fundamentals

How To Buy Land With As Little As $0 Down With Owner Finance

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How To Buy Land With As Little As $0 Down With Owner Finance Table of Contents Introduction What is Owner Financing? The Seller is the Bank Why Would a Seller Agree to Owner Financing? How It Works How to Buy Land with $0 Down Using Owner Financing: Your Step-by-Step Guide Pros and Cons of Owner Financing Key Takeaways Conclusion What if you could purchase land today, pay little or no money down, and make affordable monthly payments each month to the seller instead of getting an expensive loan from the bank? Traditional bank lenders demand  20–50% down payments (for raw/unimproved land loans) because they see land as risky and don’t like to issue loans to land buyers. The solution? Owner financing—a powerful, flexible way to acquire land without relying on banks or credit approvals. With this strategy, the seller acts as the lender, allowing you to secure a property with little to no money down. You might be thinking, “Why on earth would a seller agree to this?” As it turns out owner finance offers a multitude of advantages to the seller, and when you’re able to educate them on these unique benefits you can unlock a world of opportunity in the process. What is Owner Financing? The Seller is The Bank At its core, owner financing, also known as “seller financing” is a direct lending agreement between the land seller and the buyer. Instead of securing a mortgage from a traditional financial institution, the seller acts as a bank. In the process of agreeing to defer some percentage of the purchase price to be repaid after closing, the seller essentially provides the “loan” needed to purchase their property. Why Would a Seller Agree to Owner Financing? Understanding the seller’s motivations is crucial to successfully negotiating a win-win owner financing deal. Here’s why sellers often find this arrangement appealing: A. Higher Sale Price Sellers frequently command a premium for offering financing. While specific statistics on land premiums are variable, real estate industry practices suggest that seller financing can allow for a sale price 10% to 20% above what might be achieved with a traditional cash buyer. Example: A piece of land appraised at $50,000 might be listed and sold for $55,000 to $60,000 when the seller offers financing. This immediate increase boosts their profit margin. B. Faster Sale Process Owner financing bypasses bank delays such as appraisals, credit checks, and mortgage approvals, allowing properties to sell faster. According to data on real estate transaction timelines in the United States, the average time to close on a traditional home sale (which involves similar financial processes to land with mortgages) can range from 30 to 60 days, and financing issues are a common cause of delays. Owner financing can potentially shorten this period significantly by eliminating the need for external lender approvals. C. Predictable Monthly Income Instead of receiving a single lump sum payment, the seller receives a steady stream of income in the form of monthly payments, much like an annuity. This is ideal for retirees, investors, or landowners looking to replace lost wages with steady income. D. Interest Income The buyer doesn’t pay the full price upfront. Instead, they make payments to the seller over time. Sellers usually charge interest on the financed amount. The seller earns additional money above and beyond the purchase price in the form of interest income, which gets repaid over the life of the loan. Example: On a $60,000 sale with a 5-year owner financing term and an 8% interest rate, the seller could potentially earn over $15,000 in interest on top of the $60,000 sale price. E. More Potential Buyers in the Market By offering owner financing, sellers tap into a significantly larger segment of the market. Many individuals and businesses who are eager to acquire land may lack the immediate capital for a large down payment but possess the ability to make consistent monthly payments. Example: The seller wants to sell her $75,000 land. Buyer 1 and Buyer 2 are interested but lack the $37,500 down payment banks require. Seller offers owner financing with a $10,000 down payment and the remaining $65,000 deferred on a 15 year amortizing mortgage at 7% annual interest. At a 7% annual interest rate over 15 years, the estimated monthly payment would be around $584. Suddenly, both buyers, who can afford these monthly payments, are potential buyers. Seller now has a larger pool of interested parties than if she only accepted cash or buyers with traditional financing. In addition to the streamlined process, the borrower does not have to prove income and debt-to-income, which usually will not be possible with a bank. F. Same Security as a Bank Lender In owner financing, the land itself acts as collateral, just like a bank mortgage. If the buyer defaults, the seller can reclaim the property through foreclosure. Sellers also secure payments with: Legally binding contracts (land contracts/deeds of trust) that enforce repayment terms. Late fees and acceleration clauses (full balance due after missed payments). Lower default risk: Owner-financed loans see just 8–12% defaults (vs. 15–20% for subprime mortgages, per Federal Reserve). Sellers get bank-like security without the bank—keeping their asset protected while offloading taxes and maintenance costs. And for sellers who require additional assurances and don’t want to go through a lengthy foreclosure process, the buyer can agree to offer a loan provision called a ‘deed-in-lieu of foreclosure’, in which the buyer agrees to transfer ownership of the land back to the seller-lender in the event of a future default. Start Your Land Journey We are very pleased with the fair offer we received from Acrewell Land Company for our land. Alexander Reese and Marilag walked us through all aspect of the selling process, which made us feel more comfortable that we were making the right choice. I fully recommend this company to anyone who is considering selling their property to Acrewell. Carolyn Pellot I am absolutely delighted to write a glowing review for Acrewell’s recent land purchase from us.

State Land Guides

How To Sell Inherited Land in North Carolina

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Inheriting land in North Carolina can be a bittersweet experience. While it may hold sentimental value and represent a connection to loved ones, it can also bring a wave of unexpected responsibilities and decisions. If you’re wondering, “How do I sell my North Carolina land that I’ve inherited?” you’re not alone. This guide will walk you through the process, offering insights and resources to help you navigate this often complex journey. Understanding Your Inheritance Before you can sell inherited land in North Carolina, it’s crucial to understand your rights and responsibilities. If the deceased had a will, it should outline how their assets, including land, are to be distributed. However, if there’s no will (intestacy), North Carolina intestacy laws will determine how the property is divided among heirs. This process can become complicated, especially if multiple heirs are involved, ownership is unclear, or there are disputes among family members. It’s essential to work with an experienced estate attorney to confirm your ownership rights and ensure a smooth transfer of the property title. Steps to Sell Inherited Land in North Carolina Selling inherited land involves several key steps: 1. Confirm Ownership and Legal Rights: Obtain a copy of the will (if one exists) and the property deed. Consult with an estate attorney to verify ownership and address any potential legal issues. Ensure the title is clear and free of any liens or encumbrances. 2. Assess the Property: Conduct a thorough assessment of the land, including surveys, appraisals, and environmental inspections. Identify any potential problems that could affect the sale, such as boundary disputes, zoning restrictions, or environmental concerns. 3. Address Financial Obligations: Determine the property tax implications for inherited land in North Carolina. Settle any outstanding debts or liens associated with the property. 4. Prepare for Sale: If necessary, clear the land, perform basic maintenance, and consider any improvements that could enhance its marketability. Consult with a real estate agent to get advice on pricing and marketing strategies. 5. Explore Selling Options: Real Estate Agent: Working with a real estate agent offers advantages like market knowledge, professional marketing, and negotiation expertise. However, it also involves paying a commission. Selling by Owner (FSBO): Selling the land yourself can save you money on commissions, but it requires more time and effort. Land Buying Companies: Companies like Acrewell Land Company offer a fast and convenient way to sell inherited land. They provide all-cash offers, quick closings, and purchase properties as-is, eliminating the need for repairs or renovations. Navigating Probate in North Carolina Probate is a legal process that oversees the distribution of a deceased person’s assets, including land. In North Carolina, probate is typically required if the deceased had a will or if their estate exceeds a certain value. The probate process involves: Appointing an executor (if there’s a will) or an administrator (if there’s no will). Identifying and valuing assets. Paying debts and taxes. Distributing the remaining assets to heirs. Probate can be time-consuming, often taking several months or even years to complete. Working with an attorney can help you navigate the process efficiently and ensure compliance with North Carolina laws. Affidavits of Heirship In some cases, an affidavit of heirship can be used as an alternative to probate in North Carolina. This legal document is typically used for small estates or when there’s no will. It allows heirs to claim ownership of the property without going through the full probate process and is typically allowed when the decedent / property owner died more than two years in the past. As long as all the heirs are accounted for, affidavits of heirship can often be completed without significant legal cost or additional time commitment, but not all inheritance scenarios will qualify for affidavits of heirship. Heir Property: A Growing Concern Heir property refers to land that has been passed down through generations without a will or clear title, often resulting in fractional ownership among multiple heirs. This type of ownership can create significant challenges for those who inherit the land, making it difficult to sell, manage, or use the property effectively.    Prevalence in North Carolina Significant portion of land: A 2023 study by Wake Forest Law found that approximately 4% of all property in North Carolina is heir property. This translates to roughly 88,000 properties, encompassing over 537,000 acres.    Concentrated in underserved communities: Heir property is disproportionately prevalent in low-income and minority communities, particularly in rural areas. This can perpetuate cycles of poverty and limit economic opportunities for these communities.    Dollar Value Billions of dollars in value: Estimates from the Conservation Trust for North Carolina and Wake Forest Law place the total value of heir property in North Carolina between $1.86 billion and $2 billion. This represents a significant amount of wealth tied up in land that is often difficult to access or utilize due to unclear ownership.    Lost economic potential: The inability to effectively manage or sell heir property can hinder economic development and limit wealth-building opportunities for individuals and communities.   The prevalence and challenges associated with heir property underscore the critical importance of managing estate matters proactively. Tax Implications of Selling Inherited Land When you sell inherited land in North Carolina, you might have to pay capital gains tax on the profit. Essentially, this is a tax on the increase in the property’s value from the time you inherited it to the time you sell it.    How Capital Gains Tax Works: Cost Basis: Your cost basis is usually the fair market value of the land on the date the previous owner passed away (this is called a “stepped-up basis”). This is important because it often significantly reduces your potential capital gains.    Sale Price: This is the price you sell the land for. Capital Gain: The difference between your sale price and your cost basis is your capital gain. If you sell for more than the stepped-up basis, you have a capital gain. If you sell for less, you have a capital loss.    Tax

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