Need to sell commercial property, any creative ideas? - Posted by Corey (ND)

Posted by rudy on April 18, 2000 at 15:20:27:

Any property will sell if the location,price/terms,and condition are good. If one of these is bad the you have to lower the price/terms untill you find a buyer. Never the less Marketing will bring you the greatest # of buyers and the best price. Ask this group for their favorite headlines here are mine… “Highly motivated seller will pay your down paymet, or Desperate seller is taking offers…” the success of an ad is to write one and track the results, then keep changing till you find a buyer…have fun today,rudy

Need to sell commercial property, any creative ideas? - Posted by Corey (ND)

Posted by Corey (ND) on April 18, 2000 at 14:42:44:

I currently own a commercial property in North Dakota. Had the property leased out with option to buy. Renters changed their minds and are not buying property now. They have 10 months left of lease. I have listed the property in our MLS (I am a Realtor). The commercial market here is a little soft but not dead. I would like to sell this property so that I may relocate. I have 50% equity in the property. But I currently am purchasing the property on a contract for deed that expires in 3 years. SOOO here is my idea. Sell the property take back a note for lets say 80% LTV, turn around and sell the note, pay off contract for deed and cash out. Would this work? I have never delt with selling a note before. How does it work and who buys them? What kind of a discount do you normally have to give to sell it? I really appreciate your input. I am an avid DAILY reader of CREOnline.

Re: Need to sell commercial property, any creative ideas? - Posted by (Chicago) Steve Smullin

Posted by EMAIL=“” Steve Smullin[/EMAIL] on April 18, 2000 at 17:10:14:

Trade it! As an equity marketer, I would suggest you take your property to the marketplace and offer it in on everything you think you might be interested in owning or you believe may be more salable than what you have. Don’t discontinue your other efforts, but once you’ve notified the world of your willingness to be open minded to the terms of your sale, don’t wait for the phone to ring. MAKE SOMETHING HAPPEN! Make offers! You’re not limited to your market when you make offers either. Make offers in your new destination. Remember the old saying, One man’s garbage is another man’s gold. Go offer someone your gold for their garbage.

You’ve got the idea… - Posted by Michael Morrongiello

Posted by Michael Morrongiello on April 18, 2000 at 16:45:46:

Your concept is sound. Exposing a property to the marketplace with your willingness to sell and offer owner financing is an assertive and agressive way to stir interest in your commerical property.

Distribute flyers, get the word out to Realtors, etc. and consider running this successful ad:

$$$$ down, $$$ per month
Owner Will Finance
No Bank Quaifying
Well located, commericial use, etc.
Call today!

This should get the phone to ring. Then its a question of screening the buyers and evaluating them. A properly created note, with the right down payment, payor credit, and terms can get you where you need to go and FAST.

To your success,

Michael Morrongiello