"they want my property!" - Posted by dave


#1

Posted by dave on November 30, 1998 at 15:53:22:

hi jimbob, thanks for the reply, the house would need to be rezoned as part of the commercial bldg. it abuts, and i doubt this area is in high demand. its rather old and stable. but if i don’t sell, i only get regular appreciation, they would either not do the deal, or do it elsewhere.


#2

“they want my property!” - Posted by dave

Posted by dave on November 30, 1998 at 15:04:42:

I have been approached by a national commercial group who wants to buy my investment single family home, currently rented, which abuts a building they would presumably tear down. as i have a privately held mortgage which happens to ballon in 1999, i am interested in hearing their offer. ever been in this type of situtation? any strategies or tips you might recommend?


#3

Re: “they want my property!” - Posted by Lee

Posted by Lee on December 02, 1998 at 17:35:39:

Old homesteads in the path of growth here are/were selling as
residential… before Office Depot, Lowes, Home Depot, Outback
Steakhouse moved in.

Go see the city and county (growth) planners, they
will show you their plans: one year, to sometime eight
to ten years out.

Make an informed decision.

Lee


#4

Re: “they want my property!” - Posted by Bud Branstetter

Posted by Bud Branstetter on November 30, 1998 at 16:55:45:

I would sure be talking to that private lien holder to get an option to buy/pay off that lien at a discount. That is if they haven’t already beat you to it.

If the offer is fair and you can get cash, why not. If you don’t want to pay taxes do a 1031 exchange. They will have to wait for the lease to run out or buy out the tenant.


#5

Re: “they want my property!” - Posted by Jimbob

Posted by Jimbob on November 30, 1998 at 15:29:56:

Dave,

This can be good and bad, you should seriously consider hiring an experienced real estate attorney to represent you, go over all the paperwork, and do some investigation on the current and future zoning of the land on which the house sits.

My past experiences with this were, the investors tried to clean my clock by offering me a lowball price, then rezoning the land and at least tripling the value within 4 months. Be careful when someone like this wants to buy your property. You don’t need to be gredy, but you don’t need to get taken to the cleaners either.

Jimbob


#6

“they want my property!” - Posted by dave

Posted by dave on November 30, 1998 at 17:02:58:

good idea, the discount note, however, the baloon is due in august, with an optional year. they really don’t have to discount-what would you suggest as a discount amount? also the lease happens to be up in feb 99. i’d hate to give em the boot(been great tenants) suggestions for moving expenses, etc…?