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Selling On Their Own |
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Ms. Lank: We have a house with two rental apartments on an acre. Several years ago the owners of a commercial piece of land next to ours expressed interest in purchasing our property. At the time we were not interested in selling. Since then two others, including another neighbor who works from his home, want a price as they are also interested. We will be selling without an agent. Do we let them all know the home is now for sale and our price at the same time and also let each one know others have expressed an interest? |
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First thing to do, especially with property that may have commercial use, is to pay a qualified appraiser for a simple estimate of market value. There's no point in saving a real estate commission if you short-change yourselves on price. It's easy to sell under-priced property, but that's not what you want to do.
Once you've decided on an asking price, there's no harm in letting all interested people know you're ready to sell. But be prepared: it often happens that when push comes to shove, people who said they wanted to buy end up backing off.
I can't tell you, in this brief space, how to go through the process of selling. You'd better go to the library, take out all the books you can find on the subject, and start studying.
Be cautious if you get offers that ask you to carry the mortgage. You don't want to lend a lot of money to someone a bank doesn't consider a qualified borrower. Your own accountant or lawyer can help analyze prospective buyers' finances. Even if you don’t list the property with a broker, you may want to hire one, perhaps by the hour, when it's time to negotiate a sales agreement. And don't get tied up in a contract until you're sure the buyer is financially able to go through with the deal.
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Edith
Originally published on April 6, 2006 |
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