The simplest way would be to put it on the market with a qualified Realtor and note that it is for sale 50% or that you are willing to consider 50% financing. The 50% financing should attract as it can be difficult getting financing for vacant land. You will need to show your ability to deliver clear title of course .. Wayne
Because this is property in an M1 zone (light industrial) and has limited number of potential buyers, my suggestion is to contact a commercial property realtor and manager to assist you. These are professionals who specialize in commercial property management, development and sales--a vastly different business from those of us who practice in the residential real estate. Those who practice in this area of real estate will know who is buying commercial real estate and may even have buyers who would be interested in your property.
Unfortunately, commercial real estate and land has not been insulated from the current economic hardships so you may find that your property, if not substantially improved with permits or utilities or grading may not be able to garner even the reduced price you seek. Working with a professional who handles commercial property will help you greatly in properly pricing and valuing and marketing this parcel.
Area Pro Realty
If it becomes necessary to start foreclosure proceedings a we can help assist you as well.
Good luck to you!
Unified Mortgage Service, Inc.
Servicing loans throughout California
Real Estate Broker CA Dept of RE 01182001 NMLS253301
1. Land is difficult to finance. A 50% loan-to-value-ratio is the typical limit offered by banks. Your property will sell faster and, at its highest price with the option of the bank or you providing the financing. Your terms for your partner/buyer would probably be more appealing than the bank's.
2. Your 50% financing will provide you an income stream - after you receive a significant amount of cash.
3. Should your partner/buyer default in the future you get your parcel back and you can sell it over again - repeating the above benefits.
You have a great opportunity to either find a partner or sell your parcel in Gilroy. By putting your offer, the details and photos of your property in the Multiple Listing Service (MLS) you will immediately make your offer avaiable to most of the Realtors in Northern and Central Calif . Additionally we would place your information on 32 national real estate websites.
I would suggest that we place a VIDEO Tour (not a virtual, but VIDEO Tour) of your parcel and it's relative location. Those potential investors will be able to see your property even before walking on it. Of course your VIDEO will go on the MLS, our 32 websites and an additional 24 VIDEO Portals starting with YouTube. That will give you maximum exposure to the largest prospective partner/buyer group you could get.
Look at the VIDEO Tours we've done on other properties by going to: http://www.CaHomes411.com/video.
Good luck George. I hope we can help you.
Real Estate Broker