Home Selling in 08062>Question Details

Mark, Other/Just Looking in 08062

Buyer interested in my rental and my neighbor's house. Both in commercial zone. Agent wants to know my asking price. How should I move forward?

Asked by Mark, 08062 Wed Jun 29, 2011

Was contacted by an agent who is listing the house next to my rental. The agent has a buyer interested in the neighbor's house along with my rental property. Both properties are in a zone that is now commercial (was residential/agricultural). The agent is asking for my price. I haven't been thinking about it because of the market and because I've been getting steady rents. How should I move forward? Thanks.

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Answers

6
Get an agent to represent your best interests.
0 votes Thank Flag Link Wed Nov 27, 2013
Simply stated....this more than 2 year old question has likely been long ago resolved but....does it make sense for an agent to be asking a seller for a "asking price?" My knee jerk reaction is to throw a "big number" at them and see where it lands.
0 votes Thank Flag Link Mon Oct 7, 2013
Mark,
Is your current situaion meeting your investment expectations?
Lots and lots of investors purchased in 2008, 2009 and 2010 and are holding the property in a rental status. They have good cash flow and expect significant profit when/if sold in 5 to 7 years.
Only you know the quality of your investment and the exit thresholds in place.
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Clearly, a major issue is the market value of your investment.
What are the future risks created by local concerns, regional concern and of course flood insurance issues.
What is the trajectory of property values in that area?
What are the opportunity costs you will incurr?
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Now it's time to have a meet up with folks who help owners sell dozens of homes a year. Their experience and knowledge of the local market will prove essential. You really need someone on your side who can sort fact from fiction.
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Be aware, when someone wants to buy a home that not for sale, they need to realize that opportunity has a cost. Don't believe ANYTHING until it appears in writing. Don't negotiate with yourself. Get an offer in WRITING. If it not in writing it is NOT A PURCHASE OFFER.
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Respond to agent, "Show me what you've got." No paper to show you should tell you everything you need to know.

Best of success.
0 votes Thank Flag Link Mon Oct 7, 2013
if you would really consider selling instead of renting then have your own realtor tell you what it is worth first. You should have someone represent you and it will not cost you anything to find out the value. It sounds like you may have an opportunity to sell it if this buyer really wants to buy both properties. If you are happy just being a landlord and continuing to collect rents steadily then just tell the realtor you are not interested at this time.
0 votes Thank Flag Link Mon Oct 7, 2013
Definitely get an opinion on price from a local expert who could potentially represent you. I say potentially because you should interview more than 1 agent to get a true perspective on your options AND pricing in this market.
I would be honored to have the opportunity, and am easily reached on my cell at 856.371.8608.

Good Luck and I hope to hear from you!

Nancy
0 votes Thank Flag Link Sat Oct 5, 2013
M,
Cautiously. There are 3 possibilities; 1. The agent is telling the truth and has a possible buyer at a reasonable price 2. The agent has a buyer at a very low price. 3. The agent doesn’t have a buyer but is fishing for listing opportunities.
In any of these cases, you need someone on your side. This agent has stated they represent someone else, so you already know they do not represent you. Talk to another agent or two preferably quality agents with recent experience in your area with similar properties. Get their opinions of the value your properties have now based on current use and zoning and decide if you seriously want to consider selling.
If you do, hire one of the agents to represent you. Agents bring value to a transaction through market knowledge, experience and training. You will net a higher bottom line for having someone in your corner looking out for you. Best of luck.
0 votes Thank Flag Link Wed Jun 29, 2011
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