Rohit Gandhi, Other/Just Looking in Troy, MI

We own two residential lots in Rochester hillis MI What is the best way to sell them without going thru

Asked by Rohit Gandhi, Troy, MI Thu Mar 20, 2008

relator. Are there any investment groups who buy them right away.

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Argghh! Rohit, I understand your frustration, and I'm a Realtor! You want to sell immediately. Which means, for everyone else reading this, you're looking for a buyer. You're not looking for an agent. I'm also an investor, and one advantage investors have over Realtors is that when investors say, "We Pay Cash and Can Close in 7 Days," they're actually buyers.

OK. To find investors, go to http://www.creonline.com/real-estate-clubs/mi.html It's a listing of real estate investment clubs in Michigan. There are at least three listed in Troy, and others nearby. Publicize your lots to those groups. Each will have an e-mail mailing list. They all have meetings. Some have other ways of communicating with their members. You can get the word out in a matter of hours.

Now, one problem you'll run into is that many investors aren't interested in residential lots. The problem is that lots aren't income producing, unlike either residential or commercial structures. So your pool of possible buyers will be smaller.

The other point raised below--the low offers you'll receive--should be discussed even though you made it absolutely clear you want to sell "irrespective of loss." On residential property, for instance, an investor will offer up to 65%-70% of fair market value, minus repair costs. So, for instance, on a single family home that, rehabbed, would sell for $500,000, but needs $20,000 in repairs, an investor would pay no more than $330,000. ($500,000 * 70% minus $20,000)

A lot will bring in less because the investor will have to factor in the holding costs. Few investors would be interested in buying land, even cheaply, and then building on it. The only other possibility, from an investor standpoint, is buying so cheap that it then can be immediately sold to a builder to be held long term...letting the builder worry about holding costs.

But, returning to your question: Contact all the real estate investment clubs in the area. (It's OK. There's no exclusivity. And there will be some overlap, but not too much, among the members of the different clubs.) That's the best way to sell as quickly as possible.

Hope that helps.
0 votes Thank Flag Link Fri Mar 21, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Hi Rohit,

Like any other Realtor I would like to help you if you change your mind about using a Realtor. My appearance on HGTV' " My House Is Worth What" will air on Sunday March 30th at 12 noon. If you get a chance, watch it.!
1 vote Thank Flag Link Fri Mar 21, 2008
I wanted to see if you've sold your lots yet? Please let me know. As one of the few Realtors that have sold vacant land recently I think I can give you something to consider.
0 votes Thank Flag Link Sat Dec 1, 2012
I want to sell them irrespective of the loss. That is what I am looking for some investor group/s name/s and phone numbers. If any can help me with this.
0 votes Thank Flag Link Fri Mar 21, 2008
If you don't care how big of a loss you take then "fire-sale" them thru an investor's group

If money does matter, then hire a succesful realtor.He or She will earn you much more than you pay them.

JD "Dan" Weisenburger, GRI
Broker-Associate
Vanguard Realty, GMAC Real Estate
Web Reference: http://www.neflahomes.com
0 votes Thank Flag Link Fri Mar 21, 2008
Rohit, Ok. I understand. I am on the other side of the state and know no one going that way at this time. However, if you list it with a real estate agent they would expose it to buyers all over the place. My other though is maybe you could check with some builders who build in that subdivision. Just a thought. Maybe they could take it off your hands quickly????
Web Reference: http://www.gomelinda.com/
0 votes Thank Flag Link Thu Mar 20, 2008
Rohit,

Price it right and list it with a Realtor. I listed two Oakland County houses this week and got offers on both of them within 48 hours of listing. One has multiple offers. You will do the best this way, in my opinion.
Web Reference: http://mioaklandcounty.com
0 votes Thank Flag Link Thu Mar 20, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
I am not trying to save money but looking for someone to buy immediately.
0 votes Thank Flag Link Thu Mar 20, 2008
Rohit, last statistics I read from the National Association of REALTORS showed that for sale by owners actually end up netting on average (nationally) 15.4% less than when an professional is involved. I understand you are trying to save money, but are you really?

I have seen people who have spent thousands of dollars trying to advertise on their own, but still do not have the exposure that a professional real estate can give you. Then when their properties don't sell they still end up hiring a real estate agent anyway.

Just like another agent said...you need to look at the bottom line of what you are going to net.

I hope this information helps! Best Wishes!
Web Reference: http://www.gomelinda.com/
0 votes Thank Flag Link Thu Mar 20, 2008
Yes they are buildable and in a very upscale sub division. The plots are .34 and .38 acres. Since I want to sell them right away that is why asking I am if any investor group can buy them immediately. That is only reason but if any one ( Including realtors ) of your need more info on lots can contact me at 5865968886. It's a great deal.
0 votes Thank Flag Link Thu Mar 20, 2008
Rohit, http://www.nationalreia.com/ClubPortal/795files/Directory.cf…
may be a source you could try. Of course, this may not net the most for your property.

Just a question, are they buildable lots? Sewer connect approved and available? What size home can be built on the property?

The more information available with proof at hand from the local government the better chance you will have of a sale to a qualified buyer. This is your responsibility, a real estate agent can point you in the right direction but you will have to provide the proof.
Web Reference: http://www.mi-living.com
0 votes Thank Flag Link Thu Mar 20, 2008
Brian makes a good point. Personally, I don't know of any investment groups that will buy it right away and net you more than you would get by having a Realtor list them for you (and paying a commission). Investors buy something because it is "a steal." Realtors can help you to get a quick sale and net more in the end.
Web Reference: http://mirochester.com
0 votes Thank Flag Link Thu Mar 20, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
If selling the lots at the highest value is important to you....you will want as much exposure as possible and that is where many realtors can do you the most good. Don't just look at the commission....look at the net in your pocket. You can try conventional advertising or proactive calling to builders and developers first. The problem is these days even the builders are not building unless they have a buyer in hand already. Good luck to you!
0 votes Thank Flag Link Thu Mar 20, 2008
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