How To... in 85021>Question Details

Dan Schlecht, Home Seller in Phoenix, AZ

how to sell my vacant land and 2 adjacent properties?

Asked by Dan Schlecht, Phoenix, AZ Thu Jul 17, 2008

I own a piece of vacant land and I would like to market and sell my property with 1 or 2 of the adjacent land owners properties to the city. Currently the city is trying to purchase these properties separately. Since the individual properties are small, the properties would definately increase in value if they were assembled together. Where do I start? Would I just have to get a listing agreement with each property owner? Then, appraise the lands together as a whole to show the city the value of the properties together?

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unkless you are a licensed agent or broker you cant by law putthis together yourself. you should find a commercial realtor who is familiar with your area or worked with your city before to assist you in getti9ng everyone together, getting a price in its entirety that is fair to the sellers and teh city. just because you put them all together the city will pay only what they have in mind. heck if you force their hand they could just take it in eminant domain so dont push to far. Find someoen who has done this to guide you. good luck dan
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Sep 15, 2008
I have sold land to some of the towns in my area and it is not easy to get what you think the property is worth. When selling property to the city it is in you need to prove its' retail value. I don't think just having an agreement with the neighboring property owners would be sufficient. I think you need to show some real retail value in order to get the most for your property.
The bottom line is that you need a Real Estate Professional to determine the value and then go from there.
0 votes Thank Flag Link Mon Sep 15, 2008
Thanks for the answers so far. The city is not using eminent domain yet. I am trying to convince them to increase their price before having to resort to eminent domain. The city of Phoenix will use the properties for the Light Rail Project.
0 votes Thank Flag Link Thu Jul 17, 2008
Your first step will be to hire a land appraiser and get actual appraisals for the parcels individually and as one unit, to corroborate your theory. Then get a written agreement with the other land owners and present a proposal to the city, with the appraissal in hand.

If the city is using eminent domain the rules will change and there is not much you can do.

I will advise you in any case to team with a professional Realtor who specializes in land to provide you with assistance during the process. It might seem a simple and straigh process, but any minor mistake can be very costly.

Good luck!!!
0 votes Thank Flag Link Thu Jul 17, 2008
The city may not go for your approach. Are they purchasing it using eminent domain? Or just because they may want it for a future project? Also what city is it?
0 votes Thank Flag Link Thu Jul 17, 2008
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