If you are more motivated to sell the property put an add in the newspaper; "Handy Man Special", approximate location and your phone number (no price). You'll be amazed of the response you get, all levels of rehabbers from light rehab to full rehab plus Real Estate Investors offering a price you might like.... and a quick sale.
Alot depends on the location of your property.
So, let's say tear-down and new construction would take 7 months. (That's just a guestimate, and an observation based on some I've seen. And it depends on many factors.) Whatever the time period is--allowing a bit in case there are problems with permits or other unexpected issues--subtract that from the date it goes on the market. So, assuming the investor wants to put the new house on the market in February, that means he'd want to purchase it no later than July.
However, it might make sense to put it on the market earlier, and offer to lease back for a period of time. That way, you get it on the market as soon as possible--you don't want to miss your window of opportunity, either--but it gives the investor an opportunity to time the tear-down and rebuild so that it works best for him.
So, check with a Realtor familiar with Chicago regarding timing. But, in this market, considering that you indicate you're flexible regarding timing, I'd be inclined to put it on as soon as possible, offering to lease back for a period of time.
Hope that helps.
With a tear down your home maybe marketable at any time to a builder as long as he has the funds to keep his projects moving. Most new construction that I've seen start during the warmer months for the excavation and exterior building, and the builders leave the finishing (drywall, paint, carpeting, etc) of the inside for the winter months and sell their properties in the Spring when the buyer high peak season hits.
As someone suggested, you can try to sell your home as a "handy man special / LAND" and you will attract more types of buyers and possibly get more offers.
email me your lot dimensions, what your looking to get and either address or nearest street intersection and I'll take a look to see if it would be something that I'd be interested in.
Here's a real example: Although this happened in NJ, it illustrates how assumptions can prove to be false, even with experienced individuals.
Tear down on a 1 acre lot in 1 acre zoning. Wide lot, nice size back yard. Current house nicely positioned in the center of the lot. ......and the survey revealed the lot was 2 ft short in depth to meet the minimum property depth, and a variance was requried. The need for a variance would add several months to the time required to carry the property. The result impacts the value and desired closing date.
We are in a cold weather climate and find that builders look year round. Becaue inventory is coming on in spring, the builders are more active and visible then. Much depends upon the builder's inventory, how well his/her inventory is moving, and this/her cash flow.
There are no guarantees, but I hedge my bets on early spring for cold weather markets. The local conditions may suggest alternatives, and some local RE Pros may chime in with specific insight for your area.
I'm a RE/MAX agent in the Chicago area, and basically from what I'm seeing, builders are going after the deals...
I'd be happy to provide you with a market analysis for Lombard and show you the recently sold comparable properties. Feel free to email me at email@example.com
Best of luck!
Laurie Christofano, Realtor
RE/MAX in the Village