Home Selling in 22066>Question Details

No, Home Owner in 22066

I have a buyer who wants my property for development sight unseen. Is this a red flag?

Asked by No, 22066 Mon Jun 25, 2012

The price is two million.

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8
Hi. I'm a retired builder and developer, and I bought a few properties sight unseen. It appears that you have already got an offer. Some questions follow.

Was your property already on the market, and listed with an agent? If not, the first thing you need to do is to hire an agent for a fee to do a market analysis for you. I will be happy to help you in that way. Second, again, if you don't have an agent, you need to hire an agent who, for a fee, will review the offer for you to point out both standard industry practices and what, from an informed seller's viewpoint, should be deal-killers. Again, I would be happy to share my experience with you.

If you already have an agent, then you will have to go the more expensive route of hiring an experienced real estate attorney, who is familiar with standard industry practices. Martindale-Hubbell on-line is a useful resource. Whatever you do, before discussing your offer with an attorney, make sure that he has no conflicts of interest and is willing to sign a statement to that effect.
1 vote Thank Flag Link Tue Jun 26, 2012
Not necessarily. Are you looking to sell? If the price seems fair to you there is no reason not to consider it. There are many developers out there looking for properties in old neighborhoods to build new homes. Perhaps this is the case. I would make sure your are being offered a fair price and that you recieve the price in full at settlement and do not have to hold a note. Let me know if I can help you in any way. Good luck!!!
1 vote Thank Flag Link Mon Jun 25, 2012
One way to find out is have them send you a written offer so that you can take it to an attorney for review. He / she will know how to go from there. If for any reason the buyer doesn't want you to seek the advice of counsel, the run, don't walk from this prospective deal.
0 votes Thank Flag Link Mon Jun 25, 2012
I would be careful too. Unless you are in a hot area like Washington ,DC
0 votes Thank Flag Link Mon Jun 25, 2012
I hope that you have your property listed with a reputable brokerage and Real Estate Broker for your
protection..... I am not sure about the red flag, you want to be very careful of course.... If your property is
listed on the internet, with enough information and a drive by was possible, it could be ok, but
no matter what not knowing how you found out, and if this was just a phone call, etc. I strongly
recommend for you to work on your side with an experienced Realtor in land sale and make sure
that a potential buyer in this price range, is not only legit, but can afford the property and should provide
a fully filled out offer, so that you and your Realtor have a chance to double check the information.....

Affordability is a big part in this price range.....
Work with an experienced Realtor on your side, if you need recommendations let us know we gladly recommend some good Professionals.

Good Luck to you......
Edith YourRealtor4Life and Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients covering the larger Chicagoland areas
and the fine homes on the North Shore, and with Partner Agents all of the US and properties
worldwide. Edith speaks French, German, some Spanish and more.....

EdithDoesItRight@yahoo.com EdithSellsHomes@gmail.com
@Properties 30 Green Bay Rd Winnetka Illinois 60093
Your Referrals are always Welcome :) Check out my expertise and services at
Http://www.tinyurl.com/MeetEdithHere
0 votes Thank Flag Link Mon Jun 25, 2012
YES it is a red flag. There are scams on the internet that we have received.
I would do a lot more investigating.You would need to confirm the buyer's elegibility, their finances, etc... you need to qualify them...

Good luck
0 votes Thank Flag Link Mon Jun 25, 2012
Wanting it and actually buying it are sometimes very far apart.
0 votes Thank Flag Link Mon Jun 25, 2012
If your property is being purchased for development ie: subdividing , rezoning, etc then it is not entirely uncommon for the buyer to have not physically been to the property. With all the information the county offers, perhaps the buyer doesn't feel the need to visit the site. Especially if the buyer has an agent or associate who has been by the site or knows the site/area already. A bigger concern would be the contract/offer. Typically builder/developer contracts lean heavily towards the side of the buyer so having a knowledgeable person help review any offers would be of great value to you. Good luck!
0 votes Thank Flag Link Mon Jun 25, 2012
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