In order to participate in the GunBroker Member forums, you must be logged in with your GunBroker.com account. Click the sign-in button at the top right of the forums page to get connected.
selling commercial property
53hawkeye
Member Posts: 4,673
Has anyone here ever sold commercial property without involving a relator or real estate atty?
Wifes' parents willed to her and her brother a very sweet piece of comm. property.
My idiot BIL is ready to take the first offer, because he wants money. He is ready to believe this gal, we have never known before now, and claims herself to be an interested party.
Claims she will do the whole deal for a piece of the pie. RIGHT!
Another guy claims to be an investor, who has a real estate lic. and he is trying to get us to sign a contract connecting our 5.5 acres to his 5 acre hwy frontage and offer a package deal.
This property will sell by the square foot due to location and new development in the area. (hospital and environs)
I have told BIL we (his sister, my wife) and I will go for the best deal obviously, but will run any paper through a real estate attny before affixing any signature.
He (BIL) is worried about the cost of the atty. I said we just add that to the general closing costs.
He's worried about spending a thousand or more, but it could save us thousands in my opinion.
BIL is a tard, if I had a little more cash I'ld love to just buy him out and wait for a very nice price and OUR terms.
How do you communicate with the brain dead?[xx(]
Wifes' parents willed to her and her brother a very sweet piece of comm. property.
My idiot BIL is ready to take the first offer, because he wants money. He is ready to believe this gal, we have never known before now, and claims herself to be an interested party.
Claims she will do the whole deal for a piece of the pie. RIGHT!
Another guy claims to be an investor, who has a real estate lic. and he is trying to get us to sign a contract connecting our 5.5 acres to his 5 acre hwy frontage and offer a package deal.
This property will sell by the square foot due to location and new development in the area. (hospital and environs)
I have told BIL we (his sister, my wife) and I will go for the best deal obviously, but will run any paper through a real estate attny before affixing any signature.
He (BIL) is worried about the cost of the atty. I said we just add that to the general closing costs.
He's worried about spending a thousand or more, but it could save us thousands in my opinion.
BIL is a tard, if I had a little more cash I'ld love to just buy him out and wait for a very nice price and OUR terms.
How do you communicate with the brain dead?[xx(]
Comments
Consider that a lawyer charges by the hour, a realtor gets a percent. So, if your lawyer spends 3 hours (which would be a LOT) at, say, $200/hour, you spent $600 plus title search and guarantee fees. If you use a realtor you just lost 10%. A residential realtor will get 5-6% but commercial is 10% at least here. If your property is $200,000 you just lost $20,000. My actual costs for both properties to close was less than $1000 not counting taxes.
Maybe this will help.
Your attorney can write up a purchase agreement. No realtor needed. Get your property appraised before selling. Sell it at market value. Now see how many people come forward.