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There is absolutely nothing wrong with a "one time showing agreement". They are very common and it's how agents show houses to buyers that are either FSBO or not on the market, but it protects their payment as it usually also states what you're willing to compensate if the one-time buyer brings an offer.
You have several option.
List with her for 30 days.
Sign a one time showing agreement with her for that buyer only.
List with another agent and give that agent her contact detail.
Get a second opinion on value from a different agent.
Tax value is almost never market value. Could be way high, could be way low.
If it is way high and value is really 1/2 of what the tax value is, you might want to protest your taxes.
May be too late for this year, but certainly for next year if you hang on to it.
And an early post was spot on too....if she really is selling the lot next door to someone who wants your lot too, all you need to do is put up a for sale sign on your lot (in a very visible spot easily seen by them); and pay no commission. Even if the buyer is a phantom, unloading a lot with no structures is easy...no need for a realtor, really.
Not really true. Selling an existing lot that has been around for a while, can be the hardest parcel of real estate to sell there is. That is why a normal commission on that type of property is about 10% around the country.
Is the OP even sure either parcel is buildable as is? Zoning may have changed. Minimum lot size may have changed. Building envelope size may have hanged. These things can happen anywhere but environmentally sensitive lots, such as waterfront, are more susceptible to changing requirements. Perhaps both parcels are needed to now build a house at all.
First, the OP needs to find out if the lot is buildable then get an appraisal before entertaining any offers, including those of representation.
Trust your feelings, intuition, that things just don't seem right. The realtor is a shyster and is probably the one that wants your property. Say no. What she is doing is illegal?. Check it out.
Is the OP even sure either parcel is buildable as is? Zoning may have changed. Minimum lot size may have changed. Building envelope size may have hanged. These things can happen anywhere but environmentally sensitive lots, such as waterfront, are more susceptible to changing requirements. Perhaps both parcels are needed to now build a house at all.
First, the OP needs to find out if the lot is buildable then get an appraisal before entertaining any offers, including those of representation.
Where I live, the minimum lot size used to be 1/4 acre (maybe even smaller), then 1 acre, then 2 acres and it is now 5 acres. Obviously, it has changed dramatically. In 20 years it went from 1 acre to 5 acres. I agree that a waterfront property may have even had other changes, too.
We received a call from a realtor wanting to list a lake front lot we have owned for about 15 years. She has the lot next to us listed and says has a buyer that wants a double lot. However, she would need to list our lot first before she could discuss it with the potential buyer.
We have decided we will never build on the lot. We are willing to sell at the right price, but would not want to do a long term listing without some due diligence on both the realtor and the price. The tax assessed value is $200,000, but she has the lot next to us listed at 120,000. She thinks we should list with her at $120,000 or less. She has not offered any other comps to us. Of course, there is no guarantee that the "potential buyer" is ready, willing and able to buy.
It does not feel quite right to be in a hurry to list, without doing some due diligence on the realtor and the price. Is there an advisable way to approach this?
She's fishing, prices are only going up. If you don't need to sell, hold tight for a bit and defiantly find your own agent. Use referrals, yelp, google etc. to find a good agent that specializes in selling and land. Buying and selling agents are not the same as are dwelling and land agents.
She's fishing, prices are only going up. If you don't need to sell, hold tight for a bit and defiantly find your own agent. Use referrals, yelp, google etc. to find a good agent that specializes in selling and land. Buying and selling agents are not the same as are dwelling and land agents.
How do you know prices are only going up?
The OP gave no hints where the property is located.
The tax value of 200k verse a list price of 120k indicates dropping values (or inattentive owners)
Trust your feelings, intuition, that things just don't seem right. The realtor is a shyster and is probably the one that wants your property. Say no. What she is doing is illegal?. Check it out.
I think you need to know what is legal and illegal. You are so off base, it is not even funny. Posting this erroneous information may affect someone that needs to know what is legal, and what is not and cause them to make a wrong decision.
Quote:
We have decided we will never build on the lot. We are willing to sell at the right price, but would not want to do a long term listing without some due diligence on both the realtor and the price. The tax assessed value is $200,000, but she has the lot next to us listed at 120,000. She thinks we should list with her at $120,000 or less. She has not offered any other comps to us. Of course, there is no guarantee that the "potential buyer" is ready, willing and able to buy.
Your best comp is the lot next door, which has been for sale at $120,000, if it has been for sale for a period of time. If it has been for sale for 3 months or longer, it may be still higher priced than buyers are willing to pay for it. The tax assessed value being $200,000 has nothing to do with what it is actually worth on an open market where it is available to buyers. The value is, what a knowledgeable buyer will pay for a property such as this lot. If it was worth $200,000 the assessed value, a speculator would have bought it soon after it was listed at $120,000, and had it back on the market at $200,000.
My parents were in a similar situation several years back.
The lot adjacent to theirs had been listed for a certain price for about 6 months, so they knew the price of that lot and set their price the same. The lots were the same size and if anything the lot was overpriced.
They entered into a 24 hour contract with the realtor and the contract stated two potential buyer's names. The contract also reduced the commission for undeveloped lots from the typical in the area rate of 10% to 4% split equally between the selling and listing agent.
My parents had written offers from both of the identified buyers within hours and closed with one in 30 days.
Both buyers wanted to place the house in the middle of the two lots.
SO....sometimes it is not a scam and true, and, if so, you can sell with lower costs / commissions as the selling of your lot drives the other lot's sale....and its fast and pain free compared to when you really want to sell something and anxiously wait.
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