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I bought a residential lot in a high-end development a few years back, but my situation has changed and I don't think I'll ever choose to build there. I have lots of equity in the lot, but I'm still paying on it and need to get out from under the loan. I'm willing to take a loss to get some of the equity back and to get rid of the monthly payment.
There are 13 lots (3/4 to 2 acres, mine is about 1 acre). A few of them have sold, no one has built yet. At least one other is on a "long-term" build plan (won't start for a few years), but rumor is that at least one will start construction early summer.
I got a short list of Realtors from my lender (great guy, works for a company that specializes in farm and land loans). He mentioned that one of the Realtors is the one representing the developer and trying to sell the remainder of the lots.
So my questions is, in choosing a Realtor, should I go with the one representing the developer trying to sell the rest of the lots, or choose a different one? The advantage of going with the developer's Realtor is that she knows all about the restrictions and requirements of the development (quite a few of those... it's actually a book). The disadvantage I see is that she probably does a lot of business with the developer and may put their interests over mine. Specifically, what would she do if someone makes an offer that I would be willing to take but could lower the appraised value of the rest of the lots? Helping me sell for a lower value could lower her chances of selling the rest of the lots, reduce her commissions, and hurt the developer. Also, if meeting a buyer in the area she would have no incentive to sell my lot over any of the other ones.
Or, should I try to sell back to the developer? Maybe they'd be willing to buy the lot back to avoid having me sell at a lower price which would lower the appraised values for the rest of their lots. Or maybe this is wishful thinking.
Talk to the developer first. Wouldn't hurt ! (if i were him, I would buy back at a reduced price and resell again at a higher price, and to prevent you from lowering the "standards")
Then, I would go with whatever one YOU like to work with.
Personally, I would not have an agent competing with themselves. $ gets in the way.
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