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Whoever purchases the property will probably have their own representative prepare a purchase & sale agreement. That's what you will want your own attorney to review.
Whoever purchases the property will probably have their own representative prepare a purchase & sale agreement. That's what you will want your own attorney to review.
OK, that makes more sense.
It's not like this will need to be a complicated transaction. Large dollar values transactions happen out here (western Washington) all the time so it's not like it's Bill Gates' house or anything. I still think the standard contract works fine regardless of whether it is a 100k or 8MM home, right? (Have any of the real estate agents on here sold a multi-million dollar home?)
It's not like this will need to be a complicated transaction. Large dollar values transactions happen out here (western Washington) all the time so it's not like it's Bill Gates' house or anything. I still think the standard contract works fine regardless of whether it is a 100k or 8MM home, right? (Have any of the real estate agents on here sold a multi-million dollar home?)
My error. I didn't realize it was a residential deal.
I thought you said it was a 30 acre land deal.
It's residential land. 30 acres, has potential to be developed and has single family home on site.
As far as I'm concerned, it's a residential deal in my book. If someone buys it with the intention of developing it, more power to him (and more power to us). But if the city won't give him permits, that's not my problem. Certainly no doubt that developers can offer more than people who wish to live on it as their personal property.
It's residential land. 30 acres, has potential to be developed and has single family home on site.
As far as I'm concerned, it's a residential deal in my book. If someone buys it with the intention of developing it, more power to him (and more power to us). But if the city won't give him permits, that's not my problem. Certainly no doubt that developers can offer more than people who wish to live on it as their personal property.
That approach will severely diminish the value of the property.
Ignoring the highest and best use will net you a lower amount, but it is also a very personal decision.
Sometimes the best route for a family is to just liquidate a property and remove the burden at any price one can receive.
I say that because I live in King County which is one of the most difficult counties regarding development in the nation.
Don't get me wrong - I know what the property is worth and know that developers will offer the most and certainly I'm going to market the property to them. But I also understand that I'm not going to accept an offer contigent on the buyer receiving permits because there aren't guarantees there.
I think that is what I see as the biggest liability with this property. Every buyer who is interested will want to know about wetlands, steep slopes, and other sensitive issues. But if I provide the data that I already have on the property to them, I potentially become more liable if they can't use the property for their desired use.
For example, person A thinks they can squeeze 75 houses on the property and person B thinks they can put 25 houses on the property. Person A will offer a lot more. But if person A decides they can do 75 houses based on information I provide to them and they city only grants 25 houses, then they may be upset and want money back. That'd be a good place to have attorneys involved because I don't know anything about those legal questions.
So don't get me wrong - I'm posting on here because I'm trying to figure out what questions to ask of real estate, lawyers, and escrow companies to make sure I'm protected. I'm asking the questions because I want to go about this in an informed manner and hire the right people to assist me with the deal. But if I don't start asking questions now, I won't hire the right people and even though I have lawyers and real estate agents helping me, if they aren't the right ones, I won't be any better off.
I say that because I live in King County which is one of the most difficult counties regarding development in the nation.
Don't get me wrong - I know what the property is worth and know that developers will offer the most and certainly I'm going to market the property to them. But I also understand that I'm not going to accept an offer contigent on the buyer receiving permits because there aren't guarantees there.
I think that is what I see as the biggest liability with this property. Every buyer who is interested will want to know about wetlands, steep slopes, and other sensitive issues. But if I provide the data that I already have on the property to them, I potentially become more liable if they can't use the property for their desired use.
For example, person A thinks they can squeeze 75 houses on the property and person B thinks they can put 25 houses on the property. Person A will offer a lot more. But if person A decides they can do 75 houses based on information I provide to them and they city only grants 25 houses, then they may be upset and want money back. That'd be a good place to have attorneys involved because I don't know anything about those legal questions.
So don't get me wrong - I'm posting on here because I'm trying to figure out what questions to ask of real estate, lawyers, and escrow companies to make sure I'm protected. I'm asking the questions because I want to go about this in an informed manner and hire the right people to assist me with the deal. But if I don't start asking questions now, I won't hire the right people and even though I have lawyers and real estate agents helping me, if they aren't the right ones, I won't be any better off.
Sounds like a legitimate concern.
I think you speak with a RE attorney about the information you have, and the possibility of conveying the information with the prospective buyer accepting responsibility for all due diligence and confirmation of the accuracy and value of any of the information.
Since I do not know where this land is, it would be hard to recommend someone. However; I would suggest possibly skipping a realtor for now. First I would get an appraisal, if possible by an engineering firm. You need to know how the property is zoned. For that you would check with the county and the city. If you know of any large developers (a good engineering firm knows them) you could possibly negotiate a deal yourself once you have the other information and you are better informed. There are so many ways to negotiate a sell of this possible magnitude. You may even want to speak with an estate planning attorney. You want to avoid as much as possible in capital gains taxes. There are many creative ways to delay taxes and possibly avoid some altogether.
Quote:
Originally Posted by bigtrees
My family recently came into possession of a large (30 acre) parcel of developable land in the city limits. The family needs to dispose of the property for tax reasons. I'm wondering - I could hire a normal real estate agent but it would seem that large developable land may be best served by a speciality real estate agent.
What kinds of specalities are out there and how do I go about finding one that may be very skilled at selling this kind of property?
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