Morning all,
A few years ago I inherited my father's property. It's almost 2 acres in an area where the lots are small. I'm not a fan of the area and looking to sell and move.
Directly behind me is a street of empty properties owned by a manufacturing plant that is across the street from them. So I decided to contact the company and offer to sell. I got ahold of their head of real estate acquisition manager and discussed my offer and if they would be interested. Didn't sound too promising but they asked I send them an email so I did with all relevant info along with an aerial photo with the property outlined.
I'm also speaking with a commercial real estate agent to get it listed.
My question with selling to a developer or a commercial business is this. What are some concessions I should look into asking for if we negotiate a lower price. Something like living there rent free for a few months after sale while I look for a place or hiring movers to move out the stuff I want to keep. Or cover closing costs.
I've never sold a house before
Selling a home to developers or a commercial business
byu/Kolipe inRealEstate
Posted by Kolipe
3 Comments
Is the property zoned residential ?
Or commercial?
First thing I’d do is talk to the neighbors and see if any of them wanna buy it
I would have bought the house next to me if I’d known it was going to be for sale
If you have to contact them, you have no leverage
I exclusively deal with commercial. You can really ask for anything. There’s one situation where a nationwide carwash company bought a gas station, and wanted previous owner out at close. After speaking with them they allowed a lease back until they start construction. Its been almost 3 years and they still haven’t planned for construction. Asking to cover closing costs is within the realm of reason. Same for staying there for a few months after close, the biggest issue with that is the liability. If anything happens at the property then new owners are responsible. If they are buying for just land then they won’t care about the condition of the home, which means you just have to move stuff out and that is it. They will probably need phase 1 environmental if they want to redevelop. Typically what you are shooting for is the highest number, not the smaller items.