Selling property

[kymom99]

So, we own 2 pieces of property. We have a house that sits on 2 lots in a very desirable area. We have people coming to our door and also mailing us letters asking us to sell our extra lot. Problem is, the house has an addition that extends slightly over onto the other lot. The house is old. My parents built it in the 50s. It needs a lot of updating. The worst part is the basement. Block foundations. Ugh. Damp damp damp.

The other property is 15 acres out in the county. Perfect for a new build.

So recently I’ve been looking around at our house and feeling overwhelmed. There is so much that needs to be done. I think we could build a nice little ranch style house on our other property that would suite our needs very well. The problem is, I’m not really sure how to go about finding a buyer for our house and extra lot. I don’t think listing it with a realtor will get us the price we think it’s worth. I think someone might be interested in buying and tearing the house down, as sad as that makes me, and building 2 new houses in its place.

So how might I go about marketing my property to maximize my ROI? Anyone out there have any experience with this?

 

[barkley]

i live on rural acreage and the only way i would ever sell is with a realtor w/expertise in it. there are SO MANY more issues with disclosures on zoning, lot lines, easements....our title paperwork when we bought had documents dating back to the mid 1800's in order to meet the legal requirements. something with a house that sits overlapping on another lot could be tricky-here it could prevent another home from being built. a home dating back to the 50's? even with an 'as is' sale here a buyer can come back after the seller for issues out of current code/absent permits.

too risky to handle w/o professional advice.

 

[kymom99]

i live on rural acreage and the only way i would ever sell is with a realtor w/expertise in it. there are SO MANY more issues with disclosures on zoning, lot lines, easements....our title paperwork when we bought had documents dating back to the mid 1800's in order to meet the legal requirements. something with a house that sits overlapping on another lot could be tricky-here it could prevent another home from being built. a home dating back to the 50's? even with an 'as is' sale here a buyer can come back after the seller for issues out of current code/absent permits.

too risky to handle w/o professional advice.

I definitely want expert advice, I’m just not sure if a regular realtor would be the right choice, or if there are certain ones who might specialize?

 

[barkley]

I definitely want expert advice, I’m just not sure if a regular realtor would be the right choice, or if there are certain ones who might specialize?

there are around us. google search for your area like you're a buyer looking for your kind of property that way you can get a feel for how different agents list them.

 

[gottalovepluto]

Start talking up friends and neighbors and find their experiences with various realtors in the area. Also talk to people from work, school, church, volunteer stuff, etc for their experiences.

 

[kymom99]

Start talking up friends and neighbors and find their experiences with various realtors in the area. Also talk to people from work, school, church, volunteer stuff, etc for their experiences.

I did soMe digging online. A man from our church is a realtor. I looked him up and he has all positive reviews and his team has incredible sales success. I’m thinking I could ask him his opinion about how to market it. Should we invest time and money into improving the house, or offer it as is. Literally 6-7 houses away are homes that sell from $700k-$1 million+. I’m hoping someone might give me a decent amount for a place where they can build a sprawling custom built home. I know the key is marketing it effectively.

 

[kymom99]

Another thing is, I know a few realtors. Some are not close. But one is a relative by marriage. But I don’t really want to ask her. This is business. I can’t worry about hurt feelings.

 

[Euby]

Not all real estate agents are Realtors. A Realtor has gone through additional training and can specialize in certain designations. Go to REALTOR.com and and select "Find Realtors" at the top. From there you can search based on your location. You can also do an advanced search based on designations and certifications that a realtor may have. Based on what you described, you may want to look for someone with an ALC (Accredited Land Consultant).

Regardless of what you end up doing, hire a professional who is NOT a family member.

 

[Disneyliscious]

I just sold a piece of property and I'm SO glad I used a realtor. I knew him from high school and I told him I wanted X amount for my land. It was about 4k more per acre than land had been selling for in same size tracts. He said "we'll try it and see what it does". The land sold in under 90 days and I was never even asked to accept a lower price. I had multiple people wanting it and it was a race to get financing first. A week later, a piece of land within 1/2 mile of mine sold for 4K higher per acre than mine! I could have probably gotten more.

A realtor is THE way to go. They make it so easy. Ask what you want for the property (consider the additional taxes you'll pay and the realtors fee) and dont back down. It will eventually sell.

 

[tvguy]

With all the potential issues you have, you absolutely have to use a realtor.

 

[Darcy03231]

Have you thought about contacting an attorney to adjust the lot line so that the house sits on it's own lot and there's a separate lot with no encroachments?

 

[gottalovepluto]

Another thing is, I know a few realtors. Some are not close. But one is a relative by marriage. But I don’t really want to ask her. This is business. I can’t worry about hurt feelings.

Trust your gut on that! No to Realtor family members. This will be a roller coaster of emotions for you as it is.

 

[gottalovepluto]

I did soMe digging online. A man from our church is a realtor. I looked him up and he has all positive reviews and his team has incredible sales success. I’m thinking I could ask him his opinion about how to market it. Should we invest time and money into improving the house, or offer it as is. Literally 6-7 houses away are homes that sell from $700k-$1 million+. I’m hoping someone might give me a decent amount for a place where they can build a sprawling custom built home. I know the key is marketing it effectively.

You need a lot more than marketing advice, I would strongly consider approaching the Realtor with the idea of actually using him as a Realtor. Yes, you will make less money off the final sales price but in an odd sale like yours + you know nothing about this beyond some neighbor comps that aren’t real comps for you- they could be well worth it.

 

[kymom99]

You need a lot more than marketing advice, I would strongly consider approaching the Realtor with the idea of actually using him as a Realtor. Yes, you will make less money off the final sales price but in an odd sale like yours + you know nothing about this beyond some neighbor comps that aren’t real comps for you- they could be well worth it.

You ate right there. When mom was going to sell the property, the comps were lower than we expected. But we didn’t know anything about this sort of sale. That’s why we bought it for the appraised price based on the house alone.

 

[kymom99]

Have you thought about contacting an attorney to adjust the lot line so that the house sits on it's own lot and there's a separate lot with no encroachments?

Yes I have. I’ll see if he suggests that.

 

[kymom99]

Thanks to all for the replies. I’m getting a better idea of how to proceed after processing this a bit

 

[Cruising Engineer]

Have you thought about contacting an attorney to adjust the lot line so that the house sits on it's own lot and there's a separate lot with no encroachments?

You should check with your (city, town, village) Planning and Zoning regulations on minimum lots sizes then get a licenced surveyor to do the changes. Recording plats has to be done by a surveyor not an attorney.

 

[gottalovepluto]

Thanks to all for the replies. I’m getting a better idea of how to proceed after processing this a bit

Best of luck!!

 

[jlb727]

A piece of advice I would share is that as soon as you start working with a realtor to sell the house, it’s not your house anymore. You need to start separating your emotions and memories in the home from the physical house itself, which becomes a product that needs to appeal to the widest variety of buyers possible. That kind of compartmentalization will help you prepare the house for sale and get top dollar for your market. In my experience, when people get emotional, they project their feelings onto keeping outdated wallpaper or they take low offers as a personal affront and reject them outright instead of negotiating. That keeps them from quickly and successfully completing a sale. Good luck!!

 

[DisneyHardin]

I agree with the posters above that say you need to use a realtor.

I'm a little confused as to why you think you will be able to sell it for more if you sell it without a realtor - just because of the fees? Or do you think you will get a higher selling price? A realtor will be able to do lots more advertising than you would be able to on your own, so I would think the realtor would most likely get the higher price.

When we sold our last house, we were a little disappointed in the comps our realtor gave us - we were hoping to list it for about $5000 more than what she thought we should. We went with her price and sold it in 9 days for our asking price 10 years ago when the bottom had fallen out of the housing market. If we had price it $5000 higher, who knows how long it would have sat on the market.