Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Commercial Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago,

User Stats

10
Posts
1
Votes
Dave Wittnauer
1
Votes |
10
Posts

Methods for quick sale? Inherited property

Dave Wittnauer
Posted

I'm wondering if there are any paths to a quick sale in the commercial real estate world?

I've inherited a commercial property and have been dealing with it for the last year and really don't enjoy it.  My family has decided it is time for the place to go - the sooner the better.  It's cash flow positive and is a great building for someone to own.  I don't live near the property and  I resent the time it takes monthly to deal with it.  I realize I could farm some of that out to a property manager, but I just want to be done with it.  

I've spoken to a few realtors and they have each given me a price point of 1.25-1.45 million.  They have also told me that it would typically take 6 months to a year to complete the sale with the inspection period, time on the market, etc...  I don't want to own the property for the next year.  

Are there places that I can list the property or advertise, without a realtor, for a quick sale, knowing I would be offering a discount in exchange for a rapid settlement?  If I reduced the price to 1million, it would be almost a 10% cap rate, with leases in place, and the ability to expand and double the square footage if desired.  I feel like that's a lot of upsides and I should be able to find the right buyer, but I don't know how to do it.  This isn't my passion or a field I've ever been part of. 

If I list with a realtor for a discount and pay 100k in fees (commission, taxes, closing, deed, etc.) then it just hurts my ability to walk away since there is a mortgage left on the property, though much less than either asking price.  

This is the long way of asking - is there a place to sell by the owner and offer a discount for a quick settlement, if maximizing my cash return isn't my first priority?

Loading replies...