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Updated over 3 years ago,
Methods for quick sale? Inherited property
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?