Updated about 2 years ago on . Most recent reply
Looking for suggestions on how to get developers to move faster to buy my property
Hello BP!
I have an old single family property that sits on about .25 acres of land that that is surround by a couple larger tracts of land (~3+ acres), which is vacant / wooded area. The larger tracts are zoned commercial, while mine is zoned single family. Also my property is out of the flood zone, while a large portion of the 3 acres is in the flood zone. I have been approached by the owners of all of the properties to buy mine but they keep dragging their feet.
I would love to hear some suggestions / strategies that I might be able to try, so I can push the developers to take action and buy my property sooner, rather than later.
(I am also a RE Agent and have been contemplating just putting the property on the MLS.)
Most Popular Reply
What kind of money are we talking about here? Is it in the millions or are we talking about ~100k? If it's big money property then a feasibility study would sure help. If it's low price point I would save the money.
Also are we talking about big name national developer or a small private developer? If it's a big one, nothing you could do can influence them. You are moving at their speed, just negotiate a huge non refundable EMD upfront because they can afford it and don't shy away from walking away from 250k no sweat after 5-7 years.
If it's a small private developer, then you may have some influence but just remember, who talks first loses. If you want to make them move, you could just list the property on the market. They will see it when you list it. You can either list it at a ridiculous price just for the developer to buy or you can list it to sell. If you aren't in a hurry to sell, I would list it at a ridiculous number. Your lot worth 10x more to the developer than anybody else on the street.