Approaching an off market property with 20 acres of land

[Rich Hupper]

Hi BP

I am by no means a developer, however there is a 20 acre piece of property with no wetlands on it in a very desirable area currently off market. The last time it was conveyed was in the 70s, to its current owner.

I want to approach the owner directly at his door because I am sure his mail box is filled with letters. Can someone give me some pointers how a deal like this would be structured and what to say to him? Would the price be lower with no contingencies and higher with contingencies? What do I say when he says no? I was thinking about asking him for a right of first refusal agreement. If I successfully put this under agreement I would assign it to a developer who could handle this project.

The owner has the property in a realty trust but and I am assuming the beneficiaries are his 3 children. Highest and best use is definitely a condo complex or single family homes. 

Any advice is appreciated.