Real estate question.

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TrailBeast

TrailBeast

AKA Mopars4us on Youtube
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Location
Arizona
A property in a highly desirable location in wine country California.
Locals are willing to make a competitive offer and avoid a possible commercial buyer coming in.

Through an agent the final closing costs could be in the 50k range all said and done.

Considering the desirability of the property and location it seems to me listing it nationally with an agent and a possible biding war may be best to start, then see if a local buyer wants to top that.

Any thoughts?
Thanks
 
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Check the property taxes and what it costs to insure and hold the property for the year.

On the more expensive properties, this can get into the 10s of thousands of dollars along with whatever the mortgage payments are.

Income producing properties like farmland can help offset the costs.


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Is it residential or commercial? If it's residential, give the locals a chance before listing. If it's commercial, talk to the locals who are interested and offer it to them at a "you'd better step up now" price, including closing thru a real estate lawyer. Either one is better than letting Habeeb swoop in and build a 711.
 
Maximum profit or saving the property from Commercial buyers (or worse yet, foreign)? Sell locally to real people.
 
Are you looking to make a singular killer deal or build business relationships that will last decades and create millions ?
 
50k just for closing costs? Does that include the real estate agent commission as well? Here in Missouri the closing cost consists of the real estate taxes, insurance and a percentage of interest
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Did you inherit the property from a family member? If so, you can possibly get a step up in value from purchase date to death date (less CA taxes) get all the info now to be ready for the CA taxes or look into long term lease if farmland.
 
Inquire as to a well known KNOWLEDGable R/E office/agent, have them research comparable sales and see their opinion. Or have it appraised.

Many people think their property is commercial when in fact it is not.
 
sell the locals a first right of refusal. Then you can look for a buyer and if you get a legal offer from a legitimate buyer, the locals get to buy at that price if they want it. We buy such rights in conservation work all the time.
 
Avoid the real estate agent. You can do the same thing they do(take pics and list on website). You may pay a real estate lawyer a little more to check all the boxes, but the savings vs paying the crooked sleaze ball RE agents is worth it.
As mentioned give the local residents 1st crack at it.
 
In most of Texas, r/e agents pay each month to list on a website that is limited to listings of r/e agents.
A guy can always put up a sign on property that says "for sale by owner!". :BangHead: Works for some property in some areas.
 
I can’t answer all the questions in replies, so I’ll add this.
It is my job to get as much for the property as possible for the beneficiaries of a will.
Looks like it’s going to be listed nationally with the locals having a chance to make a higher bid.
 
YY1 said:
Not interested in getting into the wine business?
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No thanks
Way too expensive there for me.
Just the estimate rent on the house is over 4k a month.

4spdragtop said:
Ahh sounds like you're an executor....have fun lol:poke:
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Not the executor, but just the one dealing with the attorney and fiduciary after the executor wouldn’t leave the property after 7 years of getting free rent at the expense of the beneficiaries.
Had to file a suit against the ***** to get her out and finalize the will and estate.
 
JDMopar said:
Is it residential or commercial? If it's residential, give the locals a chance before listing. If it's commercial, talk to the locals who are interested and offer it to them at a "you'd better step up now" price, including closing thru a real estate lawyer. Either one is better than letting Habeeb swoop in and build a 711.
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....or Chin Wong.
 
Sorry to read, my Uncle(great guy)was executor for my Dads. Dad's gf tried to hide $$ from me and sister and my Uncle had to do some serious digging. Unfortunately i had to buy the cuda from the estate as Dads will was outdated, even tho his wishes were it was mine. I now have 2 people on my "pi$$ on grave list". Sad but true.
Back in Time said:
I was the executor for my little sister and my Grandma. Both times I ended up being the bad guy in the end .
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4spdragtop said:
Sorry to read, my Uncle(great guy)was executor for my Dads. Dad's gf tried to hide $$ from me and sister and my Uncle had to do some serious digging. Unfortunately i had to buy the cuda from the estate as Dads will was outdated, even tho his wishes were it was mine. I now have 2 people on my "pi$$ on grave list". Sad but true.
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I know just how you feel.
 
4spdragtop said:
Sorry to read, my Uncle(great guy)was executor for my Dads. Dad's gf tried to hide $$ from me and sister and my Uncle had to do some serious digging. Unfortunately i had to buy the cuda from the estate as Dads will was outdated, even tho his wishes were it was mine. I now have 2 people on my "pi$$ on grave list". Sad but true.
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Back in Time said:
I know just how you feel.
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Fortunately for me three of the four beneficiaries are happy with the way it’s being handled.
The fourth beneficiary is the one I had to take to court to get her out of the property.

Since I had to hire an attorney anyway, she now owes attorneys fees, fiduciary’s fees and 7 years of back rent at 3-4k a month.
Whatever the judge decides.
Anything she would have gotten from the property sale is long gone, and we could sue her for whatever she falls short on.
We won’t, but could.

The only reason she is getting hammered like this is she told me to F-off and there was nothing I could do to keep her from keeping the property for herself since she was the executor.
Had to take her to court and get her removed as executor and evicted from the property.

None of this would have happened if she would have just done what she was supposed to do 7 years ago, instead of using the estate for her own, screwing the other 3 beneficiaries and of course being the nasty selfish ***** she has always been.
 
It's amazing how greed and entitlement come to the forefront once a death occurs.
Sorry to read and good luck!
TrailBeast said:
Fortunately for me three of the four beneficiaries are happy with the way it’s being handled.
The fourth beneficiary is the one I had to take to court to get her out of the property.

Since I had to hire an attorney anyway, she now owes attorneys fees, fiduciary’s fees and 7 years of back rent at 3-4k a month.
Whatever the judge decides.
Anything she would have gotten from the property sale is long gone, and we could sue her for whatever she falls short on.
We won’t, but could.

The only reason she is getting hammered like this is she told me to F-off and there was nothing I could do to keep her from keeping the property for herself since she was the executor.
Had to take her to court and get her removed as executor and evicted from the property.

None of this would have happened if she would have just done what she was supposed to do 7 years ago, instead of using the estate for her own, screwing the other 3 beneficiaries and of course being the nasty selfish ***** she has always been.
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A fast easy sale is usually best for all. If the locals are making a fair offer skip the agent and save the 50k so they get that cash also.
 
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