I have made the difficult decisions to sell the family farm I inherited almost 3 years ago. I asked for recommendations and have been speaking with a Realtor that specializes in these types of properties. I am nearly ready to hire him, but I am not sure about how to handle the 2 people longtime business associates of my family and actual distant family that have always said "if you ever want to sell the farm let us know".
It is hard to put an exact sales price. I am sure these folks would expect a direct sell without the Realtor, but I want to get a fair market price too. I also realize Realtor won't want to work and then have it sold around him. He mentioned a "lowered commission for certain named buyers and doing the negotiations". I think these "friends" would expect to talk to me directly not the Realtor. Realtor has buyers looking to buy a similar size piece as well.
I live several hours drive away from the property. It is a large parcel.
Thanks in advance for your help.
Depending on your market you can ask for certain people to be excluded from the listing contract if they buy. I've see it set up anywhere from exclusion only for a certain time to actually giving them first right of refusal.
In reality if these people want the property they will step up before you list. Commonplace is to do three appraisals and settle on an agreed metric of the three for sales price.
Ask anybody interested in the parcel to make an offer. You can likely find any comps on the internet on your own.
We told all involved that we would be listing our property on a certain date and when they failed to come forward, listed it on that date.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing