REI group interested in buying my in-laws' lot of land
Hey all,
So my in-laws brought over a letter from a local real estate investment group here in SoCal, expressing interest in purchasing a parcel of land that my in-laws co-own with 3 other couples. The land is zoned for industrial use I think, and is located up in the Lancaster/Palmdale area right across from an airstrip and was purchased for around $108k. It looks to be around 2 acres. It seems to have been an impulsive and quite speculative purchase - like friends pooling money together to buy a ton of lotto tickets... Recently sold properties on the LA assessor's parcel map seem to indicate pricing for similar parcels sold at around $80k but this was in 2015-2016. Selling price on one similar piece of land I found just down the street (but not across from the airstrip) is $50k per Realtor.com - it seems like a loss, even if they demanded a premium on being across from the airstrip. Then again, I know nothing about commercial and industrial real estate so....
This is a direct mail marketing letter, it seems... they are offering to pay all cash OR 1st Trust Deed on the property and pay interest at a 10% interest rate monthly. They are wanting to purchase direct from owner to avoid real estate commissions and are offering to pay all closing costs.
Thoughts on how to proceed? Should they attain the services of a real estate attorney and CPA who specializes in real estate? I have a friend who has her real estate license and is also a real estate attorney (though for commercial I believe). Wondering if we should ping her.