Updated about 9 years ago on . Most recent reply
almost one city block in Santa Ana ( Seek Advice)
My neighbors own 4 parcels of land in Santa Ana California. These properties have both commercial and residential applications. The properties are paid off. The city offered 10 million for it and now are considering selling the properties. It is not on the market. History: the original owners passed away and was left in a trust. The current owners (my neighbors) don't want to be land lords and would rather sell it. One parcel Verizon and Sprint leased part of the land for their cell towers. I have all the parcel info but not sure how I can capitalize on it. Please Advice.
Most Popular Reply
Need to determine if the cities 10 million offer is the highest and best use for the land? Meaning is their a use that would bring even more money for selling in the same amount of time or quicker??
I would want to know HOW the city is going to pay me, when, and under what contractual conditions. Anything verbal from the city is worthless. Employees come and go. Unless you have something in writing notarized and certified then it has no teeth to it.
If the city wants the land they could perform an abuse of power with a higher use buyer wanting to go in and make it difficult for them. Another aspect is if the sellers want to 1031 exchange proceeds into more property.
You need a specialist commercial real estate attorney that is local and not someone who dabbles and is a general practice attorney.
No legal advice given.
- Joel Owens
- Podcast Guest on Show #47
