Home pricing question

Juan_Hong_Loe · Sep 19, 2008

Aight I gots a question. I bought my house a couple of years ago as a fixer upper and since I have most of it completed. My neighbor told me yesterday that the man that owns the lot behind her wants to buy hers and the two on either side of her, mine being one of them. She asked me if he had contacted me about this but he has not. Now I did buy this house to flip but if this guy wants to buy my house for commercial reasons should I ask more than what I would be willing to take if it were just to be sold normally? Not sure if that makes sense, so let see if I can explain. He owns a couple of car lots and the lot behind my neighbors he has turned into a garage area for his lots. So I know he would want to put a car lot on all of these lots. What do yall think? On a side note he just bought about 3 acres from my bosses dad for about $285k. These three lots would not be quite that much land but they all have houses and some sort of garages on them. sorry for the long post.

Bones · Sep 19, 2008

I bet you could get a little more. But not until he has all owners in writing that they'd sell.

Can he get it rezoned to commercial easily? Meaning will the homeowners left behind bitch and complain about it.

Juan_Hong_Loe · Sep 19, 2008

I don't know how to do a screen shot or I could show you, My lot backs up to a bar/grillthat's right off US Highway 11. That is probably already commercial property. My Address is 6715 Jenean Street Cottondale, AL 35453 if you want to see what I'm talking about. He wouldn't want my property unless he had my neighbors anyway just wonder what I should do or who I should talk to?

Juan_Hong_Loe · Sep 19, 2008

I just noticed that if you put my address in google maps it is not my house that it pulls up. ;D It is actually the third neigbor that he would be interested in buying out.

CHASMAN9 · Sep 19, 2008

You need to ask a price above what market value for your house is at this time. You don't care if he wants to put a Dog Polishing business or a fur lined sink shop there. Your price is your price. Your value can only go up, depending upon how badly he wants your property. Remember, it still has to appraise for nearly what you ask for it. If he has deep enough pockets, he will kick in the balance.

muchado · Sep 19, 2008

wait it out, don't be too eager.. if you are anxious you won't get top dollar! Yougotta fugg wit em..

Bones · Sep 19, 2008

Do you know anyone in real estate? Commercial property? That would be a good first step.

What is your house/property worth today if you were to sell it to me, Muchado, a ninja, etc?

Juan_Hong_Loe · Sep 19, 2008

Had it appraised at the begining of the year $124k. The appraiser told me to not do too many more mods as the value of other houses are already in the same price range as mine is. Doing too much might hurt, instead of helping.

3 tons o fun · Sep 21, 2008

Is the 3rd nieghbor the chicken coop? I have really ever paid attention.

kid rok · Sep 21, 2008

I would suggest you calling your local planning and zoning and asking what the future land use plan is for your property. Most counties have this set out, and if they end up telling you that it is commercial or hiwhway business than the buyer will have a fairly easy time rezoning. If you are in a neighborhood, the neighbors could all oppose the zoning hence leaving you with the house as residential. Commercial properties are worth more than residential, but usually after they have been rezoned. Once you find out the future land use plan, that will determine an approximate value for the property. There are residential appraiser and then there are commercial appraisers -- they will come out with different values on the same house. Meaning if you end up seeing your house is in the future going to be commerical, you need a commercial appraisal. You could also call a local real estate agent who deals in commercial properties and discuss it with them. They would have first-hand knowledge of your area and pricing.