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A Few Rookie Mistakes On Selling Direct To A Developer

When you receive an offer from a developer looking to buy out your street, the first thing you must do, after you give yourself a nice pat on the back, is hand the offer to a professional who has your best interest in mind. An offer is not something to jump the gun on, especially if this is your first rodeo. Here are a few rookie mistakes that people commonly make on their first go around.

You may have seen your peers selling their property and it’s motivated you. Then you find yourself getting an offer from the same buyer and because it worked out with your peers, you instantaneously sell without consulting with an agent or other developers. This is a mistake.

It is easy to grow attached to the idea of “fast close,” and terms like “all cash,” and “no commissions,” but the reality of these scenarios is that you more than likely will sell for a lower net dollar versus going into a competitive open market and maybe having more luck.

Don’t accept an offer with the words “nominee” or “assignee” written on the purchase agreement next to the purchaser’s name, without running it by your agent. In many cases, scam artist buyers assign the sale without closing first at a higher price and the difference will benefit them, not you. 

Be weary of accepting an offer with contingencies and a floating closing date. You may find yourself learning that the buyer is assembling investors on your time. Before you know it, the buyer could pull out of the deal or renegotiate the price. Don’t let people pull fast balls on you. 

When you provide a buyer with a long due-diligence time period and then find yourself with a buyer asking for a ton of extensions and concessions - this is very common and very rookie. 

 

If you are patient, use common sense and allow your offer to be meticulously reviewed by a professional, you will avoid inevitable regret. Be sure to put the offering out in the market or at the very minimum, to three or five developers first. 

 

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CONTACT

  • Lydia Eskenazi PA

    Director of Real Estate Sales
    Harding Realty, Inc.

  • TELEPHONE

    +1 (305) 785-0440 Direct
    (305) 682-9051 Fax

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    Surfside, FL 33154

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