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Q: What is Best Way To Sell Unique Inherited Property On Internet? ( No Answer,   3 Comments )
Question  
Subject: What is Best Way To Sell Unique Inherited Property On Internet?
Category: Business and Money > eCommerce
Asked by: tonsofwork-ga
List Price: $25.00
Posted: 21 Oct 2005 18:58 PDT
Expires: 20 Nov 2005 17:58 PST
Question ID: 583343
My three siblings and I have inherited a lovely 8 acre property in
southern Virginia complete with a very nice brick 8 room, 2 bathroom
country house built in the 1950s, a brick country store built in 1968,
a working well, streams, apple trees, pecan trees--everything needed
for the quintessential country resort or someone wanting a get-away,
or something else cool(insert idea here).

We are dreaming big in terms of how much money we might be able to get
for this property and want to open the bidding to people outside of
the area, hopefully getting high prices from big city folk (tee hee)
wanting a getaway or some fat-walleted company or corporation looking
to build a resort or something.  You get the (not that well
formulated) idea.  Worst case scenario (morally), we'd like to sell it
to Some Big Corporation who will pay top dollar (it has several
hundred feet of road frontage, too).

What is the best way to attract targeted high-end clientele or other
people/businesses who might be interested in the uniqueness of the
acreage, and therefore willing to pay top dollar for such a property?

Do you have any ideas how to market this most efficiently?  

And most importantly, where on the internet can we (cost-effectively) list this?  

Any other ideas or related information is welcome.  A $20 tip to a great answer.
Answer  
There is no answer at this time.

Comments  
Subject: Re: What is Best Way To Sell Unique Inherited Property On Internet?
From: myoarin-ga on 21 Oct 2005 20:17 PDT
 
Tonsofwork,
You can place ads in the local and national papers (NY Times and Wash.
Post), but you have to have a realistic idea of the price, something a
real estate agenct with the broader view would have, and maybe
something that you could confirm by comparisons with other ads in
papers and on internet.
Your hopeful attitude  - "We are dreaming big in terms ..." - 
suggests an initial euphoria that could become a problem, especially
for a group of heirs, since each of them will have to agree to a sale.
 This is a common difficulty in such situations when personal emotions
about the value of a real estate are involved.
The place is only worth what someone is willing to offer.  Maybe the
road frontage can be parceled off.
Talk to a good realtor  - or two -  and get the heirs to agree on how
the sale will be handled  - if not on paper, then in open discussion
so that the weight of the majority can prevail.
This is not an "answer" to your question, just a free comment, and
obviously - at best -  "related information".

Regards, Myoarin
Subject: Re: What is Best Way To Sell Unique Inherited Property On Internet?
From: markvmd-ga on 21 Oct 2005 23:14 PDT
 
Back in the 70s there used to be a magazine-- Strout, if I recall
correctly-- that listed unusual properties, like entire towns. Another
listed ridiculously expensive and huge houses (think Newport, RI
mansions) that were selling for incredible sums like $500K and up.

[The 1200 square foot 1952 rambler on a tenth of an acre behind me is
going for $450K, leaky basement and worst-in-the-state school system
and all. I hate the new millenium.]

These mags don't seem to be around anymore but plenty of other niche
real estate mags are. Get an appraisal or two so you know what a fair
and reasonable price is-- those big city slickers just might take you
rubes for a ride, for all you know-- and advertise, advertise,
advertise! Use eBay and even Craigslist in addition to the papers
myoarin mentioned (USA Today has huge circulation, and don't forget
the International Herald Tribune; expect big fees, too).

Myaorin's recommendation that you get a consensus among the heirs is
crucial. I would take it further-- only one of you does the talking.
Determine who it is and everyone else keeps their mouths closed unless
you are all alone.

Best of luck.

Hey, why don't the three of you go in together and make it a business?
You'll make tons more selling it as a going concern than something
that "has huge potential." Just look at how many ads there are like
that already out there.
Subject: Re: What is Best Way To Sell Unique Inherited Property On Internet?
From: roxrox-ga on 22 Oct 2005 15:46 PDT
 
You and your siblings might want to lean more towards subdividing.
If you can parcel off the house and store and sell them, you could
have enough money to develope a small subdivision. Might want to check
out the price of buildable lots. Vacant land should have low taxes, so
if you sell the improved property the taxes on the buildable lots
should't be that bad.

Another idea is to look within the local community for large
organizations, colleges and universities, churches and businesses. Our
friend lived near Wisconsin Lutheran college and she knew the college
was looking to expand so when she wanted to sell she jsut called them
up and asked if they were interested in buying. They were, and she
sold her home directly without having to pay a Realtor's fee. So I
know from firsthand experience, checking in the local community may
provide some interest.

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