How much should I ask for my house when a company wants to by it and 30 others to turn area into strip mall?

RCWoody: How much should I ask for my house when a company wants to by it and 30 others to turn area into strip mall?
My house is appraised at 49,700
They said they would pay house payment and taxes for a year in the house I am in now if I sale it today.
They said price is negotiable.
The area is booming with commercial business.
A Wal-Mart supercenter and a strip mall are getting ready to open with a Dillion grocery store and a sonic fast food restaurant opening about 2 years ago.
If I sold I would have to put more down on my next house because I used up my first time home buyer special. And the interest rates are higher now then they were 3 years ago.

Answers and Views:

Answer by tylermyhre
wow only 50000…. ur house must be small

Answer by nas8caror300
they will make you beter offer if can hold out for a while longer..they want that land.they will give a lot more sounds like just a first offer

Answer by Mike C
if you hold out, they will be forced to offer you more, if not, I take it you have a year to save your monthly mortgage payments to put down on a new house, sell you house at full market value or more, then move on.

That’s a tough one. If they offer you enough (price difference, interest rate difference etc.) this might be a great opportunity for you to save some money, pay off some bills and move into a nicer home.

Answer by davidg32
Sounds like you and the other 30 homeowners need to get together, draw up a contract, and ask them for a package deal. Most of the time, a developer will pay a little more in that kind of setup, because they can get everything they need in one deal and know they won’t have any stubborn “holdouts”.

Answer by Christine B
Was your appraisal a residential appraisal or a commercial appraisal. I don’t know where you live, but for commercial property, that sounds riduculously low. Specially if the company who wants it is willing to pay your house payments for a year and the taxes. You need a commercial appraiser to justify the purchase price and the purchaser needs to furnish that to you…they are expensive. Get an attorney, like Yesterday, before you sign anything!! It sounds like the ball is in your court, get what the property is WORTH!

Answer by legionmober
if your house is not it iniment domain them hold out untill they have the rest of the homes and tell them a high proce because at that point they will have the rest of the land and will almost be forced to pay the price you set. if you are selling look into ofther homes and tell them a proce based upon what you need for the new home and tell them that they need to pay for the moving cost

Answer by Kimberly
$ 49,700??? that’s all?? i am sure you could get more than that…
but it also depends on how many square feet it is, location, there are tons of little things that in the long run can make your house more or less desire able, so it is hard to say. But… since companies wish to buy it, it must be desirable land so milk it for all its worth. Just keep raising the bar on your asking price and i am sure you will be able to get top dollar.

Answer by Thomas S
Get all you can, you can only do it once. What ever they pay you they are not loosing, the only loose could be you.

Answer by CALOi
You can only ask for the fair market value of the house, plus moving expenses I suppose. Better check Zillow for an estimate pricing of your property. It’s free. After that, get an independent appraiser of you property. Do not trust the buyer’s appraiser. Can you opt to not sell it? If you’re selling it, maybe you could sell your property to the highest bidder?

Answer by NW_iq_140
You house may be appraised at $ 49,700 as a residential property. You can either check with a realtor fo rthe comparable commercial land value (your house would be considered worthless and a detriment to the value since they would have to pay to tear it down).

If they said the price is negotiable then you know they will go higher, how high is the question. I do know that if you wait until they have several other properties andare committed to the area then your value will go up even higher.

I would check with a local realtor, but if you are guttsy then you might ask for double the amount, just to see what they say. It is unlikely they will accept, but it would set the precedent for further negotiaitons.

Answer by dawn18417
Go find another house that is a little nicer than yours is that is in a similar price range,then make an offer to the mall company to buy your new house and furniture also take care of any outstanding bills on old house and moving costs and then you will give them your old house.

Answer by Searchlight Crusade
1. Charge all the traffic will bear

2. Be certain there’s not a Kelo style condemnation in the works.

3. Get yourself some good representation. Real Estate Agent at a minimum. Lawyer and appraiser – the best you can find – if there is any whiff of a condemnation suit.

4. Like someone else already said, package deals are attractive to developers. Not as attractive as getting the government to steal your property, but some developers are pretty straight shooters.

Answer by tnbroker1
Have it appraised as a commercial property. The value will rise considerably, and if they do not buy it, list it with a commercial real estate broker, DO NOT LIST WITH WITH A RESIDENTIAL “I WANT TO DO COMMERCIAL DEALS” agent. They may have sold a “commercial”
property by fluke once upon a time, but they will inadvertently sell you down the road because they do not have the knowledge or expertise to do the best deal. The commercial broker will get you the correct value and terms. Once Wal-Mart is in the value should increase again. The appraisal is well worth the money. Why sell for $ 49K if it is worth $ 149K?