We are living in the PNW on a very busy thoroughfare, bought cheaply in 1999. Our house was built in 1948 and it was Frankenstein-ed to insanity over all the years. It is now 3500sf or so, and nothing about this house is smooth, functional, or intuitively welcoming. We've struggled to make it right, but it's not. It's a beast, but it's our beast.
There's no way in hell this place is going to pass any inspection for a loan (bad foundation, bad wiring, weird plumbing, too many trees) and we are pushing the timeline on a bunch of maintenance and tree removal we don't want to pay for. The property is almost paid off and the assessment is for $350k over what we owe on it. Due to a history I don't have room for here, this place is not going to be suitable for another family to buy.
To the North and South of our property are mid-level apartment complexes built in the last 4 years. Our property is zoned to build 8 units on it. In my opinion, selling it to someone who would do this would be the best way to get the most out of our investment. If we sold it for only the assessed value, or as a single-family home, we would not get enough for it. Then we'd be struggling to buy another place in our desired location (a bit more rural than where we are, but same metro area).
We need to max out what we can get out of this place, as you might imagine, otherwise we will forced into the rental market which isn't sustainable for me. My spouse just retired and is on limited SSI income, so any move is based only on my income alone. I'm not retiring anytime soon, but I no longer have to commute to an office, so we can GTFO of town. My mortgage broker is still crunching numbers, but it all seems marginally possible.
The real estate agent I talked to walked through this property as if she was looking to list it as a livable house. She kept asking about numbers of bedrooms, the age of the roof and furnace, etc. She either did not understand what my goal was, OR she was trying to dissuade me from selling to a developer rather than a family for some reason. When I straight up asked, "Have you ever brokered a deal between a private home and one of the local land development corporations?" She said, "I'm afraid not."
So I thought maybe I'd throw a hook into this pond and see what ya'll have to say about this? I've already decided I need a different realtor in order to sell this property, but is there a subcategory of real estate agents who deals regularly with this sort of thing? And if so, how do I find them?
Am I destined to sell this house as if it were livable, and then take the loss when it doesn't pass inspection? I'd rather stay right here and let the place fall down around me than put myself into a rental for the rest of my life.
TL/dr: Need to sell old house to land developer, don't know how.
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source https://www.reddit.com/r/RealEstate/comments/pylw6m/selling_an_older_house_to_a_property_developer/
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