My grandparents bought a 2400sq ft house in the 1950s. The house is falling apart, but it sits in a very expensive neighborhood in Los Angeles. Both have since passed away and I am now trustee of the estate. I don't live in California, but I've spent the past year flying back and forth getting the house ready for estate sales (they collected a ton of valuables over the years that we've been working on selling and clearing out of the house).
Because hundreds of people have visited the house during the estate sales, several agents have reached out to me claiming they have interested buyers. I'm suspicious of all of them and assume they just want to be my listing agent - HOWEVER... the house is in a highly desirable neighborhood. Over the past handful of years, multiple houses on that street in similar condition have sold in the 3-4 million range to investors, then torn down with some 5000+ sq ft monster built that is sold for 7-9 mil.
It likely would be the same thing here. Anyone who would buy this house would purely be buying it for property value, but based on what I'm seeing, it should sell for 3.5 mil as-is because of that property value. One of the neighbors was friends with my grandmother and has re-built multiple houses in that area. I suspect he may be interested in buying this one when I'm ready to sell. Meanwhile, I found the contact info for the listing agent who represented the person who bought across the street (similar size lot) for 3.5, built a 6500sq ft house and sold for 8.7. I reached out just out of curiosity and he said his client would very much be interested in making an offer if I decide to sell.
Just wondering for tips on how I might go about this? I've heard some people avoid listing agents and just hire real estate lawyers (far cheaper than paying a commission) to draft up documentation. In a hypothetical scenario where I'm the one finding the potential buyer (the neighbor or the investor who built across the street), what kind of commission to the buyer agent makes sense?
Thanks for any thoughts/suggestions.
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source https://www.reddit.com/r/RealEstate/comments/1bn9dxo/considering_selling_expensive_home_without/
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