Expert: Dick Dennis - 12/24/2007

Question
sorry to bother you again.my e-mail said there was a reply, but i have not located it.my question was:

MY WIFE AND I HAVE PROPERTY WITHIN THE CITY LIMITS OF A FAST GROWING TOWN LOCATED ON A BUSY TW0-LANE HWY. THE PROPERTY CONSISTS OF ONE-HALF ACRE WITH A 1450 SQ.FT. BRICK HOME. OTHER PROPERTIES AROUND OUR PROPERTY ARE ALSO FOR SALE. WE HAVE HAD THE PROPERTY LISTED WITH A WELL KNOWN REAL ESTATE COMPANY FOR TWO YEARS, BUT THERE HAVE BEEN NO SPECIFIC OFFERS. WE HAVE DECIDED TO GO FSBO. ARE THERE SOME DO'S AND DON'TS YOU ARE AWARE OF REGARDING FSBO IN THIS SITUATION-RESIDENTIAL REZONED COMMERCIAL. THANKS AGAIN FOR YOUR HELP.

Answer
Like any FSBO situation, Gary, you must be aware of everything regarding the property (make sure you find out what the zoning is, etc.) and what has transpired recently in the area generally. However, you may not need to.

Buyers in your situation, in most cases, have already done their due diligence. Being on a main drag, chances are the property will be torn down for some commercial enterprise sometime in the future . . . but not any time soon.

Anybody who would be interested in buying your property will not be someone who wants to live there, in all probability. If they do want to live there, they would be simply waiting until their investment blooms.

So, why don't you?

You may be able to escalate the zoning change by renting the property to a real estate office (no time soon in this market), or any business that would want to have main-route exposure. So, make an effort to get the property rented to a small commercial enterprise, some kind of business where they would need or want to put up a sign of some kind and the county or neighbors would not object. Feel your way in that direction.

Your future bankbook would be in lots healthier if you can be patient and see that far in the future. I wish you well

Dick Dennis          dixiedee13@aol.com