L
latitude
Guest
I've owned a piece of land for several years, and decided to sell it to pay off my debts right now... I needed to sell it really fast, but I'm really inexperienced with things like this. Well I looked up an RE agent in the yellow pages, and placed the land up for sale. An aquaintance of mine found out I was selling it, and wants to buy it, but says he wants to buy it if I were to sell it "by owner". He told me to look in my cotract with my agent to see how long the contract is for, and said that contracts are usually for 3 months or so. Well, I looked and the contract is for 1 year, plus an extension period of 180 days. So a total of 1.5 years. I looked at his rate, and its 8%! My friend said that that is way too high. Well, I need to sell the land really fast, because I need to pay off my debts that I'm behind on, and so far, my agent has not found any buyers (its been on market for over 1 month, and we priced it really low to sell it fast). Continued...
My questions are these:
1. Why would my friend want to buy "by owner" only? What are the advantages of that to him?
2. Is 8% a really high rate?
3. Is a 1.5 year contract normal, or is my agent doing something weird?
And most importantly, what are my options? If I were to sell the land by owner, and then later pay the agent what he is due, would there be any legal issues involved?
Thanks everyone!
My questions are these:
1. Why would my friend want to buy "by owner" only? What are the advantages of that to him?
2. Is 8% a really high rate?
3. Is a 1.5 year contract normal, or is my agent doing something weird?
And most importantly, what are my options? If I were to sell the land by owner, and then later pay the agent what he is due, would there be any legal issues involved?
Thanks everyone!