3 titles (neighbours) in a line, pitfalls?

[adrianjt]

hi,

would greatly appreciate realistic advice re pitfalls/concerns of the complications arising from 3 neighbours selling in a line to developers.

each title is very similar size, we have received proposal from developer and rather than accept this offer have decided to list with international realestate agency with the aim of selling together.

land zone r3, max height 12.5m, total land 2500m2 located in inner west sydney

appreciate all advice

ps any suggestions on commission, are looking to sell for about $6m,

regards

 

[Terry_w]

Pitsfalls include dealing with 4 sets of people - hard to reach a decision.

Commission - standard 2.2%, but you may try to negotiate. More work for the agent dealing with 4 vendors though.

 

[belvoir]

hi,

would greatly appreciate realistic advice re pitfalls/concerns of the complications arising from 3 neighbours selling in a line to developers.

each title is very similar size, we have received proposal from developer and rather than accept this offer have decided to list with international realestate agency with the aim of selling together.

land zone r3, max height 12.5m, total land 2500m2 located in inner west sydney

appreciate all advice

ps any suggestions on commission, are looking to sell for about $6m,

regards

How far was the developer from $6,000,000?

 

[adrianjt]

Appreciate responses. Multiple parties does of course complicate however we all bought around the same time for similar amount, and have had preliminary discussions which were fruitful.

We have only had discussions with one agent. Fees around 1.1%. We have received verbal offer (only one of us has signed agency agreement, they signed prior to discussions with us & other neighbour as at the time they didn?t consider the aggregated value &/or our willingness to sell, it was in fact the agents suggestion). The agent made subsequent inquiries & we have received a verbal offer of $6M for the 3 properties. However on consideration & reading Council LEP/DCP, and NSW 'regional development' requirements, + considering planned adjacent rezonings, now believe better outcome is plausible.

regards