Group property sale with neighbors

[haunt]

The neighbor of my rental property contacted me to gauge interest in banding together to list a row of four properties on the market to potentially sell to a developer. The area is inner city and the lots are quite large. Each lot is a slightly different size.

Does anyone have any experience with this?

What kind of personal representation do I need? ie. Lawyers, realtors..

I also don't know the neighbors very well. However, my tenants impressions are that they are all friendly.

[you&me]

There would be greater value in selling an already assembled property and even more if the up-zoning is in place.

Is there any way you could assemble the other three properties yourself?

Getting four sellers on the same page involves a lot of moving parts, different expectations, etc... Could be quite tricky.

[Type_S1]

After the developer buys the other three yours gets a bit more valuable....just saying....

[you&me]

Originally posted by Type_S1
After the developer buys the other three yours gets a bit more valuable....just saying....

That's what makes these deals so difficult... Every owner will be thinking the same thing and trying to be the last seller.

[gwill]

I would imagine everyone would need a commitment in writing that forces them to stick to the deal... It's an interesting possibility but one with many hurdles that could come up. I'd be concerned with losing my renters if the deal fell apart because of one of the other owners who ruin the deal

[Thaco]

i would just tell your neighbor to buy yours if he wants to do it.