And some people do want it now, even at a substantial discount. We all have different motivations and needs.
Another transaction we are trying to do is on a 12.5 million estate in a western state on a large parcel of land. It has been for sale for over 4 years. The guy is very wealthy, and all this property is doing is eating money. He gets no benefits from living there, since he is across the country.
This is an interesting premise.
I’m still not clear on the benefit to the seller; he’s getting ±25% of his cash (on a $2 million sale) at closing. If he lives past 7 years he gets more cash.
Is it because the property wasn’t going to move any other way?
Presumably as the broker of the deal, you’re taking a commission– from the seller?