Go on. Take the money & run

So a few weeks ago, I was approached by a business owner in my neighborhood who wanted to know if I was interested in selling my home. I was not but I told him that I would listen to his offer. He asked me how much I would for it.

Whoa, stop right there. Don't try this at home. I am a professional! Seriously, because this is my business, I have a lot of experience in pricing homes--I do it day in day out. This is where most homeowners could easily get "taken" by selling their home for much less than its true worth because they don't know it's true worth.

Not only did I know what my home was worth, I knew that any potential offer would have to be well above that amount for me to take seriously. So I was in a great position to "name my price" knowing that after all, I didn't have to move. After much consternation on my buyer's part, he agreed to my price. He admitted that he planned to raze the property to use the land for parking. It will be sad to see my house go but I have to be pragmatic: If my home were to appreciate at a realistic rate (keep in mind the market is in a slump,) it would be another 5 years before I could see this much for my home.

Another upside to selling to a developer is that I could also set my closing date, other terms and have scavenger rights to my home. Simply put, I could take or sell off everything in my 2 flat: appliances, cabinetry, light fixtures, wood trim, doors, etc.

So now that the contract is signed, I have to find a new place to live! more on that next time...