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Post by roadkill on Nov 19, 2014 17:37:34 GMT -8
If that place was in northeast Ohio I'd be on it like flies on, well, you know.
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Post by bigb6flyer on Nov 19, 2014 18:16:54 GMT -8
Sorry to hear about your situation.
Commercial real estate is actually doing quite well right now. Of course, it's all about location. And finding the right buyer.
I would start over with another realtor who specializes in commercial real estate, has experience, and knows the area and market well.
Hang in there,
Brad
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Post by thebessemerkid on Nov 19, 2014 20:14:55 GMT -8
Could you rent the garage out? Maybe someone starting an auto detailing business or something?
Hope for the best for you.
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Post by Gary P on Nov 20, 2014 5:18:15 GMT -8
Hi Jim - First, the property looks pretty neat to me, but then, I'm a car guy! Couple of questions... - 1) Regarding the "commercial" aspect of the property, would it be possible to have the property or the deed split, so the house is separated from the former service station? If so, that might make the home an easier sell, and more valuable.
2) Can the realtors in your area offer up any suggestions as to how to list it? Some realtors specialize in commercial property, and may have cash-ready buyers.
3) Have you checked on what it would cost for the tank removal, and contamination testing? It may not be too bad.
Personal experience, from just this past year..... My wife and I were helping our daughter shop and purchase her first home. Being that it was her first home, and she is single with no children, a smaller "starter" home is what we were focusing on. After a long time looking at many places and being surprised at the poor condition of some places that folks/realtors said were in move-in condition, we found several good candidates for purchase. My duaghter had her financing all ready to go, with a 20% or more down payment, and was pre-qualified and pre-approved. In the first two places that we actually placed written offers on, we were beat out by another buyer with all cash. Keep in mind these were smaller homes, and we were not only competing with young buyers, but retiree also. The retired home shoppers had cash, and cash trumps other similar offers with a mortgage. Also, the sellers of the home we bought were buying another home that had an underground oil storage tank. That created issues with the mortgage company for them, but they overcame it. The seller had the tank removed, and the soil was tested for contamination. It took them about 3 weeks to schedule all that, and a week for the test results to come back. The point is, it can be done, just takes a bit more time and some money for the tank removal. So, bottom line is do not rule out an all cash offer. They are out there, and more common than you would think! I know, as we lost out on the first 2 homes we bid on to all cash buyers. The 3rd home we actually wound up buying was on the market for only 1 hour, that's right, 1 hour, before we made the written offer. Fortunately, they accepted.
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Post by Gary P on Nov 20, 2014 5:23:18 GMT -8
Darn - I posted my comments above before I read page two of the replies..... Most everything has already been suggested by others! Must be that great minds think alike! :-)
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Post by Gary P on Nov 20, 2014 5:26:41 GMT -8
Jim - One more comment... As far as the in-ground lifts being inoperable, that's no problem today. Most places I know are replacing them with the 2-post above ground lifts. In fact, I just had one installed here at work in our power vehicle repair shop (fork-lifts). You can get a high quality Bend-Pak 10,000 lb 2-post lift for under $3000, delivered, and other brands are under $2200.
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Post by Deleted on Nov 20, 2014 7:52:51 GMT -8
I have to sell this place fast or lose it to tax foreclosure in January. As of right now, I still own it. But I owe the county with this years taxes which are due next year about $30,000 on the two properties. Roughly $13,000 on the service station and $17,000 on the house. I have to quick sale it which is set for mid-December. If it doesn't sell, and there is a chance it will not, I'll turn off the utilities hop in the POS Lincoln with Trudy and a handful of possessions and abandon the property. Where I end up who knows and who cares, other than the dog. As I said my life is no present and no future.
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Post by scl1234 on Nov 20, 2014 9:41:07 GMT -8
Wisconsin apparently has property tax rates comparable to New Jersey.
I wish you the Best of Luck Jim...your modeling skills will be missed.
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Post by bluedash2 on Nov 20, 2014 9:40:55 GMT -8
Another example of how ridiculously high taxes are! Hang in there. There are a lot of people in your boat- more than you think. This stuff has been going on for a long time but it took the Great Recession (depression IMO) to wake the rest of the country up. Unfortunately us average citizens can't get corporate welfare, but do as what was suggested - take life one day at a time. That's all you can do. Have you considered filing for bankruptcy???
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Post by Deleted on Nov 20, 2014 11:27:50 GMT -8
Another example of how ridiculously high taxes are! Hang in there. There are a lot of people in your boat- more than you think. This stuff has been going on for a long time but it took the Great Recession (depression IMO) to wake the rest of the country up. Unfortunately us average citizens can't get corporate welfare, but do as what was suggested - take life one day at a time. That's all you can do. Have you considered filing for bankruptcy??? Bankruptcy doesn't stop the tax machine for property. I've already gone through a Chapter 7 bankruptcy in 2010.
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Post by nebrzephyr on Nov 20, 2014 12:55:27 GMT -8
I have to sell this place fast or lose it to tax foreclosure in January. As of right now, I still own it. But I owe the county with this years taxes which are due next year about $30,000 on the two properties. Roughly $13,000 on the service station and $17,000 on the house. I have to quick sale it which is set for mid-December. If it doesn't sell, and there is a chance it will not, I'll turn off the utilities hop in the POS Lincoln with Trudy and a handful of possessions and abandon the property. Where I end up who knows and who cares, other than the dog. As I said my life is no present and no future. Jim.....just to clarify, those tax #'s are for 1 year? Or do you also owe taxes for previous years? If that figure(s) is for 1 year, that's ridiculous. Bob
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Post by Deleted on Nov 20, 2014 13:02:51 GMT -8
2009 and onward
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Post by nebrzephyr on Nov 21, 2014 6:30:11 GMT -8
OK.....that makes more sense. Hope you find some solution to this situation. Bob
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Post by atsfan on Nov 21, 2014 7:21:51 GMT -8
Usually a town will take partial payment for say, a year, in back taxes.
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Post by WP 257 on Nov 21, 2014 13:08:45 GMT -8
Jim--
For what it's worth, you are in our prayers here in PA.
Each day is a gift. Hopefully there's better days still ahead for you. Come back here when able.
Best wishes--
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