Receiving unsolicited inquiries about purchasing our Fircrest apartments

Profile picture for KayakGal
We own a small complex in Fircrest and regularly receive letters expressing interest in the property (which is not for sale).  I'm very skeptical of these solicitations and always assume it's someone trying to get something for nothing (looking for desperate sellers, for example). The latest letter comes from a real estate advisors group out of Seattle and the letter says they are inquiring "on behalf of a family-run investment group looking to acquire multi-family properties in Fircrest." And "given the lack of desirable product currently listed on the open market,"... [their clients] asked them to contact targeted property owners directly. They claim their clients are "experienced and well-capitalized investors who live locally and are familiar with the marketplace," and they are "looking for long-term hold and will pay market prices for quality B+ to A locations." They indicate our property meets their criteria. Are these typically legitimate solicitations? How can we tell the honest outfits from the dishonest ones? (BBB didn't list any complaints against them.) Why should we believe our property is special enough to warrant this attention especially given the general difficulties in the real estate market and commercial properties in particular? Would appreciate some expert insight.
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November 28 2010 - Fircrest
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Answers (3)

Profile picture for nwhome.us
I'd be less concerned about the qualifications of the solicitor than I would about establishing what your own property is worth.  Commercial property has very specific attributes and the solicitor may certainly be legitimate.
How would you determine what your property is worth?  Probably wouldn't rely on them to tell, would you?
It would be reasonable to ask them how they propose to establish value; two opposing commercial appraisals works sometimes.
If you'd like a referral to a good commercial broker, email a request from my profile.  Best of luck.
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November 29 2010
Profile picture for RyanHalset
I think most often - Bob is correct.

However, I have worked with a few buyers in the past that were looking for something very specific in a very specific location, and have asked me to try to make contact with the owners of certain properties. If you are interested in selling - it doesn't hurt to give the agent a call to feel them out. I think you'd figure out pretty quickly whether it was a serious (and genuine) inquiry or not.

Good Luck!
Ryan Halset| Realtor ®
Boardwalk Real Estate | Seattle, WA

Providing professional real estate services throughout King and Snohomish County.


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November 29 2010
Profile picture for Robert T. Kelly
It's just as you suspect: investors fishing for motivated sellers.  They found you in the tax records or a title company's farm list.
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November 28 2010
 

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