The FSBO seller was so nice! Just immediately clicked. Delightful folks.
No problem working out a fee agreement.
Had a few questions on this rare Bullhead City, AZ commercial real estate offering (an airport hangar), while I waited for a return call from airport management.
One question: do you have to own aircraft to own a hangar?
My clients liked the property because of its proximity to their home, but do not fly (except on I-40, but that's a whole 'nother thing).
The property owner declined to answer, not wanting to misrepresent. Fine. We scheduled a viewing, and gathered information.
With a long weekend and holiday, it took a week to find out that FAA regulations require that airport hangars be used primarily and mandatorily for the storage of aircraft. Yes, you need to own a plane/other regulation aircraft, legally registered and insured.
That's a BIG material FACT.
Instant kibosh on the deal.
Even though I am now educated and resource-armed, and although I am certain there was no intentional concealment, knowledge of this critical info earlier on would have avoided wasting time and getting buyer and seller excited about a deal that couldn't go.
I felt bad for both parties.
The moral of this story is, sure, you can put your property on the market without a real estate license . . . but will you make the right disclosures?
DO YOU KNOW what you need to share?
Real estate brokers are EXTREMELY SENSITIVE to the obligation to fully disclose, and they know what must be disclosed and what needn't be.
We don't want anyone misled in any way, and we don't need the grief factor when something is discovered too late.
Also, if the deal doesn't work for a prospect, isn't it better to find out immediately so you can move on to one who's a fit?
This works both ways:
A recent inquirer on a Mohave County, AZ commercial property REFUSED to disclose her intended use, stating that it was 'none of my business'.
Haha, yeah well, if I don't know how you plan to use the property (and no one's asking for your DNA, for God's sake)--just 'retail', 'automotive', 'janitorial supplies'**, etc . . .
. . . we won't know if the zoning is appropriate, whether you'll hit snags with City/County or if the owner will allow you to have potentially hazardous materials on his property (that particular one will not).
**the business, easily found via Google while we spoke. An un-doable deal.
Then again, I learned enough to know I never would work with that prospect.
🎵 Happy deals to you . . . until we meet again! 🎵