Next action?

[needlaw]

What is the name of your state? Wisconsin

1. I live in a village on Main St.
2. Village has proposed redevelopment.
3. Investors want to buy my property.
4. Investors offered low-medium price.
5. I requested higher price based on residential real estate appraiser's advice.
6. I agreed to market to investor at that price for 3 months provided I could find a house to buy and could close in 3 months.
7. Developer agreed to my proposed price.
7. I am looking for a house to buy.
8. Meanwhile, it has been suggested to me that there is a 'highest and best use' when commerial property is being sold. I live in the house but when I purchased it, I was told that I could have a business, such as a craft store, insurance co. or such type of business.
9. If I could sell for highest and best use, perhaps I could get more money.
10. I have been told that if I wait 5 years or so, the land will be worth more than the building.
11. Should I wait or just try to raise the price? I've been told if the price (arbitrary) is worth $100. but if I am offered $500, I might as well sell immediately. However, the price the investors have accepted is a reasonable price for a residential building not for the potential of the land.
12. As I read this back, I realize it may seem obvious to wait. However, it would be nice to get some debt paid if I can get a wonderful price now.
13. I've heard about cases like this and wished I could be so fortunate. Now, I am in this situation and not sure what to do.
14. I am worried that a commercial appraiser would demand a larger commission.
15. I spoke to a real estate attorney (recommeded by my loan officer) and he didn't know what a CMA was. So, I am not sure which advice is best. I have difficulty deciding which vacuum cleaner to buy. This is much more of a problem for me.
16. Anyone with 'highest and best use' information in regards to this situation?

[pojo2]

Only 1 question you DID NOT answer, is any of this is writing and are both signatures on a contract?

If not you can hold out for whatever you want be that higher or perhaps lower.

If so you have a sales contract that is enforcable in court. Unless you can prove there was absolutely NO home in your area you could buy and close in 3 months.

[needlaw]

I can't believe this would be binding in court!

[BelizeBreeze]

Originally Posted by needlaw

I can't believe this would be binding in court!

If you don't believe it then tell the developer you have decided not to sell at that price and see how long it takes for a court to decide against you.

[needlaw]

I didn't sign a contract-just an email agreement. Can any one tell me about the highest and best use?

[seniorjudge]

Originally Posted by needlaw

I didn't sign a contract-just an email agreement. Can any one tell me about the highest and best use?

Google is your friend.

[needlaw]

Wisconsin

Sorry, I'm new so I've left out some info because I'm still adjusting to posting. We agreed that I would find something with privacy and good location. That's tuff to do in this price range. I really need to know if I can do something about the 'highest and best use'. I wasn't aware of that before I made the email agreement.

[needlaw]

Wisconsin
I have googled but I don't know if this will apply to my case. Excuse me I'm on lunch break and will see what I can find out later. Get back to you if there are no responses. I'm in a small town atmosphere. I think the village would like me to move. Don't know which lawyers or real estate agents who would be reliable. I was told if I lived in the house that I had to sell as residential but that makes no sense when I know that they will knock my house down and develop the area. Their plans are well known and well publicized in the area. Thanks for any help.