What is a legacy property?
The term “legacy” describes an asset that has been passed down from one owner to another.
For example, if your grandfather owns a furniture store and you want to buy it, you will need to negotiate with the original owner and pay a fee.
The value of a legacy is determined by the original owners intent, the condition of the property, and the history of the business.
An example of a common legacy property would be a railroad.
The original owner will not want to sell it, but the condition is still good enough for a buyer to pay the premium for it.
This is why you would never get a “no-bid” sale, as a railroad company would not want anyone else to bid on it.
Legacy property agents often specialize in this type of property, offering a low fee for property that is “just right” for you.
Other common legacy properties include: a car, a house, or even a boat.
Legacy Property Agents also offer “re-sale” services, where you can sell the property to a different owner for a lower fee.
Re-sale is when you sell the land to a new owner who will then sell it to someone else for the same price.
Re/Max Re-sell is a great example of this.
They can offer to “rent” the land for $100,000 and they will then go and take a $100 per month “reimbursement” for the entire year for “rent.”
This is great if you need a large piece of property and it is in the process of being repossessed by someone else.
You would have to pay them the full $100 for every month of rent, plus the “reimbursable” fee.
But if you have the property and have already paid the full “reclaimer” fee, they can then charge you a flat fee of $50,000.
The “rent fee” is the difference between the current rent and the full rent you paid for the property.
The fee is then subtracted from the “rent payment” you would have paid if you had not been forced to pay that full fee.
This helps to make sure that you can still get the property for the full value you paid.
You can then sell the house for a profit and recoup the “reserve” that the original buyer paid.
For many, the “retail value” of the land is more important than the “legend” value of the legacy property.
A few examples of this would be: a mansion or large commercial property that has an excellent interior.
It would be great to sell the home to someone who wants to remodel it or buy the property from someone else to rent it.
The new owner will want to recoup any “rents” the original buyers paid on the property that are now lost to the current owner.
A house in the same neighborhood would also be an excellent candidate.
If the house is a small, single family home with lots of history and no major repairs, then you could probably sell it for a price that is significantly lower than the original value.
But an old, dilapidated house in a neighborhood with a history of flooding, water damage, and structural damage is much less desirable.
For more information on how to sell your property for a better profit, contact a local estate agent.