Source: Herald-Tribune —
Q: Our neighbor sold his home to the commercial business that borders his property. He sold it after they approached him with an unsolicited offer. The neighbor was told the business wanted to remodel/redevelop the property and wanted “green space” between them and the neighborhood.
We’ve now been contacted by them too. Do you have any thoughts, do’s and don’ts, recommendations for us about how to consider any offer that is made? How does one arrive at a value for a property that would undergo a zoning change from residential to commercial?
A: Start by contacting your former neighbor to find out how much he got for his property. This information might be published online (check with your county’s recorder of deeds office), but in some areas the sales price for a home can take a while to publish or, in some cases, it’s not publicly available.