Real Estate offer. Would you sign? | Real Property Management

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Question by Me+horse=:-): Real Estate offer. Would you sign?
We are in an area that is going through rezoning from rural to industrial. We have been approached with an offer that is what we are happy with money wise. The catch is that the potential buyer wants to wait until offical rezoning has been granted before exchanging contracts and then normal 90 day settlement. The issue at the moment is that rezoning could take up to 2 years maybe more maybe less. If we agree to this we are effectively tying up our place to this buyer for this period. If someone comes along in the meantime (no guarantees of this happening) we can?t sell to them, but when rezoning comes through we have sold immediately if we sign the offer on the table at the moment. Would you agree to this? We are agonising over which way to go. Sign and have a firm buyer or hope someone else comes along and buys without the rezoning. Such a dilemma and HUGE decision. Other option is to do nothing and just wait for rezoning. If it doesn?t happen then they don?t buy anyway!
We love where we live and are not desparate to sell.
The potential buyer has agreed to a 1% of the purchase price as an option fee ? non refundable but this will also come off the purchase price at the end, it is not in addition to the purchase price.

Best answer:

Answer by Landlord
I would not think about signing.

There is no way to know the value in 2 years, but is likely to be higher, ALOT higher if builders start grabbing property.

Odds are that as soon as the rezoning is done you will have multiple bids if you are in a growing area or one short on industrial zoned land.

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