Brenda, Based on the dozens of properties I have evaluated in Reeves, Pecos, Ward, Lea, and Eddy Counties, here are some guidelines:
- If you inherited, are leased, have a family to share long term income with, don’t sell but clean up your title.
- If you prefer some cash now in exchange for long term income and can walk away without looking back, educate yourself as to what is a FAIR MARKET VALUE as defined below.
FAIR MARKET VALUE is the transaction terms acceptable to an EDUCATED seller and a buyer KNOWLEDGEABLE about its risk and reward options and where neither party is acting under duress.
Being EDUCATED goes far beyond “what a buyer will pay” but includes the science of the physical asset owned and the heartfelt desires of the owner that will be given up or realized by agreeing to a transaction.
Buyers love to take the place of owners at a discount because they are EDUCATED and know what the knowledgeable buyers will ultimately pay. It is their job. Don’t disrespect them but know your property potential better than they know it.
Bottom line; If you are not an educated seller, you are not going to be able to find a knowledgeable buyer through arithmetic.