What is the current average NRA selling price in Reeves County TX?
You cannot average Reeves. Its too large. Depends on where the property is located.
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Tyler is correct. Even the E/2 of a section may be worth far less than the W/2 depending on current development. You’ll need to provide an accurate legal description to get help with NRA value.
If I know the block and section- I’ve had an offer to purchase my royalty rights- how do I get started on finding out what is happening there? The man who has called twice (another called once) started by offering me a couple of hundred dollars, which offer he said would be retracted in a couple of weeks if I did not take it. I did not, and now I have a letter from him with five times the initial offer. I’m nowhere near Texas; this is apparently an inheritance from my grandmother, who died almost forty years ago, and I don’t know quite what to do next. Advice?
The very first thing you should let seep deep into your mind is whether or not you want to entertain conversation with someone who was - as proven by their very own actions - attempting to buy something from you at 20% of what they are now offering. And you can res assured that they are almost assuredly willing to pay more… likely much more.
The next thing you should understand is the imperfectness of the mineral market in this area. It is akin to the wild west. Like any area of business - find professional help (if you want it) who will charge you a fully transparent and written fee for working on YOUR behalf, and your behalf alone. Far too many ‘brokers’ in this business will charge you a fee AND be silent as to what they are getting on the other side of the transaction. It is commonplace. If they won’t sign their name to a fully transparent written agreement, move on.
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