mead107 Posted May 1, 2019 Posted May 1, 2019 3 hours ago, KD in CA said: What if anything do they grow there now? Dandelions 1
SlimShady'sSpaceForce Posted May 1, 2019 Posted May 1, 2019 16 hours ago, mead107 said: Are we buying it? Connecting the Dots
RochesterRob Posted May 1, 2019 Posted May 1, 2019 8 hours ago, mike22nc said: We are as long as it works out. Likely won't have an update until late summer. I understand that it is your business but late summer leaves a lot of time for things to slip through the cracks. For the time that has elapsed since your OP you should know what kind of offer could be made and correspondingly a Purchase Offer. Hopefully, you know your neighbors extremely well to not worry about another party scooping you. In many parts of WNY once the Mennonites get an inkling of ground for sale they are right there until something happens and their motto is "better too much versus not enough when bidding."
dpberr Posted May 1, 2019 Posted May 1, 2019 I have direct experience with this sort of question as my family has completed a few transactions around the same scenario, albeit in PA. The bad news: If you're serious about purchasing it, you're going to spend money on a survey and title search. My advice to you is knowing the real metes and bounds and *all* the easements. You want clean title, no tax liens, no surprise owners. Knowing these details assists in... The appraisal. The appraisal will consider those easements, access, zoning, etc. A piece of property with a large underground easement for a pipeline is worth less than land that does not have it. Land that has frontage on a road is worth more than property that does not. Land that is zones for agriculture or restrictive residential use is worth less than land zoned for commerical or industrial. If you are thinking about the property for future development, you may want to explore the soil quality for on-site septic and how deep the water table is for wells. If you want to develop the property for houses, for example, the soil needs to support the septic and the water can't be 700 feet down. If this property has fill on it, you'll want to investigate that too. Remember, back in the day, it was "ok" to use battery casings as fill. (Just an example.) Bottom line: The more you know about the property before negotiation, the better you will be prepared to negotiate. Absolutely, positively use your own agent in the transaction. Don't be conned into using their agent. You want your own person representing your interests. Everybody is friendly until you start talking money. 1
RochesterRob Posted May 1, 2019 Posted May 1, 2019 On 4/25/2019 at 9:40 PM, mike22nc said: My assumption is, if he cannot find a buyer among the people with access, he will just sell it along with his home. He said he'd give us the first option at the land, but who knows if that happens when we get down to it. His home will be listed for a significant amount, and a significant amount more than the acreage is worth. IMO, a farmer will not be buying his home, so the person who purchases it would likely only want the land for a reason similar to ours. So I guess the real question is how much more would a person looking to spend ~$400k on his home spend to have the 14 acres. To me, the answer is that the purchaser will have more resources to spend on the land than we do, so I would love to get it prior to him putting his house on the market. I wish that I had addressed this before now. I've seen with my relatives and others time and time again that farmers will buy a house to secure property that will go with the house. If there is a son coming of age who will stay on the farm he may wind up in such a house. If not they will wait until the transaction is complete then list the house sans the land. Whether they secure a right of way when they have access on another side becomes a secondary but not entirely unimportant issue. The farmer may retain a 20-30 feet wide strip if it does not impair the usability of the lot for the next homeowner. The farmer in your story if he is any kind of business man is already crunching numbers to know what he has to do and will know what to list the home for to get proper recovery out of the investment if that is the way things are pointing for him versus keeping the home.
RochesterRob Posted May 1, 2019 Posted May 1, 2019 49 minutes ago, dpberr said: I have direct experience with this sort of question as my family has completed a few transactions around the same scenario, albeit in PA. The bad news: If you're serious about purchasing it, you're going to spend money on a survey and title search. My advice to you is knowing the real metes and bounds and *all* the easements. You want clean title, no tax liens, no surprise owners. Knowing these details assists in... The appraisal. The appraisal will consider those easements, access, zoning, etc. A piece of property with a large underground easement for a pipeline is worth less than land that does not have it. Land that has frontage on a road is worth more than property that does not. Land that is zones for agriculture or restrictive residential use is worth less than land zoned for commerical or industrial. If you are thinking about the property for future development, you may want to explore the soil quality for on-site septic and how deep the water table is for wells. If you want to develop the property for houses, for example, the soil needs to support the septic and the water can't be 700 feet down. If this property has fill on it, you'll want to investigate that too. Remember, back in the day, it was "ok" to use battery casings as fill. (Just an example.) Bottom line: The more you know about the property before negotiation, the better you will be prepared to negotiate. Absolutely, positively use your own agent in the transaction. Don't be conned into using their agent. You want your own person representing your interests. Everybody is friendly until you start talking money. Unless the OP is representing himself legally and is paying cash the bank and his attorney will insist on nearly all of what you said being done. Advice to the OP is if he is this much of a novice even if he has plans to do this solo I would advise that he not do it solo. Any offer should be run by his attorney before being presented to the seller.
teef Posted May 1, 2019 Posted May 1, 2019 1 hour ago, dpberr said: I have direct experience with this sort of question as my family has completed a few transactions around the same scenario, albeit in PA. The bad news: If you're serious about purchasing it, you're going to spend money on a survey and title search. My advice to you is knowing the real metes and bounds and *all* the easements. You want clean title, no tax liens, no surprise owners. Knowing these details assists in... The appraisal. The appraisal will consider those easements, access, zoning, etc. A piece of property with a large underground easement for a pipeline is worth less than land that does not have it. Land that has frontage on a road is worth more than property that does not. Land that is zones for agriculture or restrictive residential use is worth less than land zoned for commerical or industrial. If you are thinking about the property for future development, you may want to explore the soil quality for on-site septic and how deep the water table is for wells. If you want to develop the property for houses, for example, the soil needs to support the septic and the water can't be 700 feet down. If this property has fill on it, you'll want to investigate that too. Remember, back in the day, it was "ok" to use battery casings as fill. (Just an example.) Bottom line: The more you know about the property before negotiation, the better you will be prepared to negotiate. Absolutely, positively use your own agent in the transaction. Don't be conned into using their agent. You want your own person representing your interests. Everybody is friendly until you start talking money. i think this is good info. the bolded is what held our purchase up. as i think i mentioned before, the land was part of a trust, and the owners, once we found out who they were, lived in various states. it took months for the attorneys to figure out what was what. it wasn't a large purchase, but the attorney fees ended up being somewhere near 15% of the land purchase.
Buffaloed in Pa Posted May 2, 2019 Posted May 2, 2019 On 4/25/2019 at 6:03 AM, Alaska Darin said: Talk to a local real estate agent. They can ballpark it easily enough. Dont do this. They might buy it from underneath you. Real estate agents. Lawyers. Hmnnn
Recommended Posts