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Good land for sale but something doesn't seem right?

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    01-24-2011, 12:22 AM
  #11
Green Broke
Can't give you much opinion on the price - because that is completely related to your area and the location of the property. But you can always make an offer - the worst they can do is say no.

Couple thoughts on this one though - you say it's "hidden" behind another property, and that can bring up a few concerns that in the past I have found to potentially raise issues - either immediate or down the road.

Does the property have it's own access, is there a legal easement or road access, or would you have to share with the property in front? Same goes for access to utilities - electricity, gas lines, cable TV, city water if you are not too rural - etc all have to also have to somehow get to your property - usually through the one in front of it.

Just a few things to think about!
     
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    01-24-2011, 05:58 AM
  #12
Trained
Quote:
Originally Posted by victorialicious7    
Sorry for annoying you guys with all of this..

So theres a property down the road.. no issues whatsoever, its hidden behind another property, and its 25 acres. Its all wooded so its definitely going to cost $$ to fix that etc etc. I REALLY like this property, and even though my dad says in a few years there is going to be a highway linkage right next to it (well close, not directly) I don't see that as a big issue. It costs $550,000 which is the only problem. I looked on zillow for its history etc etc and its been on and off the market since 2008. Right now, its been on for 200 days straight. Do you think, since this is just plain raw land and undeveloped, we could have a chance to negotiate the price? Its 22,000 per acre, whereas in this county most acreage is 25000 per acre. Honestly though, if its been on the market for almost 3 years now, maybe they could go lower? Should we give it a chance? Also, its starting price in '08 was 850,000 so now its definitely waaaay below tax value, but that came with the economy I guess.

Thanks!
Well, it is already too expensive, and the work it needs won't be free. However, as stated, the worst the owner can say to an offer is no. Access IS important also, as mentioned. Personally, I always buy with an eye to resale, and the fact of the highway may not be an issue for you, but may hinder you ever getting your $$ out if you sell. It may also be less $$ because it does not have well/septic/utilities. Utilities can be expensive to get to the property, and it may not even "perk" for septic, and wells can be expensive to dig, with uncertain results. There are MANY issues to look at.
     
    01-24-2011, 06:58 AM
  #13
Banned
Quote:
Originally Posted by franknbeans    
Well, it is already too expensive, and the work it needs won't be free.
However, as stated, the worst the owner can say to an offer is no.
Access IS important also, as mentioned.
Personally, I always buy with an eye to resale, and the fact of the highway may not be an issue for you,
But may hinder you ever getting your $$ out if you sell. It may also be less $$ because it does not have well/septic/utilities.
Utilities can be expensive to get to the property, and it may not even "perk" for septic, and wells can be expensive to dig, with uncertain results.
There are MANY issues to look at.
Yep, what she said
Half a million dollars IS A LOT of money for 25 acres, especially if it has no access, or utilities in place.
Land values are DOWN now, those prices are unrealistic, IMHO.
We bought 37 acres in 2001, and we didn't pay anything close to the per acre prices you are quoting.
And I live in a resort/beach area.
The prices you've quoted reflect the past 6 years of a 'false economy'.
I think you can find unimproved land for wayyyy less than the price range you're shopping in.
     
    01-24-2011, 07:20 AM
  #14
Banned
Quote:
Originally Posted by victorialicious7    
Ok so I've seen this house before on the market over the month of two I've been browsing on new property for sale.
Everything seems great - its a very simple house that's secluded in the woods with 19 acres of land!!
It's only $350,000 which is about $6000 an acre I estimated, whereas in this county, any land there is, each acre is usually a MINIMUM of $25000..
I was looking at the county map and put the address in to see if there's anything wrong with the property.

What I did find is that there is a septic permit..
I have no idea what this means.


Can anyone help me out with this?
Horses are allowed and if everything went well, we would probably rent out the house since we don't need it and we live close enough.

But what does this permit mean? Would it be a problem to have horses here due to bad water or something? I really need help!

http://imaps.co.wake.nc.us/imaps/Req...permit=C018254
Just wanted to come back and address these 2 posts also,...,
Perhaps this property had an OLD septic system in place that was leaking, etc.
If these people had to apply for a new septic system, that would require going to the county/local municipality and applying for those permits.
They might be selling because the costs of a new septic are extremely expensive,
Or it may be complicated AND expensive.
With regard to the septic system that is in place for the current home,
It could have been put in incorrectly,
Or is insufficient for the square footage of the house,
Or before certain laws were in place to properly dispose of sewage.
Perhaps the original property owners never put one in and have just been dumping raw sewage on the land, or neighboring waterway (depending on the age of the house).
The property owners might now being required by the county to correct that problem etc.

And there could be some major 'issues' yet to be uncovered.
Call the county and ask questions.
Find out EXACTLY what is going on there.

Quote:
Originally Posted by victorialicious7    
thank you for all your help everyone!
I always look on the market for good properties because you never know when you might be lucky..
Just has to be good enough to convince my dad :P
But yes, I am going to take in all your suggestions and discuss this with my dad and see his take on it.

I actually have another question!
There is another property that someone was renovating a house into a church and its about 18-19 acres.
Its about $375,000 and its directly next to my school. You can go on a trail that is part of the community park next to my school and see some of the property from it.

The only thing wrong with it is that they said it is in a 100 year flood plain..


I don't really understand half of this stuff but honestly, what are the chances that there could ACTUALLY be a devistating flood here??
I mean, you've got a school on one side, a school across the street, a neighborhood across the street,
And a private house and horse property across the street.

How bad could it be if there was truly a flood?
I own property in a 100 year flood plain.
It means that anyone that carries a mortgage with a bank must also carry flood insurance.
Flood insurance can be very EXPENSIVE.
Sometimes it can cost more than your mortgage per month.
It can be quite cost prohibitive to home owners.
     
    01-24-2011, 01:28 PM
  #15
Foal
Thank you for the input everyone!

Whoanow - I don't even think i'm going to pursue those properties at all. We might go look at one of them just to see the condition of it, but with those 2 water things going on, that's going to cause way too many problems so I'm just not even going to both now, esp. With everyones advise on how bad it can be! And really, wow! Everything in this particular county, esp because its in the central part of the state and is growing RAPIDLY, everything here costs $25,000 per acre which is a bit ridiculous, honestly. I actually emailed the seller and he said that everything is negotiable, but he also stated this: 1) There is going to be a highway built in the next 2 or 10 years- and something about how the gov. Doesnt know when they will purchase 'the property' (I have no idea if this means this property. Anyways, there were 2 orange lines going diagonal and right over the property so I don't know how that would work.. 2) He didn't know if there was access to the property- def. Not a good sign.

So I emailed him back and I will see what comes of it. I think I might just have to keep looking, though. It will be tough since land here is slowly disappearing :/

Franknbeans - yeah which is why neither me or my dad thinks that for 25 acres with a highway being built is not worth the $$, esp when nothing has been done with the property.

Indyhorse - I got an email from the seller today (emailed him earlier) and he did state a few things that could be an issue, and I emailed him back with some of the things you mentioned about connection to the property beside the road in front of it.

Thanks for continuously helping everyone!
     
    01-24-2011, 10:35 PM
  #16
Trained
Vic, why don't you work with a realtor? They don't mind looking for a long time if they know you are serious and they can guide you better, have more knowledge of the market and, in Canada anyway, have a duty to you once under contract. So, that means they can't knowingly steer you wrong.
     
    01-25-2011, 02:43 PM
  #17
Foal
Well I'm partially just trying to find out what's even out there but also my dad has to do the business aspect of it. I'm just trying to be the one to find something worthy of him possibly being interested in and further involving himself in. I've even done that with horses in the past, I find them and if he likes it he usually just goes on from there with questions and whatnot. :) I hope I don't sound conceited or immature or anything..
     

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