Buying Country Property

[BillG_in_TX]

We used a Buyers Agent when we bought our property, since the listing agent was the mother-in-law of the seller. While I don't think it made any difference in the price (we paid the asking price), it did give us some comfort in the details of the process. And their fee was paid by the seller as part of the commission.

At any rate, it worked fine for us.

 

[fishman]

<font color="blue">We were looking for some pointers to help us avoid making some big and/or expensive mistakes. </font>

I would advise getting your own real estate agent. Okeedon is probably correct, but I've purchased three homes using a Buyer's Agent and never suspected once that they weren't working for me.

 

[OkeeDon]

Some of the info I posted is based on the past. Some states have changed their rules so an agent can declare himself a seller's agent, buyer's agent or dual agent, and as a buyer's agent, collect his share of the commission from the seller and not violate the fiduciary rules. It has to be declared before negotiations, and the agent will usually have you sign a declaration. Still, once you have started working with a particular agent, it may be too late to engage a buyer's agent. Your current agent has done all the work for you, finding the property, etc., and will expect to be paid the full commision. He/she will take take kindly to suddenly having to split the commision for someone who comes in at the last moment. However, you may be able to talk to the listing agent, explain your concerns, and work it out to have a buyer's agent involved. If the current agent agrees, that's a pretty good sign that they're willing to help you and won't screw you. Then, you have to find a buyer's agent, and you run the same risks of getting a dud who won't give you the proper advice, unless you know someone in the business you can trust. My firm advice is not to use friends or family unless you can be certain they will be professional. More deals have been screwed up by brothers-in-law than by lawyers.

Disclosure: I used to be a real estate agent and had my own brokerage for a while (I also had a boat building company and was a free-lance computer programmer in addition to my bbq grill company - I get bored easily /forums/images/graemlins/crazy.gif)

 

[Soundguy]

Location for a business won't be as critical as would location for a house. People will drive to a business.. however you don't want to drive 30 mins to hit a jiffy store / grocery store, etc.

Where we live in florida ( horse country ), it is common to have to load the animals / trailer up and drive 30-45 minutes to take it to a training / show area, or to visit a large hay farm for supplies, etc.

One thing to check is the condition of the pasture. A bad pasture condition on a large acerage will either take lots of time and some money and your tractor time/work to renovate, or it can be done fast with lots of your money, etc.

You are already doing one of the best things... researching.

When the wife and I bought our land, we were living in the usual neighborhood environment... houses packed together.. everyone with 1/4 acre.. etc. We found some land... it was higher than we wanted.. but made a compromise offer and are happy now. Good area, etc. The primary part of the property, we worked on for about 10 months before starting the house... got the pasture where wanted it, etc. Then added the barn, and fencing and animals ( fencing is 'spensive! .. at least good fencing is... we choose 3 board cresote, good heavy 6-7 posts, and 8-9 corner posts, and also used 2x4 no-climb woven wire... all in all very $pendy.. but worth it.. fence looks great.

Soundguy

 

[tbuff]

One more thing that rang bells for me is the other buyer. It sounds like the other buyer has a valid contract unless the "barn parcel" doesn't perc. From your description I am guessing its the 30 acre piece. If you go forward and buy the house and horse stuff, you might find a new housing development on the back 30. You should consider this and try to do some checking on the other buyer's intent.

 

[rjsmit1]

I learned today that the other buyer is an active developer, so the possibility of a development on the back 30 is real. However, of more importance, we were given the opportunity to read the contract that the current owner signed with a cel phone company to allow them to erect a 150 foot cell tower right next to the riding arena that would be used by the children taking riding lessons. I am not talking 50 feet away- they plan to install a 50 by 50 fenced compound, complete with tower, building, backup generator so close to the arena that the fence will almost touch the arena. I did some internet research today and the jury is out on whether microwave emissions harm people, but I am not interested in spending the next 30 years explaining to prospective customers that the tower is probably not a health problem. I am also not interested in being known as the guy in the neighborhood who took a fast buck and created an eye sore. I wonder if the cell company would tear up the contract if they could have their signing bonus back? In the mean time, I guess we keep looking...

Thanks for all of your advice that lead us to do the due diligence before we sunk the money into this one.

 

[Bodie]

RJSmit, I'm not too far away from you (Nokesville, VA), purchased a 10ac parcel last year, and am currently 3 weeks away from finishing my new home. I understand your concerns about the realtor and the perc issues all too well. I'd look on realtor.com and run some searches you might be able to find some land there and I'd also be careful about the perc testing issues. The mound or filter bed type septic systems are quite expensive and finding someone to install them in this building environment can also be a problem. The last thing you want is to find out that the land you just bought cant support a building.

Bodie

ps
The "rural cresent" that runs through Loudoun, Prince William and Stafford counties designates that all lots are a minimum of 10 acres. That might help in dealing with the neighbors.

 

[WVBill]

RJSmit1:

Don't stop looking on that side of the Blue Ridge. Come on over here across the Shenandoah River and see how much more your money can buy. In fact, step across to my side of the VA/WV line and see your money increase in value by at least 50%.

There's a horse farm for sale just up the road from me that may meet your needs. I can't remember the realtor right now but I think I recall the asking price was somewhere around $375k. (It's in VA) If you're interested, I'll drive by and check on the realtor and let you know.

 

[Rch]

Find the local plumbing contractor that deals with perc, mounds etc. They have a good idea what and where percs. /forums/images/graemlins/wink.gif

 

[riptides]

WVBILL...

/forums/images/graemlins/smirk.gif
Price check please on the horse acergae in your post.

-Mike Z.