Real estate General topic

[2manyrocks]

Makes sense to me.

 

[Sigarms]

Well... seller has met with their agent again, and asked us to pony up another $3k in cash, plus the survey. Spoke with wife, and we said nope. Survey is fair, I think, but appraised value and we pay for survey, not appraised, plus $3k cash, plus survey. Wife's words "they gonna come back again tomorrow and want another $3k, I'm sick of this, we already agreed verbally to something".

It may seem like small potatoes, but you have to say enough at some point.

For myself, a survey should be done before selling (if you actually want to sell) because that's just doing your due diligence before selling (as well as knowing what HAS to be done with the house per home inspection before selling knowing what kind of costs will be incurred by the buyer).

And your spot on in your line of thinking if you pay for the survey and something comes up that would throw the deal off IMO.

I know when we finally decide to move in the future, we will have an updated land survey.

It's not small potatoes for saying no to another 3K. I missed it, but exactly was the extra 3K for?

After keeping track of this thread, I have no doubt you and your wife have more patience than myself.

 

[paulsharvey]

The extra 3K is because they didn't want to drop the price to meet the appraisal, and they or their agent figured we might say yes, so what's the harm. Now, I'm not a particularly smart man, but the seller has literally sold his furniture, bar stools, dog chages, and moved/sold/rehomed his live stock, and loaded the trailer with his package deal tractor. I think they are more committed than me.

 

[Sigarms]

The extra 3K is because they didn't want to drop the price to meet the appraisal, and they or their agent figured we might say yes, so what's the harm. Now, I'm not a particularly smart man, but the seller has literally sold his furniture, bar stools, dog chages, and moved/sold/rehomed his live stock, and loaded the trailer with his package deal tractor. I think they are more committed than me.

You're probably smarter than me, and methinks you may be in the drivers seat on this sale.

The harm IMO by asking for more money at this point is you walk...

 

[Sigarms]

To be 100% honest, I agree with the appraisal. Although we like the place, and it checks all of me and wife's mandatory items, and many of the want items, it is not anything spectacular. If we could fine the right piece of available property, we could recreate everything as well, or better for the same price. It just there really isn't a lot of 10-20 acre peices around; there are some very nice 40-50 acre pieces, but they are well outside our budget.

End of the day something, is only worth what someone is willing to pay.

You've done your homework. You also stated "it is not anything spectacular" so I'd stick to your guns, particularly if you have no qualms walking away from it.

 

[tradosaurus]

The extra 3K is because they didn't want to drop the price to meet the appraisal, and they or their agent figured we might say yes, so what's the harm. Now, I'm not a particularly smart man, but the seller has literally sold his furniture, bar stools, dog cages, and moved/sold/rehomed his live stock, and loaded the trailer with his package deal tractor. I think they are more committed than me.

My guess would be the real estate agent is encouraging them to not drop the price.
I'm like you, stay the course.

 

[ultrarunner]

End of the day something, is only worth what someone is willing to pay.

You've done your homework. You also stated "it is not anything spectacular" so I'd stick to your guns, particularly if you have no qualms walking away from it.

Willing and able…

 

[paulsharvey]

The seller backed off their demand for the additional cash, and we have already ordered the survey, but closing got pushed back 10 days. 1 surveyor said job too big, can't squeeze it in, other one said upto 10 days.

 

[ericm979]

Good to hear that it's progressing.

 

[Sigarms]

The seller backed off their demand for the additional cash, and we have already ordered the survey, but closing got pushed back 10 days. 1 surveyor said job too big, can't squeeze it in, other one said upto 10 days.

I missed it, who is paying for the survey?

 

[paulsharvey]

I missed it, who is paying for the survey?

I am. I made payment yesterday, which was an ordeal, and allegedly the surveyors were onsite today. I told wife, just complaining but $3500 for 4 corners, and verify no encroachment, bet a 2 man crew had it done in less than 4 hours of field work... I literally found the corners (2 of them) during the intial tour, looking for deer tracks. It's pretty easy when the last survey was only 6 years ago.

Yes, I 100% know that not all surveys are that easy.

 

[JasperFrank]

Probably a stupid question, but I'm used to asking stupid questions....
Is an official survey, by a licensed surveyor a legal requirement? By this I mean, if you and the owner walk and set boundary markers, and agree on those boundary markers, write up a land sale contract, based on those measures and bounds, both sign the contract with notary, would this not still be a legal carve out, if the owner had no liens or other encumbrances? Don't know how one would then register a separate deed. I guess it depends on the state's rules and land use rules. I have always been surprised just how simple transactions like this can be if non-contested. I do know that there are people you just can't work with. There are folks that want to change it up all the time. In real property, verbal agreements don't mean that much.

 

[paulsharvey]

Probably a stupid question, but I'm used to asking stupid questions....
Is an official survey, by a licensed surveyor a legal requirement? By this I mean, if you and the owner walk and set boundary markers, and agree on those boundary markers, write up a land sale contract, based on those measures and bounds, both sign the contract with notary, would this not still be a legal carve out, if the owner had no liens or other encumbrances? Don't know how one would then register a separate deed. I guess it depends on the state's rules and land use rules. I have always been surprised just how simple transactions like this can be if non-contested. I do know that there are people you just can't work with. There are folks that want to change it up all the time. In real property, verbal agreements don't mean that much.

For virtually Any mortage, yes, 100%. You mentioned a carve out; then at a very min a legal description would have to be submitted to the county, to request to split a parcel.

If you are cash buying an entire whole parcel, I dont believe there is a requirement.

 

[JasperFrank]

"They" have been saying that it's going to crash since 2019. I've been waiting.
Just Google "real estate is going to crash" with a time frame April 1, 2018 through April 1, 2020 and you get plenty of links (example).
I'm still waiting. My mattresses are full.

Something happened that I didn't expect in domestic properties. There is no such thing as a local market any more. Anyone, in the world can buy property in the USA. It is an international market. And there are holding companies that will buy over the local market, for rentals, so that that they can establish a local monopoly. So they can raise rents.
I consider myself lucky, I was able to by my property with out this out outside influence. Lucky now that that my land has quadrupled in evaluation. The hand built house means almost nothing. But this was before this international market was established. The internet changed this all up, to what it is now.
Your offer, means, very little, to a seller, if they see cash from some foreign buyer, that is just parking money. This is the true basis of the housing issues we face. politicians on both sides don't talk about it. But I've seen it, that every new inner city highrise, is mostly unoccupied and foreign owned as money parking strategies. They don't rent these out. They just pay the condo fees. I didn't think this would bleed out to rural properties, yet it has. I do expect another international crash sometime in the next five years. Its a cycle. And these properties will flood the market, back to something affordable to the locals. Which I took advantage of in '94. I had the cash. Some how we have been misdirected that there is a housing shortage.
I guess this turned political, I wish it wasn't the case. I've seen too many hard working, follow the rules people, out bid on their American dream of home ownership, by foreign flippers.
Being a seller, you can't fault them, if its a clear transaction for way more than your asking price based on local apprasials. What else do we have?
Post internet, I feel the pain, of any buyer that knows they can be out bid, by any one in the world. We should have better land buying rules.

 

[ultrarunner]

For virtually Any mortage, yes, 100%. You mentioned a carve out; then at a very min a legal description would have to be submitted to the county, to request to split a parcel.

If you are cash buying an entire whole parcel, I dont believe there is a requirement.

Must depend on custom of the region.

Over 30 residential transactions and yet to encounter a survey in the SF Bat Area…

 

[ultrarunner]

Something happened that I didn't expect in domestic properties. There is no such thing as a local market any more. Anyone, in the world can buy property in the USA. It is an international market. And there are holding companies that will buy over the local market, for rentals, so that that they can establish a local monopoly. So they can raise rents.
I consider myself lucky, I was able to by my property with out this out outside influence. Lucky now that that my land has quadrupled in evaluation. The hand built house means almost nothing. But this was before this international market was established. The internet changed this all up, to what it is now.
Your offer, means, very little, to a seller, if they see cash from some foreign buyer, that is just parking money. This is the true basis of the housing issues we face. politicians on both sides don't talk about it. But I've seen it, that every new inner city highrise, is mostly unoccupied and foreign owned as money parking strategies. They don't rent these out. They just pay the condo fees. I didn't think this would bleed out to rural properties, yet it has. I do expect another international crash sometime in the next five years. Its a cycle. And these properties will flood the market, back to something affordable to the locals. Which I took advantage of in '94. I had the cash. Some how we have been misdirected that there is a housing shortage.
I guess this turned political, I wish it wasn't the case. I've seen too many hard working, follow the rules people, out bid on their American dream of home ownership, by foreign flippers.
Being a seller, you can't fault them, if its a clear transaction for way more than your asking price based on local apprasials. What else do we have?
Post internet, I feel the pain, of any buyer that knows they can be out bid, by any one in the world. We should have better land buying rules.

Rent Control, Vacant Home 6k annual extra tax are reality here…

You can buy but you won’t be able to set rent and if your home or rental is vacant you pay more…

 

[Sigarms]

I am. I made payment yesterday, which was an ordeal, and allegedly the surveyors were onsite today. I told wife, just complaining but $3500 for 4 corners, and verify no encroachment, bet a 2 man crew had it done in less than 4 hours of field work... I literally found the corners (2 of them) during the intial tour, looking for deer tracks. It's pretty easy when the last survey was only 6 years ago.

Yes, I 100% know that not all surveys are that easy.

Originally we were looking at having 6 acres or so along with 32 acres or so divided into 2 tracts so we could sell the home with 19 acres and keep 19 acres ourself to build on if we wanted to (actually pretty easy with a creek as a boundary with 19 acres on each side of the creek).

Although the creek division would be easy, we have some decent hills with fields and heavy tees on all the land. Walking the perimeter of the property line was not easy IMO when we did it looking at the place 20 years ago.

I highly doubt that would take less than 5 hours, but if I remember correctly, I was quoted about $4,300 for everything. That said, like everything else, could be a regional thing per pricing or you have a really good guy and I was talking to a bone head LOL (although he came recommended by a friend who is a farmer who had this guy do work for him).

I did have a guy send me a letter from Texas offering me anywhere between $51,938 to $71,415 for the 32 or so acres. Considering that was well below tax value, we decided to pass. Heck, that was below what we actually paid for it in 2005 (and boy, we really had to struggle with if we wanted to spend an additional $3,200 an acre back then on the additional property).

We bought the house with 6 acres and change, then bought the 32 acres and change, and will probably just sell everything together and be done with it.

 

[paulsharvey]

Still waiting on the survey to come in, and had to order some missing paper work and certificates.

But, saw this chart a minute ago. I won't say I'm surprised by the numbers shown, except maybe Utah, Colorado, Oregon, and Washington. Those aren't small, high population states, although they do have a decent sized pop, it's very low density. You would expect the areas within reasonable driving distance, say 45m-1h15m, maybe on out to 1h30m, the prices would drop Fast. The larger urban centers, sure, 30m outside Seatle or Salt Lake, I do understand. WVa and Miss win on most affordable again.

 

[ericm979]

All those states have one large urban/suburban area where prices are higher. Since there's so many houses there, that drives the state average. The far out rural homes are few in number. For example in Oregon the average home price in Portland is about 10% above the state average but in far out Burns it's less than half the state average. But there's only a few thousand people there.

 

[paulsharvey]

Also, that chart, Montana and Idaho, I'm assuming that California refugees, mixed with a general lack of existing supply?