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property buying advice needed


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#16 toomanytoys84 OFFLINE  

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Posted December 27, 2014 - 06:14 PM

Better check the fema maps. Flood insurance is ridiculous expensive and new construction has very strict rules now


Dads house is in a flood area. Been flooded twice in 20 years.

If that property I am looking at gets flooded I bet the whole county would be under water.

#17 jabelman OFFLINE  

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Posted December 27, 2014 - 06:19 PM

my place i purchased it out of the zone then fema revised my flood map mortage company made me get it. Sucks. The fema website has good mapping if need to check

#18 IHCubGuy ONLINE  

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Posted December 27, 2014 - 06:55 PM

Agree with everything said above.  Even after it is surveyed make sure that it meets the setbacks and lot sizes, etc, etc for the municipality.  Township I work at has ALL zoning permits required and go so far as to have restrictions on lot width to depth ratio as well.  Just dealt with a developer a few weeks ago that had lots surveyed and they did not meet the township specs and the plans did not pass the township without the lots being re-drawn to meet the specs set forth.  Gotta watch EVERYTHING before getting involved.  We have a realtor that has been trying to sell lots to people claiming that there is sewer hookups on lots that tie into the township controlled sewer mains where there is not!  Do ALL your homework first and make certain it meets all the criteria it needs to before you get in a bind you don't want.


Edited by IHCubGuy, December 27, 2014 - 06:58 PM.

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#19 Cat385B ONLINE  

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Posted December 27, 2014 - 06:57 PM

If that 15 acres is going to be divided up and sold as individual lots, and you own 2 of the 15, imagine this scenario. Owner wants to build a road, or have a utility plowed through. Guess what you're on the hook for even if you don't want it? You benefit from it, you pay for it. By adding it to your taxes as an assessment, if necessary.
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#20 Canawler OFFLINE  

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Posted December 27, 2014 - 07:43 PM

We don't have any zoning laws or such in our little hole in the wall town.

 

Just be aware that there's been a hard push for the last several years to get all municipalities to adopt zoning regulations.  We have some VERY rural areas around here that have done just that.  They're even going as far as threatening to withhold state and/or federal funding to areas without zoning laws.  If building on these lots is a project that is several years away, don't be surprised if zoning is in place by then.  At least check with the local municipality office to see if it's something they're working on.  It was a multi-year process to adopt zoning laws in the last township I lived in.


Edited by Canawler, December 27, 2014 - 07:45 PM.

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#21 Jazz ONLINE  

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Posted December 27, 2014 - 10:26 PM

I would speak to a lawyer familiar with property in your area. Would not go over well if you purchased and "things went south" and your explanation to the bride is " well the guys on the tractor forum said".....  It could very well be a good investment but GAWD I can't believe some of the HO and county laws I read about in the US.. Everything must be taken into consideration...I sincerely wish you the best!  My wife is a bank consultant,,she writes mortgages and an issue such as this she would no doubt forward to head office legal beagles before cutting' a check.


Edited by Jazz, December 27, 2014 - 10:29 PM.

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#22 Oldford OFFLINE  

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Posted December 28, 2014 - 01:18 AM

I'd call the local survey companies and ask how much they'd charge to stake it out.  Then I'd write that into the offer and ask the seller to provide an acceptable survey contingent on closing.  I'd be leery of buying an unsurveyed lot in a new subdivision.

 

Also things like perc tests are also negotiated during the inspection period.  Some things you pay for, some things the seller.  I'd try to get the seller to pay for the survey in case you end up not buying his land.

 

Also I've found realtors very reluctant to walk property lines.  Most just point or hand you a map.  The ones i have walked with make claims about a pin or a flag... or even a rock or a tree.  But without a professional flagged survey no boundary is certain. 

 

Maybe a year later when you're developing your land your neighbor says you're trespassing.  So you'll have to hire a surveyor and may not like what he finds.  Meanwhile the realtor is gone and you've already signed a hundred pages of legal contract, with the fine print saying "anything an agent has promised but not written in the purchase & sale is null and void" or words to that effect.  good luck


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#23 boyscout862 ONLINE  

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Posted December 28, 2014 - 08:33 AM

I was a Town Engineer shared between a dozen small towns in CT many years ago. I've seen realitors pull all kinds of swindles, most on purpose, a few not. Think of them as "used land salesmen". We all know about "used car salesmen". In this case, with land, you are talking alot more money. You need to start a note book and record all visits, documents, and photos related to this project. Visit: your lawyer, a surveyor, the town building official, your banker, and anyone else that they say you will need approval from. With all the information you can make an informed decision. Even so, things can go horribly wrong. I saw a 3 house subdivision have big trouble because a guy showed up claiming that the land was his(he had an old deed) and not the developers. Fortunately, in this case the developer was honest and paidoff the claim but plenty of others would have just filed bankrupcy and screwed the home owners. When you buy, get "Tittle Insurance".

 

Another aspect is that if you borrow the money to build, the banks are a huge pain to deal with. I saw banks shutdown houses half built so that the owners lost everything.  I personally paid off my existing residence and then used a home equity credit line to build the new one. When we moved to the new one there was no liens on it but, the old one was in debt. When I sold the old one, all debts were then paid off. I built my place. Mostly just the wife and me until we had our son then, it was me with help hired as needed.

 

Please take your time and do full research on land laws and home construction. How are the schools?  Look into energy efficient construction and passive solar heating. I would be looking at that piece of land that you already have. Good Luck, Rick

 

P.S. I have seen on several occassions where people claimed to be selling much more than they had. In one case, the owner claimed 13 acres and the Realtor knew it wasn't but went along with the seller. When the buyer found that he only got 3 acres, he revealed that he was a retired State Trooper from the other end of the State and the County Prosecutor was his brother in law. I enjoyed seeing that crook lose her license and go out of business. When I bought my property, I had a survey done before buying it. It was worth the piece of mind.


Edited by boyscout862, December 28, 2014 - 10:47 AM.

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#24 toomanytoys84 OFFLINE  

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Posted December 28, 2014 - 01:09 PM

My wife's ex uncle works for the water/sewage. He said min 1 acre for a new septic install of 1 type or 1/2 for a different type that doesn't require a large leach field. I'm not up on septic tanks types or varieties.

Now I need to figure out house size vs land ect. I am doing a pole house with no basement. I want to do 36x60 or 36x70

#25 Jazz ONLINE  

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Posted December 28, 2014 - 01:24 PM

My neighbour who moved in a couple  years ago from some other country got along well with me,,i welded his stuff, fixed his car, gave him car parts for free, all sorts of neighbourly stuff until he wanted me to go half on a  $1500.00 survey of property line. I said no so he took it upon himself and when it was done he found 80' of my fence straddled his property about a foot. He wanted it moved! No point arguing,,I took down the fence along with the Virginia creeper that covered it and set up a  butt ugly free standing fence of old pallets.  Since the fence is out of my sight as it is behind my buildings but it is the backdrop of his side yard.  I decided to store old truck rims, signs and any other treasures I drag home....Don't speak to him and likely never will as he knows quite well that i would not piss on his head if it was on fire.






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