JewelryQueen!

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Blossom
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Re: JewelryQueen!

Post by Blossom » 4 years ago

Gemsnob wrote:
4 years ago
Blossom wrote:
4 years ago
JewelryQueen wrote:
4 years ago
Blossom

The 30 days for due diligence after the earnest money deposit is pretty standard as long as they are actually depositing money and not a Note (promise to pay) as those can be hard to collect on if the deal flips.

The PVA question is hard to answer without knowing the purchase price, approximate total acreage for sale, approximate acreage in question, and current survey costs in your state. Are the buyers worried about how much land they are getting, or where the property lines are? If you have a preliminary title insurance report that addresses this issue and what their conditions are for insuring the property for the Buyers, you might call the Title Company.(It might be unavoidable to not do a survey in order to sell to anyone.) Do you have any idea how much this survey would cost? It may not be unreasonable at all to split the cost if it MUST be done and not just because the Buyers want one. Your counter offer might say you will pay half the survey cost or X amount of money WHICHEVER IS LESS.

I hope I am not confusing you even more. PLEASE feel free to ask any questions you think I can help with. I really don't mind.
Preliminary title insurance report? You got me there!..so I'm gonna say I don't have that.

PVA has approx 20 less acres but as I mentioned, (according to my realtor) they are frequently wrong. I think acreage according to deed & conveyances is correct. I guess it's like they are willing to pay $XX per acre & the total acreage will depend on correct acreage (from possible survey) which will then determine what they pay. I don't understand why price must be based per acre...why can't my realtor just say 'here's the property, if you want to know the acreage that's your business if/after you purchase'...seems simpler to me.

Another thing, they want a closing date May 15th. That seems like a longer time than I would have thought but maybe it isn't.

Realtor gave me ballpark figure of survey & I just don't remember. Keep in mind I had to get up at daylight (never my best time for business) to call realtor back because he needed to be on the road 30 min later.

I'm sorry to get you mixed up in my mess. I hope you know how helpful you are to me!💞
I don't know how many acres you're talking about but is it possible the buyers are wanting to parcel it out or build a subdivision on it? That would explain why they want to know a definite answer to the amount of acres.
@Gemsnob
I think it's a group of out of state hunters. That's the trend in my area because they are able to pay more for land than most locals.
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JewelryQueen
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Re: JewelryQueen!

Post by JewelryQueen » 4 years ago

@Blossom

My suggestion is a counter offer that says you will pay half the survey cost contingent on the Title Insurance Co. requiring it to insure the transaction. If that is the case you will need a survey to sell to anyone. Then tell your Realtor to order a preliminary report. It should only take a few days and they can even do it with the Buyer TBD (to be determined). You are going to need it anyway and may give you an idea on how to proceed.

Unfortunately most buyers are going to want to know how much acreage they are buying just as people buying a house want to know the square footage.

I think the sale should be able to be completed by about May 5th or so but as you are learning this can be a complicated process.
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Blossom
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Re: JewelryQueen!

Post by Blossom » 4 years ago

JewelryQueen wrote:
4 years ago
@Blossom

My suggestion is a counter offer that says you will pay half the survey cost contingent on the Title Insurance Co. requiring it to insure the transaction. If that is the case you will need a survey to sell to anyone. Then tell your Realtor to order a preliminary report. It should only take a few days and they can even do it with the Buyer TBD (to be determined). You are going to need it anyway and may give you an idea on how to proceed.

Unfortunately most buyers are going to want to know how much acreage they are buying just as people buying a house want to know the square footage.

I think the sale should be able to be completed by about May 5th or so but as you are learning this can be a complicated process.

Yes complicated for the likes of me! Your input has been more helpful than you know. Thank you so much Sweet JewelryQueen!

Big HUG!
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JewelryQueen
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Re: JewelryQueen!

Post by JewelryQueen » 4 years ago

You are more than welcome. Anytime.
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Hayhaypaula
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Re: JewelryQueen!

Post by Hayhaypaula » 4 years ago

I am curious how the realtor came up with a sale price? Did you tell him how much you wanted, or did he do comparables with other similar farms that recently sold in your area to determine the value of yours? Did he give you a printout of those comps? Is the offer at the amount you wanted? Any other realtor can do comps on that acreage for you! The result is a ballpark amount that you adjust based on the special qualities of your land, or inadequacies. Are you selling the mineral rights as well, or water rights? It sounds like your realtor isn't explaining it all very well. I hope they didn't find a friend to buy it from you at a steal! I had this happen to me once! My family got an attorney to try to force me to sell my dad's property for half of its worth! I got my own actual appraisal! Boy was I *! I forced them to sell to a different buyer at a better price, but still got screwed! Ho hum! Just my 2 cents! Paula
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OtherSideOfTheTracks
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Re: JewelryQueen!

Post by OtherSideOfTheTracks » 4 years ago

Hayhaypaula wrote:
4 years ago
I am curious how the realtor came up with a sale price? Did you tell him how much you wanted, or did he do comparables with other similar farms that recently sold in your area to determine the value of yours? Did he give you a printout of those comps? Is the offer at the amount you wanted? Any other realtor can do comps on that acreage for you! The result is a ballpark amount that you adjust based on the special qualities of your land, or inadequacies. Are you selling the mineral rights as well, or water rights? It sounds like your realtor isn't explaining it all very well. I hope they didn't find a friend to buy it from you at a steal! I had this happen to me once! My family got an attorney to try to force me to sell my dad's property for half of its worth! I got my own actual appraisal! Boy was I *! I forced them to sell to a different buyer at a better price, but still got screwed! Ho hum! Just my 2 cents! Paula
I have to agree with HHPaula. Also, you can ask that the buyers request for the survey doesn't restrict you from accepting offers up to the date of close. This way you are not stuck on one offer from now until middle of May and what if it didn't work out? You lost time on the market.

Also when I was selling my house(s), we got an appraisal before we put it on the market - just to know what the house needed to be repaired (if anything because once a buyer wanted to nickel and dime us to death on the price <<< they had a cash offer), to get what it was worth before you sell it. With your OWN appraisal and inspection in hand, you have a better understanding of value. EDIT: I left out inspection too.
Last edited by OtherSideOfTheTracks 4 years ago, edited 1 time in total.
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OtherSideOfTheTracks
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Re: JewelryQueen!

Post by OtherSideOfTheTracks » 4 years ago

Also with your own appraisal, you can put that on the record to sell your house - and it may stop shenanigans of someone who changes their mind - hires their uncle the appraiser, to low ball the value to get out of the contract offer. <<< it happens. ugh.
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Blossom
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Re: JewelryQueen!

Post by Blossom » 4 years ago

@Hayhaypaula
@OtherSideOfTheTracks (OSOTT, I haven't figured out how to 'mention' you by your abbreviated forum name).

This whole process is mind blowing & not in a good way. My realtor did give me comparisons which is basically how he arrived at listing price. Honestly, I should have maybe been more pro active before listing.

The farm & house needs work, more than I can afford or accomplish on my own. I have to pay someone to mow, etc & after the thieves had their shopping spree, my heart's just not in it anymore. I have learned that a house not lived in falls into a sad state of disrepair (or at least in my case).

I was actually not expecting to get as much as has been offered but not going to shy away from presenting counter offer.

Thank you both so much for caring, sharing & telling me about your experiences. I do not take it lightly. It means alot.

💞Blossom
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anniebelle
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Re: JewelryQueen!

Post by anniebelle » 4 years ago

Thought this is a forum for SLC issues NOT REAL ESTATE. Please check the community guidelines. Thanks.
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RS
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Re: JewelryQueen!

Post by RS » 4 years ago

anniebelle wrote:
4 years ago
Thought this is a forum for SLC issues NOT REAL ESTATE. Please check the community guidelines. Thanks.
I did. Please show me where it says anything they posted is against the guidelines (for your convenience I have included them below):


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