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UPDATE: Part III is now up...
In Part I of this unfolding land sale transaction, our client, JT told me that when he first became interested in 1031 Exchanges in conjunction with conservation development, he considered himself lucky to bump into one real estate professional who understood the intersection of a "cultural creative" investor and his quest for land with a waterfall he could steward.
Surprised, I noted that there‘s a market trend toward sustainability in design and construction as expressed in conservation development properties.
But all that aside, this land transaction was going to be a fantastically interesting one (see Part I for the details) that would take us to last week and to making an offer to purchase and contract on a 40+ AC parcel with a tall, tall waterfall as its centerpiece.
The property had only been on the market for a week, so JT was anxious to secure his find. It was Saturday and we had little time to research the seller and the seller's motivations and concerns. So,we advised that JT present a "reasonable" offer. He insisted on making a full-price-cash offer with the only contingency being that the waterfall actually fall within the property boundaries. A metes and bounds survey had been done, but that was way long ago!
So the OPC was prepared, signed and delivered in one of our recycled envelopes with the Ivory-Billed Woodpecker emblem upon it. (SCAN) It was accompanied by a very friendly hand-written note by our client who described how he would take good care of this land and waterfall. He assured her that he did plan to put most of the land, including the falls, aside in a land trust. She need not be concerned that he intended to build his home atop it.
The seller received the offer, but requested a few more days to deliberate!
Deliberate what? Our client OK'd the extension of the deadline and he (and we) awaited the seller's response wondering what her deliberations would mean for us.
Here's what. The seller came back with the following:
•1) Buyer to pay for the survey (probably around $20,000.)
•2) Buyer to pay for all closing costs
•3) Buyer to pay all the commission...
AHA! Now we knew more about the seller. Never mind the note our client had written about how he would take good care of this land and the waterfall. Her motivation had nothing to do with that.
Dismayed, our client decided to "deliberate" himself.
He headed for a photo shoot on the other side of the State.
Within days, the property was re-listed at a new asking price.
Tune in for Part III (still unfolding as I write) where the Seller raises the asking price by $50,000.
And our client makes his move.
UPDATE:Much to our amazement...JT decides to make a New Offer....
Will it be another full-price one? Your guess is welcome.
Resources and INFO: Are YOU a Cultural Creative? Here a QUIZ
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Just got the news. It's 7:30 PM Saturday...Wait until you read what happens next!