On November 14th I wrote about an exciting scenario: RURAL LAND SALE
Cash Deal with Contingencies. 35+ AC in beautiful (see photo)
Madison County, North Carolina,
about 30 minutes north of Asheville , NC.
I expressed concern that the parties to the transaction wanted/needed
to close in 60 days, max. and that due diligence to remove contingencies on rural acreage was likely to take up to and beyond 120 days.
Challenge: Close in 60 Days.... Clock Ticking.. now at 40+ days
Check These Items off the 2DO List ,in this Anatomy of a Rural Land Sale :
- The appraisal. Not a problem...we refer three appraisers. One of them allows as how he might be able to squeeze us in and get out on the land before the Winter Solstice. If he can do it, this property will appraise. 360 degree views, easy access, stream, nice barn, cabin shell- and priced below comparables. DONE, Day 30, Property Appraised above sell price.
- The Survey. We have a recent one, but our investor wants a new one. (Are you kidding, in 60 days ??) (read initial post for scary details) Our Field Coordinator, a congenial fellow, has made it a point to get to know the folks in the real estate related offices in Madison County. He locates the original surveyor. Makes five personal visits to his office 9with donuts) and actually gets an updated survey on Day 35. We deliver sugar cookie and gingerbread men on Day 40.
- The Septic System. They were right...my pals told me this could be a Bear! Maybe one day, I will write a whole other piece on that. With photos of the accident. Just let me say that no one was killed. Thank Heavens!
And the drainfields, and roadways were able to be shown on the updated survey. The digging oftwelve (12 ) holes (see photo..to the left) ...(do they look like gravesites or what?)
for the Health Department environmental scientist were satisfactory for her. She did need the help of our trusty Field Coordinator (FC) to get out of the holes once she got in them, though. They are six feet deep! ......Omigosh!....
My friend and RLI LAND Instructor says "I LOVE THE LAND!!!"/\ Yup...me, too .always an adventure....
but back to this follow-up and the adventure in the Western North Carolina "Hills" as Dena calls them..
4. The Well. We were right. After some digging with our handy trowels, we cleared the spot where the well is. There is a well on the property ...On to solving the problem of how deep it is, the gallons per minute it gives and the quality of the water. Our Friendly Field Coordinator (FC) called on his buddy out at the well-driller's office. She found records in the boxes in the back...and offers..."how about some chocolate chip cookies"while FC waits?..."Don't mind if I do'" says our FC. We delivered home made holiday cookies to this helpful person yesterday. FC talks with well driller who promises to go out as soon as time permits. FC drops by a few more times. After a few weeks, well-driller is satisfied that this is an urgent matter and goes out to the well. He remembers this well. It is one of the best ones he has ever dug. It is on the most beautiful land he has ever seen. He wished he'd have known that it was for sale. The well is 300 feet deep, produces 3 gallons a minute and is crystal clear. YAY! Our investor is thrilled and so are we. Day 42.
5. The Cabin Shell. There a nice cabin shell on the property. It has a few idiosyncrasies, however. It leaks. It has some rotting wood. The investor has made the sale contingent on immediate repair. We need to contact three carpenters, get three quotes, overnight all this to the investor, organize time, place and payment for the repairs. That is definitely do-able...and now that we know there is power to the property this should be do-able by the end of 2006....indeed. All is in order, but the investor has decided now to wait on repairs.
6. Power to Property. As I told you last month, we located two power poles, our FC climbed down the embankment, pulled away the grasses, found identifying numbers, made a personal visit to the French Broad Electric Company Talked with his friend out there. More cookies. FC is concerned about weight gain. Good thing I baked dozens and dozens of holiday cookies(NOT for FC!) but to deliver to the guys and gals out at French Broad Electric. (done 12/22)
UPDATE: 12/22...OH NO!!! I just heard from the investor. The investors' money may not be arriving on schedule...shall I send them over to read Broker Bryan'ts BLOG?
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