Anatomy of Rural Land Sale. A Good-Natured Look at a Real Challenge. Part 2

By
Real Estate Broker/Owner with REAL ESTATE RESOURCES & NETWORK 209970

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 :

  1. 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.
  2. 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.
  3. 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!

Anyway. As of yesterday, we have permits for  two septics. Two sites.
The site for the home has been flagged (see photo above) the septic permit documents  from County were successfully filled in.

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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Rainmaker
513,582
Leigh Brown
Leigh Brown & Associates, RE/MAX Executive - Charlotte, NC
CEO, Dream Maker - Charlotte, NC
are you serious?  all those hoops and a crazy deadline and their money isn't on time?  that would chap my hide severely!!!  at least you were able to give away what you were baking instead of eating it this year, eh? =)
Dec 22, 2006 06:00 AM #1
Ambassador
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. 4Terra Land Brokers .. 828-776-0779 Asheville NC
REAL ESTATE RESOURCES & NETWORK - Asheville, NC
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leigh...I have asked Santa for speedy delivery of client funds :-), and I still believe in Santa!
Dec 22, 2006 10:55 AM #2
Rainmaker
1,142,210
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time
janeAnne, this deal sounds like quite adventure. I bet you love it though. Nothing makes me feel more alive than a good challenge and a successful closing on a difficult deal. You may need more cookies on  this one.:) BTW thanks for the link.
Dec 22, 2006 01:12 PM #3
Ambassador
557,018
"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

We wish you a merry Christmas! We wish you a merry Christmas! We wish you a merry Christmas And a happy New Year! Glad tidings we bring To you and your kin! Glad tidings for Christmas And a happy New Year!

Broker Bryant and The Lovely Wife (pretend we are singing it works better like that) ROAR!

Dec 23, 2006 11:44 AM #4
Ambassador
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Happy Holidays and EVER GREENS! to All...
Dec 24, 2006 04:12 AM #5
Rainer
24,441
Bill Westel
Eco-Steward Realty - Asheville, NC
ECO

The deal will happen, just maybe not with this investor! There is always the well digger as a backup.

Dec 26, 2006 01:30 AM #6
Ambassador
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Bill...I will post the outcome of this adventure as soon as I know! As of today, it looks as if the funds will transfer on time!  The well digger, eh? THX for reading this so carefully.
Dec 26, 2006 02:04 AM #7
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P.S....Just heard from the investor. It is looking as if we can close on time!
Dec 27, 2006 02:12 AM #8
Ambassador
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Bryant..I DO love it!! It is so much fun to go sloshing around on the land, especially at this time of year when the snakes and gnats and chiggers are resting quietly, and we can see the lay of the land because the leaves are also resting.
Dec 27, 2006 02:14 AM #9
Anonymous
John Thomas

I am a 1031 investor. Do you know if it is possible to turn a land deal in a short period of time?

Jan 01, 2007 05:37 AM #10
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John. It  looks as if we will be able to turn this in 60 days, which may or may not be able to help out a 1031 investor depending on when your clock starts ticking. We work hard to be very time-conscious, though and have had a track record of success because we are familiar with the people who provide the due diligence services without which we could NOT bring a deal to a happy conclusion.
Jan 02, 2007 11:56 AM #11
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UPDATE: 

This rural land sale went off with not too many hitches. Our clients are now happily planning their sustainable family community there. I love LAND and all the possibilities it holds.

Dec 06, 2007 12:54 AM #12
Rainer
52,213
Jason Smith
DreamDirt Auction - Mondamin, IA

Great post with a lot of good details.  Its great to meet somebody with the same passion for land as I have!

Jan 04, 2008 01:36 PM #13
Rainmaker
539,512
John Mosier
Realty ONE Group Mountain Desert - Prescott, AZ
Prescott's Patriot Agent 928 533-8142

Thanks for your post, janeAnne. In Yavapai County, Arizona, our perc test rules have changed and the test now requires a 10 foot deep hole. Much of our land has little soil above a LOT of granite. I frequently advise my Buyers to save the money for the perc test and use it for an alternative septic system.

Mar 10, 2013 01:09 PM #14
Rainmaker
539,512
John Mosier
Realty ONE Group Mountain Desert - Prescott, AZ
Prescott's Patriot Agent 928 533-8142

Has anyone had experience with a dowser (aka water witch)? I was a doubter until the dowser and well driller salvaged a sale of a at $600,000 property. It turned out that the property had an old well that produced less than 0.6 gallons per minute. The dowser said the old well missed the aquifer by 30 feet!

Mar 10, 2013 01:13 PM #15
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