Would you buy this home in our situation?

[dobig]

Very nice! That seems like a huge amount of "stuff" for only a million or so.

Some people pay a million and get a 2 bedroom condo, you pay a million and get an entire plantation.

Yes but you get to see whales and seals. We dream of coming out there to see what you see.

 

[dobig]

I watched the video tour. Wow, what a property!

You sound like you know what you're getting into. It looks lovely and in a nice area.

CONGRATULATIONS! I hope the closing goes smoothly and that you love your new home. And your new pet goat and pig!

lol, that goofy pig and goat. They jut roam around together wherever they want like they own the place. My wife was rubbing Frankie (the pig) and the pig started snorting which made my wife laugh so hard she started snorting. The realtor and me almost cried from laughing so hard.

 

[street]

The above is in error

The drilling of a well is not entered on the title and a title report will not show you information as such.

The first thing that must be done is to go to the Corporation Commision and ask for a report. Unfortunately this CC does not have accurate records and wells are often drilled without a CC recording. The next thing is go to the “log library “ and inspect it. The title report gives you no information on number of wells, depths, closures, or actual location of each.

With some experiences on this subject, I would recommend the above

Not an error in the state I live in. Any well or activity that has been done on the property here is listed. To drill a well on any land here needs permits easements and other documents to be or so any work on the property. The Abstract/Title search and the Abstract is a must for any piece of land bought and it does report everything from the land history.

Very detailed report and if that land had any issues legally it will be on the report in detail.

Sorry you are wrong and if you read my post it said in my state, so it isn't an error.

 

[Koolau]

Not an error in the state I live in. Any well or activity that has been done on the property here is listed. To drill a well on any land here needs permits easements and other documents to be or so any work on the property. The Abstract/Title search and the Abstract is a must for any piece of land bought and it does report everything from the land history.

Very detailed report and if that land had any issues legally it will be on the report in detail.

Sorry you are wrong and if you read my post it said in my state, so it isn't an error.

It makes sense that these things would vary by state. Different states have different laws, regulations and requirements.



My fear would be that someone had illegally drilled someplace without doing the proper state paperwork! That could be a disaster.

 

[dobig]

Didn't even make it to home inspection. Seller and realtor apparently didn't account for the parcel that was subdivided off and is currently under contract when figuring the gas royalties. Was 101 acres and we are buying the remaining 83 acres but represented was the royalties on all 101 acres. The buyer of the other parcel gets approximately 18% of the royalties. This is in addition to the royalties being less than half the $70k originally represented. In addition to that surprise was finding out today the insurance on the property is $7,800 and talking with a home inspector the black we saw on the walls in the basement in the larger rental is most likely black mold.


We were so sure this was our dream place. I apologize for wasting everyone's time.

 

[OldShooter]

... I apologize for wasting everyone's time.

No apologies necessary. Actually you probably gave many people some useful lessons, the most important of which is that you did not fall in love with the deal, instead remaining dispassionate as the deal twisted and turned, then finally pulling the plug when it got too stinky. No worries. There will be better deals coming and your experience here will help you to identify the sweet ones and move quickly when "the one" appears.

 

[ApeX]

Bummer!! So sorry it fell through. There will be other opportunities, though. Enjoyed the thread and perusing the Zillow listing.

 

[MarieIG]

No - no apologies. You were sharing your experience and doing your due diligence. We all wish you the best.

 

[ImaCheesehead]

So sorry to hear that you have pulled the plug on the deal, but your reasoning is solid.

Wonder if you could still buy the goat and pig for your current home?

 

[street]

Darn!!!

 

[4legsgood]

...
We were so sure this was our dream place. I apologize for wasting everyone's time.

Thanks for letting us share in your dream. That place, so beautiful and so many moving parts.

 

[Fermion]

Aw man, it totally was Green Acres is the place for me type thing. I was just picturing your wife with a glass of wine and a New Yorker magazine while you were in overalls having the time of your life.

 

[JoeWras]

You're going to miss the pig too.

Better to catch problems now instead of later.

 

[Texas Proud]

No problems here...


But... is the black mold a deal breaker? I thought you were going to rehab the place so it might not be that bad..


And them getting the info that royalties are now not part of the deal and that there is a possible black mold problem the price should go down... the question is if the seller has too high of an opinion on the property..


I would say yes based on the prices they had a year or two ago, but if nobody is coming to buy they have to have reality hit them at some point in time...


It took me almost 2 years to get my current house back in the 07/08 time frame... they thought the house was worth more as they had 'put so much into it' but they got zero offers... eventually they asked their RE agent to get back in touch with me to see if I was still interested... I was, but at a lower price than before... got the house

 

[Aerides]

We were so sure this was our dream place. I apologize for wasting everyone's time.

Not at all, I feel so sorry that it fell through, but I'm glad you made that decision vs. keep accepting the lowering of value. Chances are more would have come up with the inspection.

I'd just look at this is a lesson, more of learning what kind of property you want. (The built in low-rent family member would have been a caution for me also.)

 

[Koolau]

Didn't even make it to home inspection. Seller and realtor apparently didn't account for the parcel that was subdivided off and is currently under contract when figuring the gas royalties. Was 101 acres and we are buying the remaining 83 acres but represented was the royalties on all 101 acres. The buyer of the other parcel gets approximately 18% of the royalties. This is in addition to the royalties being less than half the $70k originally represented. In addition to that surprise was finding out today the insurance on the property is $7,800 and talking with a home inspector the black we saw on the walls in the basement in the larger rental is most likely black mold.


We were so sure this was our dream place. I apologize for wasting everyone's time.

I'm so sorry this didn't w*rk out for you. BUT, thank goodness you figured it out in time. Next time, let us all hope it w*rks out well.

 

[clifp]

Thanks for sharing the deal, it was a beautiful property and had a lot of interesting parts.

Even though, I have some real estate in Kansas City, MO. It still amazes me what a million dollars can buy in the heartland of the country. That barely gets you a 2 Bedroom Condo in Honolulu.

 

[Koolau]

Thanks for sharing the deal, it was a beautiful property and had a lot of interesting parts.

Even though, I have some real estate in Kansas City, MO. It still amazes me what a million dollars can buy in the heartland of the country. That barely gets you a 2 Bedroom Condo in Honolulu.

And it's so interesting how we (in Honolulu) get used to throwing those numbers around. I suspect it's the same in parts of California. A million for a bungalow in S. Cal. or 700K for a 2/2 Condo in Honolulu. What is WRONG with us?

 

[dobig]

Ended up buying a much smaller farm at auction yesterday. About 1 hour west of the other property. Less than half the acreage (40) and only 8 acres good tillable ground but excellent woods with timber value and a pretty little creek running through it. Even older home built in 1805 with newer addition that needs work. Also has a nice apple orchard along with blueberries and some hidden mysteries like a small old stone building on the other side of the creek that looks very old and no one seems to know what it is or what it was used for. All oil or gas wells leases have expired on property and we get all the rights.


Have to put on a new roof, update some of the electrical and tear out the carpeting and put in some new flooring in but I got the place at less than it's land value because the septic failed. New septic will cost $26k. Much more humble property but I couldn't pass up the price of $195k + 10% buyers premium. Now just have to try and stay patient as property goes thru probate as this was an estate.

 

[JoeWras]

IMHO, that's more like it!

 

[steady saver]

Love it!
Congratulations!

 

[Toast]

Beautiful property!

 

[Montecfo]

That's fantastic!

 

[street]

That is great! Looks like a nice setting and I wish you much happiness and enjoyment.

Off subject but I'm hoping to add some more irrigated bottom ground to my place. If the Lord is willing it may happen down the road.

 

[arbeadub]

My guess is that the stone building is a spring house for keeping dairy or meat cool before refrigeration became available. Nice looking place all around.