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Check it out Good know the facts!Re:OT-Negotiating

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archiesfords

01-30-2007 10:09:26




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First let me say that you must hire an Independent CERTIFIED licensed Inspector/appraiser to do the inspection and appraisal. You must look into this swamp as far as to how it is regulated under the Federal wetland rules and regulations. This so called swamp may restrict the use of the whole farm in what you can do there. If the land is swampy all over you need to make sure that the septic can even be installed with perk. It may require a mound or some other expensive alternative!
As far as price and value DONT ever fall in love with a piece of real estate, this is what real estate agents and sellers depend on to extract the very last dime out of you. Just dont fall for that trap. Make sure you know exactly the actual worth and market price of what you want to buy. Always make your first offer to buy much lower than what is being ask. You never know what may happen. If you are dealing through a RE agent they may even balk at you offer, and try to tell that XX would never take it therefore dont make the offer! Yeh right! That agent has a stake in this to get as much as they can. You make the offer in writing and the agent HAS to take that offer to the seller period. It helps that you will know more about this place than they do. Always talk to the neighbors about the place to find out things, anything that may help reduce the price helps. That is unless nobody knows it for sale, if that is the case, DONT let anybody know about that you are trying to buy it, not even your kids! The last thing you want to have is a another buyer to bid you up or have an agent to play against you offers. Sometimes agents will have phantom lookers just to pressure you or get you to act with haste.
Again know the place, know the real value know the real condition and always make your first offer low, who knows it may be accepted. Especially if there are no underlying loans.
I once bought a 15 acre farm similar to the one you have. There was a hundred thou against it and it was in collection. I made an offer to the collectors for $7000. my starting offer well to say the least these guys were taken back a bit. Well after many offers and counter offers the final purchase price was around $9000. Now I am not suggesting anything like this, but if the airs are living a long ways away they want out of this ASAP.
Do you home work its your job, and dont fall prey to "We just love this little place".

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Colin King

01-30-2007 10:22:04




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 Re: Check it out Good know the facts!Re:OT-Negotia in reply to archiesfords, 01-30-2007 10:09:26  
Thank you for the words of caution, and pointing out the issues with the low land.

I failed to mention that it is offered "as is."

I should be able to get an idea of land use and set-back requirements for the existing structures from the County.

The building site itself is up on a hill above the low land. County requirements are that a bid for a septic system has to be in hand at time of closing. The buyer has to put 150% of septic system bid in escrow at that time, and has 12 months to complete the work.

Thanks again for the advice!

Colin

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archiesfords

01-30-2007 10:42:05




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 A PS here! Re: Check it out Good know the facts!Re in reply to Colin King, 01-30-2007 10:22:04  
I forgot to mention when buying any old farm that has a well on it. Make sure that the well is tested for all farm chemicals especially DDT, arsenic and heavy metals. Because in the old days farmers would wash out sprayers and spreaders either near the well or near the highest output water tap. This stuff may reside there from 40 years ago. HAVE THE POTABLE WATER TESTED!!! Also check for possible buried waste pits, and since you are buying "as is" you may be stuck for any ecological time bombs!

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Colin King

01-30-2007 10:54:26




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 Re: A PS here! Re: Check it out Good know the fact in reply to archiesfords, 01-30-2007 10:42:05  
Again, you hit the nail on the head! I just got off the phone with the County Planning and Zoning office. Apparently the State Health Department does require a water test before mortgage approval.

Thanks!



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Upper Peninsula,MI

01-30-2007 11:17:59




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 Re: A PS here! Re: Check it out Good know the fact in reply to Colin King, 01-30-2007 10:54:26  
Colin. You have received excellent advice so far. Take this advice and use it. Do not go into this without the advice of experts. Get your self a good building inspector and pay their price to find out what are the problems with the buildings, wells, electrical etc. and about how much it will cost you to bring them up to liveable standards. They may say the fences are their property lines, but are they? Having been a property surveyor, get one before you buy.Good luck. Ron

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tv4fish

01-30-2007 12:51:53




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 Re: A PS here! Re: Check it out Good know the fact in reply to Upper Peninsula,MI, 01-30-2007 11:17:59  
Colin: Being a fellow Minnesotan AND currently a Licensed Land Surveyor here in Minnesota - I feel the need to state some facts here - It upsets me when people talk of surveyors as if we're lawyers and "slant" things to favor our client. Let me assure you, if that were the case, the State Board of Registration would pull that Surveyor's license to practice. The surveyor has to rely on factual information of record and dare not be biased. If a survey was done by a licensed Surveyor, you have every right to rely on that survey. Now, regarding fence lines versus survey lines, proceed with caution here, and do not accept advise from someone in a different state, as fence laws do vary from state to state.

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Colin King

01-30-2007 16:43:26




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 Re: A PS here! Re: Check it out Good know the fact in reply to tv4fish, 01-30-2007 12:51:53  
Thank you TV. There was a survey done this summer, and I've looked at the survey markers. Since you are experienced with local law, I'll ask you this question. Is it possible for there to be a non-binding survey? Or if a survey is conducted, is it always a legal and accurate description of the properties boundaries?

Thanks!
Colin



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Colin King

01-30-2007 11:23:01




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 Re: A PS here! Re: Check it out Good know the fact in reply to Upper Peninsula,MI, 01-30-2007 11:17:59  
Thank you, Ron!



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archiesfords

01-30-2007 11:16:46




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 True but !Re: A PS here! Re: Check it out Good kno in reply to Colin King, 01-30-2007 10:54:26  
But the tests for the previously mentioned Items are usually not covered by the county testers and need to go to an independent lab these test are not cheap either and should be paid by the seller if the property is purchased or if they fail the test!



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