Land sale fell through

37chief · Feb 13, 2014

I posted last week I have a 1/2 acre for sale. The neighbor lady said she was interested in my land. The family applied for a loan for the land, or for a house. The family found a house. They needed to finalize something soon, as the husband was starting a new business, and didn't want that to happen until they had the loan. In my last post I told of a relator who could offer way more for the land. I was considering taking more money. I got beat up quite bad on that one from you guys. And rightly so. Next time I will think things over a little more when making decisions. I would never thought at 71 I would need to come up with 350-400 thousand to divide mom's 3.9 acres. You just can't believe what the city is making me do.When that is done I will have one of the 1/2 acres to sell. Hopefully I get that much for the 1/2 acre. This old farm land has turned into the high rend district. Mean while the relator is charging ahead with his buyer.Probably more than you wanted to know. Stan

Bobl1958 · Feb 13, 2014

Sometimes things work out for the best. I hope you come out well on the deal. Bob

Greg K · Feb 13, 2014

Sounds like you kind of get to eat your cake and keep it too.

bison · Feb 13, 2014

(quoted from post at 11:46:26 02/13/14) I posted last week I have a 1/2 acre for sale. The neighbor lady said she was interested in my land. The family applied for a loan for the land, or for a house. The family found a house. They needed to finalize something soon, as the husband was starting a new business, and didn't want that to happen until they had the loan. In my last post I told of a relator who could offer way more for the land. I was considering taking more money. I got beat up quite bad on that one from you guys. And rightly so. Next time I will think things over a little more when making decisions. I would never thought at 71 I would [b:0d8cec6142]need to come up with 350-400 thousand to divide mom's 3.9 acres.[/b:0d8cec6142] You just can't believe what the city is making me do.When that is done I will have one of the 1/2 acres to sell. Hopefully I get that much for the 1/2 acre. This old farm land has turned into the high rend district. Mean while the relator is charging ahead with his buyer.Probably more than you wanted to know. Stan

ou are kidding ....right! :shock:

37chief · Feb 13, 2014

I ain't kidding about nothing, (Nada) a little Spanish lingo as Rush L. would say. Stan

showcrop · Feb 13, 2014

What goes into that 400,000? I know that there are surveyors and attorney's fees and city charges but around here I don't believe that it would go more than $4,000.

Ultradog MN · Feb 13, 2014

Ha!
I didn't beat you up on that other post.
I said maybe they wont be able to get the financing lined up and you'll be off the hook.
Sounds like I nailed it.
Had that happen a couple of times - buyer couldn't perform and the deal fell through.
I hope it all works out for you.

37chief · Feb 13, 2014

I couldn't believe it either when I started this mess. I got a rough estimate for 350k. Now when the final estimate comes in, I am sure it isn't going to be less. I already have over 50k to the engineering company, 20k to the city for permits. Most of that is what Mom left, now that's gone. The sad part of this whole thing is when Dad was alive he could have gone to the county offices with a simple map and had the whole thing divided for a few hundred bucks. since we are now a city things got worse. Stan

1130Leo · Feb 13, 2014

Ok, I have to ask, why bother splitting it up if it cost that much??? Seems like it would have been better to just sell it all and split the money.

dpendzic · Feb 13, 2014

50K to an engineering co.?? what the heck kind of services are they doing for you?? I am a Licensed PE and that kind of money is unheard of for splitting a parcel of land>

glennster · Feb 13, 2014

stan, is the land currently ag zoned? what you may look into is a 1031 land exchange. you need a good real estate attorney and a 1031 agent. you would locate a parcel of land of equal or greater value that what you are selling, then sell your land, the 1031 agent holds the funds, then they are paid to the seller of the land you are buying. it will defer capital gains on your moms property.

MarkB_MI · Feb 13, 2014

Stan, thanks for posting. I did not think your neighbor was serious about buying your property, and it seems that that was the case. They applied for a loan for EITHER land or house? No, they didn't; they were just letting you hang while they worked on the house purchase. Next time, get a purchase agreement up front and some serious earnest money down. That will screen out the window shoppers.

37chief · Feb 13, 2014

The city is making me do a minor subdivision. sewer lines, water lines. paving the dirt road in front of the property 6in of base, 4 inches of hot mix. A road to the back lot same thing with a turn around for fire trucks. For the tree huggers I have to put a gravel trench fronting the property with grate on top. To catch and filter the water to save the frogs in a sewer run off creek a 1/4 mile away. All this needs to be drawn to city specs. I tell you the list just goes on and on. As for the engineer he gets 200 an hour, office workers a little less when they are working on my stuff. Glad I'm not a drinker this would put me over the top. Might be a time to start. Stan

T in NE · Feb 13, 2014

I can believe what they are making you do. I've seen how McCook works. The new city manager left after 2 or 3 years, I have a feeling that it was because of the hoops they create when someone who doesn't have the right name tries to do anything in town.
Only thing that surprises me is none of those names are Italian.
They haven't had any new housing built in the last 20+ years because the people who own the land around the edge of town have the wrong name. They also can legally screw with you 2 miles outside of town on zoning.
That's why a friend and I have a running joke- the first one of us to win the lottery is going to buy land 2 miles and 6 inches outside city limits and open a truck stop, IHOP, and t t bar.

Vito · Feb 13, 2014

Stan,

From what i read below you are developing the land for that cost.Am I correct in this assessment ?

Vito

dpendzic · Feb 13, 2014

Ok--you are doing a subdivision---i thought you were just creating a 1/2 acre lot to sell, not 3.9 acres into many lots--hope it works out well for you!

37chief · Feb 13, 2014

The land is now residential the new city took care of that. Stan

37chief · Feb 13, 2014

That is correct. If the construction costs come out less, or I am able to get more for the 1/2 acre. my brother and my self may make a few dollars.I am keeping one of the 1/2 acres for my daughter. The other lot is where I keep my tractors, and shop. My brother gets his half, and can do what ever he wants. Stan

GeneMO · Feb 13, 2014

(quoted from post at 20:00:34 02/13/14) That is correct. If the construction costs come out less, or I am able to get more for the 1/2 acre. my brother and my self may make a few dollars.I am keeping one of the 1/2 acres for my daughter. The other lot is where I keep my tractors, and shop. My brother gets his half, and can do what ever he wants. Stan

So I take it your brother is sharing in the costs? I hope you make some money, or else why do it?

We dont have zoning, no sewer rules, no permits, no fees, no nothing. Thank goodness.

We sold 120 acres a year ago in October. Sold it to Carl Edwards the NASCAR driver. We had to pay the auctioneers commissions, and a local title company took care of the details. Took one trip to town and within a week the whole deal was signed sealed and delivered.

Sad when cities gobble up farms, then the city people, who think they are in the country, pass laws that screw up the "charm" that they fled the city to escape in the first place.

Gene

Land sale fell through

37chief

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Bobl1958

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Greg K

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bison

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37chief

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showcrop

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Ultradog MN

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37chief

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1130Leo

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37chief

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T in NE

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