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View Full Version : HELP - Realtor in the house????


JohnnyB
04-17-2008, 09:29 PM
My wife and I have finally found our riverfront dream property. I want to write an offer on this parcel of vacant land. What contingencies should I put on it to protect myself.

The obvious one is a financing continency.

What others should I consider????

There is a pond on the property, a creek at the back and 1 acre of river frontage across the road.

Between set back from water (river and creek) and from the road and from the lot lines, I have enough room to build.

I have a perk test competed.

What am I missing.

6ballsisall
04-17-2008, 09:39 PM
Not sure about your zoning laws but worth looking into making sure you can put the house on it you'd want on the land. Also doesn't hurt to have a soil test. Lastly, good idea to get the land professionally surveyed if it hasnt been.

JimN
04-17-2008, 09:58 PM
Expect the DNR to be involved in whatever plans you make for the parcel. Make sure it's actually buildable. The perc test will determine what kind and how many hoops you;ll have to jump through for the waste system- septic tank, mound, etc.

If the river is a larger one and always has good flow, I would think about trying to do some kind of water power generation, but that's just me.

mbeach
04-17-2008, 10:17 PM
clear title w/title ins, acceptable survey with no encroachments and contour bleow state or corps of engineers claims juristiction, property line setbacks, and deed restrictions. perc test is an excellent idea as well as a soil test. is property in floodplain and if so where are the 50 amd 100 year contours. this is a wet year and i would be especially careful about determining frequency of flood. lastly, can you get a dock permit.

JohnnyB
04-17-2008, 10:22 PM
clear title w/title ins, acceptable survey with no encroachments and contour bleow state or corps of engineers claims juristiction, property line setbacks, and deed restrictions. perc test is an excellent idea as well as a soil test. is property in floodplain and if so where are the 50 amd 100 year contours. this is a wet year and i would be especially careful about determining frequency of flood. lastly, can you get a dock permit.

Title/Title Ins - have to with loan

Survey - recently surveyed and staked

Property Line setbacks - 75' from center and all property lines which gives me 89' of width to build. 300ft from river center....neighbors will be closer than I will be.

Percs for mound.

Soil test?????

Dock is per DNR guidelines which I have and are no issue....lot is plenty wide and depth is more than I need keep my boat.

Keep 'em coming.

mbeach
04-17-2008, 10:39 PM
soil test is usually done by a geologist. this will give you an idea if you need any special foundation considerations as fullers earth (pipe clay) or rock just beneath the surface (may need to blast).

sand2snow22
04-17-2008, 11:45 PM
Make sure you know the zoning like Eastie knows the law!!

That close to a creek, I'd be worried about flood insurance.

Due diligence, talk with other builders in the area, cost to build, everything seems to be going up except wood!!

h2oskifreak
04-17-2008, 11:55 PM
Inspection period should be long enough to investigate things that will be critical to your intended use. If septic I would perform the perk test. Visit ALL of the agencies that will have anything to say during your inspection window. If it has covenants, review them during your Title Review period. If it has an HOA make sure to contact them, get minutes of the last few Board of Directors meetings to be hip as to what is going on. Don't kill the seller w/ contingencies, it might scare them from your offer, just make sure your insp. clause is broad and long enough.

BrianM
04-18-2008, 08:10 AM
Get yourself a very good agent to represent you in the transaction. It will cost you nothing and may very well save you from a big $$ mistake. Get a reference from a friend or family member that was happy with the performance of their agent. Interview a few of them and go with the one you feel has similar values to yours. DO NOT just call up the biggest real eastate company in town and have the realtor that picks up the phone help you out. Guaranteed you wouldn't want that person to sell you a dog house.

How many real estate transactions have you done in your lifetime? If you are like most it will only be a handful. A professional will do a handfull a month. They know how to write a contract that will protect you and your interests and can tell you the things that you need to know about when buying vacant land. Trust me it is not a simple process and many times vacant land can be a much trickier transaction with more pitfalls than buying a home.

JohnnyB
04-18-2008, 08:32 AM
Get yourself a very good agent to represent you in the transaction. It will cost you nothing and may very well save you from a big $$ mistake. Get a reference from a friend or family member that was happy with the performance of their agent. Interview a few of them and go with the one you feel has similar values to yours. DO NOT just call up the biggest real eastate company in town and have the realtor that picks up the phone help you out. Guaranteed you wouldn't want that person to sell you a dog house.

How many real estate transactions have you done in your lifetime? If you are like most it will only be a handful. A professional will do a handfull a month. They know how to write a contract that will protect you and your interests and can tell you the things that you need to know about when buying vacant land. Trust me it is not a simple process and many times vacant land can be a much trickier transaction with more pitfalls than buying a home.

I'm going to do that. I have an agent that I will use to sell our current house.

peason
04-18-2008, 10:02 AM
Hope this works out for you! We took the plunge a couple of years ago and everytime I look out the window, I can't believe where I live! We have to get a new septic system put in this summer - took some time to get it approved, but this was expected when we bought our lake home. I agree on getting a good agent, it will save you in the long run.

jbfootin
04-18-2008, 10:20 AM
That you have room for a kegorator for when we stop in for a break from our hard-core skiing!:D Congrats on finding a spot! On the Fox?

JohnnyB
04-18-2008, 06:18 PM
That you have room for a kegorator for when we stop in for a break from our hard-core skiing!:D Congrats on finding a spot! On the Fox?


Yup, on the fox, on the WT stretch. Will have to figure out how to rig up a beer fridge close to the dock.

Offering tomorrow.....hope it works out!

Weather sucks and river is flooded....no footin' this weekend :mad:

jbfootin
04-21-2008, 10:35 AM
Sweet...Did they accept the offer?...

JohnnyB
04-21-2008, 02:39 PM
Sweet...Did they accept the offer?...

They countered, I'm countering again :mad:

The lot my house is on now i bought from the owner over a couple of beers and a hand shake. This is a pain in the ***.

jbfootin
04-21-2008, 02:45 PM
Good luck! Keep us in the loop.

6ballsisall
04-21-2008, 02:50 PM
They countered, I'm countering again :mad:

The lot my house is on now i bought from the owner over a couple of beers and a hand shake. This is a pain in the ***.


Lower your counter from your original offer.

JohnnyB
05-30-2008, 11:38 PM
Closed on our waterfront lot today!

My wife and I are now the owners of 6 acres of semi-wooded ravine lot with 185 feet of frontage on the Fox River just South of Green Bay.

House went on the market last Friday.....going to sell our current house before we build on the new lot.

Willski
05-30-2008, 11:56 PM
Congrats. It is also my dream to live waterfront!!!

D3skier
05-31-2008, 12:46 AM
congrats on the new property... enjoy the fun times of building your dream home once you get there

jbfootin
06-02-2008, 11:02 AM
When is the lot warming party?!?!;)

JohnnyB
06-02-2008, 01:47 PM
When is the lot warming party?!?!;)

What nights are you free during the week....I think the warming party consists of parking the boat in front and drinking beer after some footin'.

I'm coaching Tuesday and Wednesday nights....Mon and Thurs are good possible ski nights. I'll email you....