Buying property tips?

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71340Duster

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Oak Harbor WA
The wife and I have been looking for a piece of land on the island to build our retirement home, found a piece of property (5 acres) that we're interested in. I have never bought property, wondering if anyone could share some pointers/things to consider. It's an owner contract (they're loaded, were going to build there for daughter, she was supposed to build but did not). There's already a well (capped, we're requesting re-test) and it's cleared, no easements, been perked for 3 bedroom, have perk test filed with county). Any thoughts would be appreciated!!
 
Start with Land titles and get a surveyers certificate. Check to see who's names are on the title to the property etc, make sure there are no liens put against it.

When i got my divorce i thought i had it covered, and the lawyer said i missed a form that would give my ex non spousal rights to the house if i didnt get it filled out right. Dont go into this blind, cover your arse.
 
I'm no financial genius, but in this financial time I'm not sure I'd do that. Plus, you might seriously consider. I may already be biased against WA state, but you can't argue it's got some of the highest taxes in the nation.
 
Make sure of the surroundings. You don't want to end up next to the doo doo plant.
 
Out here what type of septic system is governed by property size, or so I was told. What type of system is alloeed? How deep is the well? Gallonage? Lenders require a certain flow. Power? No easements? Rocky?
Trash service? Rural areas are often serviced by private companies.
 
I'm no financial genius, but in this financial time I'm not sure I'd do that. Plus, you might seriously consider. I may already be biased against WA state, but you can't argue it's got some of the highest taxes in the nation.
High taxes? Where? Our taxes on a 100k assesment are uner a grand a year. Want to see high taxes go to Jersey. Folks house is under 1000 square foot. Lot is 120 x 100 or so. Assessed value, last I looked was 210k or so. Almost 7k ayear in taxes...,
 
Start with Land titles and get a surveyers certificate. Check to see who's names are on the title to the property etc, make sure there are no liens put against it.

When i got my divorce i thought i had it covered, and the lawyer said i missed a form that would give my ex non spousal rights to the house if i didnt get it filled out right. Dont go into this blind, cover your arse.

Thanks, not supposed to be any liens, we asked but I guess the place to check is the title company? They own the largest construction company on the island, own 20 acres across the lake, but I guess that doesn't really mean squat.
 
I'm no financial genius, but in this financial time I'm not sure I'd do that. Plus, you might seriously consider. I may already be biased against WA state, but you can't argue it's got some of the highest taxes in the nation.

I won't argue that, hate this state for that. I'm retired military though, and being near the base hospital and commissary will make my retired dollar go further (when I can, I'm only 51). ONLY....HA right!!! Thanks. BTW I have a friend who just went to Idaho looking for property, said he saw a lot of nice stuff, just couldn't afford. The couple pieces he could had Indian rights or something attached to them, he felt that anything could happen with the property so he shyed away, nice looking land out there though.
 
Out here what type of septic system is governed by property size, or so I was told. What type of system is alloeed? How deep is the well? Gallonage? Lenders require a certain flow. Power? No easements? Rocky?
Trash service? Rural areas are often serviced by private companies.

I read somewhere that you should do several "perks". Maybe drainage changes, so may look into re perk request. I believe it's approved for 3 bedroom conventional system, but I need to verify that thanks. I've seen the well certificate, not sure of the depth, think it's a 6 inch and a nice pump house has been built, previous owner was going to bring power to that part of the property, which is nearer to the road/power source, and put a panel in the well house, then run power up to the house into another panel. He had already trenched it, but think that was several years ago. No easements, not too rocky and yep, no more city water/sewer/garbage bill, I'll be going to the dump I guess. Don't mind the dump. There is a charge for keeping the road maintained, it's a bit too but I guess it's a community thing.
 
Believe it or not see what the termite infestations are in the area. Almost lost a house to that one.
 
Pay a local Real Estate Agent to totally check it out for you. That way you CYA.
 
Home inspections are worth every cent. My 1802 home has a pond and the termites just love it here. No one caught it.
 
Purchase a Title Insurance Policy if available in WA. Regardless of any and all discrepancies with the property you're insured to recover your costs. Dan
 
All good tips, here's two more. No Land Contract, you should create a deed of trust during the title work. Any Real Estate attorney can draw one up. A deed of trust provides much more protection for the Buyer in the event of Default, and a deed of trust allows you to resell the property at any time. Contracts don't always allow that, and They are messy if a transfer of ownership is necessary.
 
Get the tax parcel number, go to the county planning and permit department and have them go thru everything they can with you. You need to make sure that it is a certified lot (allows you to actually build a house on it), just because it's got it's own parcel number doesn't mean you can actually build on it (I'm going thru this in Anacortes right now, I haven't bought the property yet). Also, check the wells on the surrounding lots, the county should have a record of each well and it's depth. A guy from work had a great well at about 80' until the neighbor drilled his at about 130', now every couple of years they chase each other down another 50' (Last time he talked about it he was at 225'). Strange as it may seem, being close to the pond doesn't always gaurantee good water. Check with the neighbors to find out what the water quality is, some well water tastes excellent, some not so much. Since we've been getting hit with rain pretty good the last couple of weeks, go walk the property, visualize where you want to build your house, and see if there is any standing water or drainage issues in the immediate vicinity. Think also about your driveway, if it's mush in the rain your going to be spending some decent money to excavate the shitty material and rebuild with quarry spalls and crushed rock. Power can be expensive to get if it's not close now. Like others have said, check with a title company and see if there are any leins on the property. I've never bought a house, 3 times I've bought raw land and built my house.
 
All good tips, here's two more. No Land Contract, you should create a deed of trust during the title work. Any Real Estate attorney can draw one up. A deed of trust provides much more protection for the Buyer in the event of Default, and a deed of trust allows you to resell the property at any time. Contracts don't always allow that, and They are messy if a transfer of ownership is necessary.

The deed of trust is being drawn up, thanks for that, didn't know there was a difference between land contract.
 
Get the tax parcel number, go to the county planning and permit department and have them go thru everything they can with you. You need to make sure that it is a certified lot (allows you to actually build a house on it), just because it's got it's own parcel number doesn't mean you can actually build on it (I'm going thru this in Anacortes right now, I haven't bought the property yet). Also, check the wells on the surrounding lots, the county should have a record of each well and it's depth. A guy from work had a great well at about 80' until the neighbor drilled his at about 130', now every couple of years they chase each other down another 50' (Last time he talked about it he was at 225'). Strange as it may seem, being close to the pond doesn't always gaurantee good water. Check with the neighbors to find out what the water quality is, some well water tastes excellent, some not so much. Since we've been getting hit with rain pretty good the last couple of weeks, go walk the property, visualize where you want to build your house, and see if there is any standing water or drainage issues in the immediate vicinity. Think also about your driveway, if it's mush in the rain your going to be spending some decent money to excavate the shitty material and rebuild with quarry spalls and crushed rock. Power can be expensive to get if it's not close now. Like others have said, check with a title company and see if there are any leins on the property. I've never bought a house, 3 times I've bought raw land and built my house.

I'm running this tax parcel number today at the County, well is 203 feet, we're having it retested since it was drilled 6 years ago, it's capped, I don't want to add the pump yet as we're a ways away from building the home. Sounds like you've been through all kinds of fun, thanks for the tips.
 
If the property is infested with a Home Owners Association, walk away. The one this place is infested with has a hard time understanding that what goes on inside this house is none of their business. I've already met 3 board members up close and personal after they tried to unlock my door and come in. Don't understand, or care to, why they feel the need to have a key to the place, but it's in the HOA agreement I didn't sign and I'm being hassled for noncompliance. They are also bent out of shape over the riding mower behind the barn that you can only see from the air if you are not trespassing...
 
Heres a good read for future land buyers. As a multiple land and home owner and building contractor for over 26 years myself there is a ton of information to be learned prior to buying or even looking for properties. I could go on forever but this site has it all spelled out for you. Good luck!

http://buildingadvisor.com/buying-land/
 
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