Buying property tips?

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71340Duster said:
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.
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Hire an independent company to do a title search on it. If anything happens down the road, they are liable.
 
12valve said:
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.
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^^^^^x2
County courthouse a good place to start. Ask if there any rezoning/building permits in for land anywhere nears yours...might see if there's a long-term plan for growth in the area...see how that impacts you. Property closes by either a title company or an attorney depending on which state you're in. Check and see what WA is and find a reputable person who'll represent you to close the deal. Buy a book on 1st time land buying...preferably specific to WA state...best $10 I ever spent years ago...you'll be amazed at the simple things you can do that are free...well worth the money. Good luck!
 
Bad Sport said:
Hire an independent company to do a title search on it. If anything happens down the road, they are liable.
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Xs2. In addition to all the other suggestions here, look at the restrictions on the property to make sure that you can live with them. Also check the restrictions on the neighboring properties. You don't want to build an expensive home and then have people put up a bunch of shanties in the area.
 
75Sport said:
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
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I will do this thanks, there are some crazy things I didn't think about that it can cover, such as unreported leins etc. I'm starting to see what a nightmare a guy could get himself in....but I'm moving forward cautiously thanks to all of you.
 
grumpuscreature said:
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...
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That would make me want to take that riding lawnmower, put it on the lowest possible setting, and head over to the neighbors yards for some flowerbed trimming!!! Thanks, yet another thing I haven't asked about, the help you guys are giving me is great!!
 
MrDuster said:
^^^^^x2
County courthouse a good place to start. Ask if there any rezoning/building permits in for land anywhere nears yours...might see if there's a long-term plan for growth in the area...see how that impacts you. Property closes by either a title company or an attorney depending on which state you're in. Check and see what WA is and find a reputable person who'll represent you to close the deal. Buy a book on 1st time land buying...preferably specific to WA state...best $10 I ever spent years ago...you'll be amazed at the simple things you can do that are free...well worth the money. Good luck!
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This is a good idea, there are a few pieces of property for sale, look like ten acre lots. I think the whole lakefront is owned and zoned residential, this is the last piece that has lake front footage so any further development would have to be on the way into the land, I'll check that out.
 
Oklacarcollecto said:
Xs2. In addition to all the other suggestions here, look at the restrictions on the property to make sure that you can live with them. Also check the restrictions on the neighboring properties. You don't want to build an expensive home and then have people put up a bunch of shanties in the area.
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Good advice. Our home design is a downsize from what we're in now, three kids moved out etc. but it's a nice design and shouldn't be an eyesore. I'll ask about restrictions the only one I know about is there is a set back from the lake that you can't build, have to be 50 or 100 feet back.
 
Okay, I have received more paperwork from the sellers. It looks to me like a land contract. It is titled "Vacant Land Purchase and Sale Agreement". Let me give a few details here. First, the land is being sold by the owners and the owners are the bank, however, the closing, escrow account, etc is being drawn up by Land Title. There is a small amount of earnest money, and appx 15% "down" payment is being paid by us into escrow. I'm wondering if this sounds like a typical FSBO situation. I am strongly considering taking this 4 page contract to a real estate attorney. Does this document sound like a "Land Contract"? We will be signing a contract at closing with the Title Company, so I' guess I'm confused here. Any more insight would be appreciated!!
 
Remember what I said about title state or lawyer state...you're looking like a title state and it sounds about right. Won't hurt to get a good attorney to look it over and advise you of anything specific to the state/county....good luck!
 
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