Homebrewale
Old Mossy Horns
You said it's not on the market and you have first dibs. How about waiting to buy it? From your post, it didn't seem like the owner was in a rush to sell it.
Land value question
- Thread starter BJordan
- Start date
Buy it! If it becomes a burden…. Throw a driveway easement to it off of your existing property and see what the value is then…… my guess would be 40- 60k…. You could also sell the timber if needed…..
Vannoyboy
Eight Pointer
So, what could go wrong if you don't? Experience here. A few years back I was offered 10 acres for $10k that joined me. I just had bought my land and was a little tight on money so I declined. Man died, his daughter called me 2 years later and offered it for $18K, I declined, she sold it for $18K, 2 years later it came up again for $25k. I thought it was too high but it sold. I finally decided I better buy it as a buffer. Called new owner and he said $36K. Way too much. I ended up watching my son have to give $25k for one acre to build on. Turned out after it was surveyed it was actually 12 acres, the man cut $18 K timber, divided it up and it all sold for over $20 k per acre. I can see it from my front porch , free
CharlesIngalls
Six Pointer
My conversation would go something like this: "honey, thats 4 acres our precious little baby can build a house on one day."
If its not on the market yet why not just save up for a few months for a down payment, get a personal loan, and pay that s*** off as fast as possible. (Thats what I would do but everyone's financial situation is different) As stated, thats a pretty good deal for your neck of the woods these days. And you will definitely regret it if you don't buy it.
If its not on the market yet why not just save up for a few months for a down payment, get a personal loan, and pay that s*** off as fast as possible. (Thats what I would do but everyone's financial situation is different) As stated, thats a pretty good deal for your neck of the woods these days. And you will definitely regret it if you don't buy it.
Unlike that truck, boat, etc., you don't have the option of going back and buying it any time you want. In a lot of cases you never get the chance again. Someone else buys it, builds a house on it, and it becomes useless to you at that point, even if they were willing to sell.
Adjacent, contiguous land is one of the only things I would overextend myself to buy. Borrow it from a family member, use equity from your home, sell a kidney, something.
thandy
Ten Pointer
I am of the opinion of buying but like KTMan said don't put your family in a bind. An 11,000 dollar loan is going to be 2-240 per month so be prepared for that.
I am trying to convince my wife to buy 24 acres myself. Its land locked and the only has access by floating a river in and out. He wants 70 and says he want budge. I offered 40 and he laughed at me... we will see if he folds.
I am trying to convince my wife to buy 24 acres myself. Its land locked and the only has access by floating a river in and out. He wants 70 and says he want budge. I offered 40 and he laughed at me... we will see if he folds.
Southern
Ten Pointer
I recently bought a house I did not need to keep somebody from buying it and ruining my peace and quiet. It adjoins a farm I own in the mountains that is one of my main hunting honey holes. It is the only house/small parcel that joins the entire tract. Did I need it, no, was is it painful to buy, yes, am I glad I bought it, absolutely. The wrong neighbor would have ruined what I had already invested in as far as enjoyment and quality of hunting, etc. I will say this, in my 30+ years of buying real estate, I have NEVER regretted anything I bought, but have regretted just about everything I ever sold and many deals I passed up on. In case you cant tell by the overwhelming response on this thread, what are you waiting on?
assuming you have to finance it 100% you can still have it paid off in 5 years or less and not be out much more than a few nights out a month at a restaurant or the movies.
I would offer him less but be ready to buy it at full asking price. 11K is nothing in the long run and they ain't making more land.
I would offer him less but be ready to buy it at full asking price. 11K is nothing in the long run and they ain't making more land.
Loganwayne
Ten Pointer
they dont make any more land, and its never gonna be cheaper. if you want it tell them you are interested and see if they would owner finance with a good down payment. But i also wouldnt wait to long as id suspect that they have made the same offer to all adjoining land owners.
If you wait till they list it i believe in NC you cant sell land locked property so they would have to get access from somewhere, once that is done they could get alot more
If you wait till they list it i believe in NC you cant sell land locked property so they would have to get access from somewhere, once that is done they could get alot more
HotSoup
Old Mossy Horns
Sell a few guns....you can ALWAYS buy the same one back. What you can't do is buy that land back if it sells to the right person.
Also, the way Chatham is blowing up don't be surprised if it turned into a .25/ lot development eventually.
Also, the way Chatham is blowing up don't be surprised if it turned into a .25/ lot development eventually.
Southern
Ten Pointer
Wrong, it happens every day, much of rural NC is landlocked and gets sold daily. What you are thinking is you CANNOT create a NEW division resulting in a new landlocked parcel. I buy landlocked land frequently.
Homebrewale
Old Mossy Horns
Just curious since I see landlocked property all the time. How do you get access? Do you work towards getting deeded access before buying?
30/06
Twelve Pointer
I’d try and find a way to buy it. Can’t really have 4 acres timbered but eventually combined with your land there is value in it.
Southern
Ten Pointer
In short, NC general statures do not provide a guaranteed carte blanch access to landlocked land. The general statute only provides for a 14 foot cart path access for timber, farming, minerals and family cemeteries, BUT if blocked, you would still have to go through a legal proceeding to get even this limited access. There are other types of easements that MAY allow for a permanent access, but again you have to go through a legal proceeding to get them and may still not. Alot is up to the interpretation of the court. In short, when somebody says you have to have access in NC, do NOT listen to him. I have been there, in legal proceedings, and lost.
Southern
Ten Pointer
So yes, negotiate before buying. Paying for an easement is the quickest and cheapest way out
thandy
Ten Pointer
100% correct. Like I said earlier I am trying to buy some land locked land that my dad is blocking access to and has been for years. It has changed hands recently and they guy bought it assumed he would get make us give him access and we refused.
jenkinsnb
Ten Pointer
A very wealthy customer of mine had this exact problem. He wasn’t aware that his neighbor was planning on selling his entire property. It sold to a developer without going public and the very first thing they did was clear cut every single twig off of it. The man could have named any astronomical price he could have dreamed, and my guy wouldn’t have batted an eye just so his wife could keep her wooded view from the back deck. All this to say, if you’re given first dibs to an adjacent property before it hits market, I’d be all over it if there was any way possible.
jvdavis85
Spike
Buy it and trim down other expenses as much as possibe for a short while. Don't eat out, cut cable, drive less, etc. Sounds like an opportunity you don't want to miss and it'll undoubtedly be worth more than $11K in a few years if you ever got in a bind.
billyf
Six Pointer
You dont want to own all the land, just the land that joins your land...lol
BJordan
Eight Pointer
Well, I sort of bought it. Got a family friend (my family's poor) that were like my parents growing up. They're buying it and will sale it to me when I'm ready. Wife and I are working hard to pay down our debt so buying the land goes against our efforts right now. Never realized how hard it was to finance land alone. They wanted an appraisal ($500) then 20% down. Even then if its not for farming and no plans for a house the interest rate goes up. Unsecured personal loan was 10.25% interest rate. Was about to give up and they came to mind so I made the call and to my surprise they said, they'd love to help me out, no problem. I talk with the land owner Monday and I'm going to offer 10,000. Thanks for the input everyone.
deepbreath
Six Pointer
I had a chance to buy a lot next door to me in Waxhaw 7 years ago and the guy wanted 35k.
I was like dang that’s a lot, now I wish I would have. Worst neighbors ever!! All about themselves, racists, and there kids stay in trouble with the law. I was stupid don’t be me
I was like dang that’s a lot, now I wish I would have. Worst neighbors ever!! All about themselves, racists, and there kids stay in trouble with the law. I was stupid don’t be me
Congratulations!
Personal example. We had the opportunity to buy a home 3 years ago for $62k. It needed a little work, but not a lot. There was an additional older home on site that had been used as a storage building. It needed a good bit of work.
We declined to buy. 2 weeks later the home was under rental contract, bringing in $1,200+ a week, due to its proximity to the river.
The owner turned that income into renovation money. Put (I'd guesstimate) about $40k into both. Property is now under contract a little shy of $300k.
Personal example. We had the opportunity to buy a home 3 years ago for $62k. It needed a little work, but not a lot. There was an additional older home on site that had been used as a storage building. It needed a good bit of work.
We declined to buy. 2 weeks later the home was under rental contract, bringing in $1,200+ a week, due to its proximity to the river.
The owner turned that income into renovation money. Put (I'd guesstimate) about $40k into both. Property is now under contract a little shy of $300k.
hot_rod_eddie
Six Pointer
My dad had an opportunity to buy land adjoining his. 39 acres raw land I grew up on playing and hunting on (with land owner permission). Owner died, son offered it to dad. Dad low balled him and he sold it to someone else $70k 8 years ago.. They put a campsite on the property. In winter you can see 50 campers from his porch. At the time I was living in Houston or I would have bought it myself. Dad didn't even tell me until deal was over. He is at piece with it now, but still burns me when I drive down to SC.
hot_rod_eddie
Six Pointer
Another story. I bought some land 2 years ago. Neighbor owns a small horse farm and didn't even know land was for sale (it had been locked in a trust for years). She was pretty upset when she found it was sold, but didn't take it out on me. Now a developer is offering 2.5x what I paid for it.
johnnyk2000
Eight Pointer
I agree with this 100 percent
catfishrus
Twelve Pointer
If you have a 401K then you might be able to borrow against it at a lower interest rate. Just a option for you.
30/06
Twelve Pointer
Before we bought the property that we did we looked at a fairly big piece with a old farmhouse on it. The house was pre-1900 and pretty cool but would have taken a LOT of money to renovate. I’m no expert but it would have been cheaper to tear down and start over I believe, other little house on property in same condition. The price though was appealing, thought the land was worth more than it.
It sold, from what I can tell is someone bought it, split the land in half and put it back on the market for same price. If they got it they got 75 acres for the cost of appraisal and closing.
It sold, from what I can tell is someone bought it, split the land in half and put it back on the market for same price. If they got it they got 75 acres for the cost of appraisal and closing.
lasttombstone
Kinder, Gentler LTS
And the stories of what could have been will go on forever. I got the deal of the century on my place but less than a year after that, another piece came up, 5 times larger than my current place. I didn't even think about it because it was so large. When I later found out what it sold for, I could have used my place for a down payment and bought the other place. 1200 ac. instead of 200.