Scenario: Cash Deal with Contingencies. 35+ AC in beautiful Madison County, North Carolina.
Parties to the transaction want/need to close in 60 days, max.
Due diligence to remove contingencies on acreage likely to take up to and beyond 120 days.
Challenge: Close in 60 Days When it Takes 120 Days to Close ..... Clock Ticking
2DO List :
The appraisal. Not a problem...we refer three appraisers. One of them allows as how he might be able to squeeze us in and get out on the land before the Winter Solstice. If he can do it, this property will appraise. 360 degree views, easy access, stream, nice barn, cabin shell- and priced below comparables.
The Survey. We have a recent one, but our investor wants a new one. (Are you kidding, in 60 days ??) We call all the surveyors on our list. Didn't connect. Left messages. Hope for a return call. If not, we will start all over further down the list. Note: One of the surveyors did the original survey on this tract. But back then he told everyone he was going to retire. Asked our Field Coordinator(FC) to see if he could unearth him (not literally!). In the meantime, FC 'll run out to Madison County to see if we can track down a good clean copy of the survey to overnight to our investor. Our Field Coordinator, a congenial fellow, has made it a point to get to know the folks in the real estate related offices in Madison County. I'm sure he will have luck in locating the recent survey...but getting a new or updated survey us by the end of December, that could be a tricky one.
The Septic System. My colleagues tell me this could be a Bear! Two septics. Two sites.
Got to locate home site(s) , Email septic permit documents from County an/or overnight to investor to fill in. Flag area, drainfields, and roadways on the survey, (wait a minute, where's that survey?) Dig twelve (12 ) holes for the Health Department scientist for perc tests. ......Omigosh!.... Where are we going to find a Digger during the Holidays??..one with a small enough Bobcat -- to maneuver on tricky , rocky inclines... a guy who is respectful of the land, and get on his calendar!???
(I'm not panicking. I'm NOT panicking! i am not p a n i c k i n g.... )
Get flags, stakes. Lay out the footprints. ..Omigosh!...We can't do that until we get a footprint(s) from the investor and he is NOT sure where he wantsto site his house and guest house. I call him. Say we hope he can let us know ASAP. Ask investor to get all the septic permit documents including survey showing location of building sites, drainfields and roadways, back to us ASAP. onward!
My friend and RLI LAND Instructor says "I LOVE THE LAND!!!"/\ Yup...me, too..always an adventure....but back to the task(s) at hand.
The Well. Looks like there's a well on the property ...Only problem is we only know who dug it. We need to find out how deep it is, the gallons per minute it gives and the quality of the water. Our Friendly Field Coordinator (FC) calls on his buddy out at the well-driller's office. She says come on in and set a spell while she looks through her records in the boxes in the back...how about some chocolate chip cookieswhile FC waits?..."Don't mind if I do'" says our FC. A dozen cookies later his friend returns, looking dusty. "Can't fine ‘em," she reports. "I'll have to ask Big Guy. He keeps all this right on the top of his head." Big Guy calls. He doesn't remember ever hearing about our 35 AC, but promises to go out to see if he forgot it. "Not likely," says he. So far, no luck. We'll follow up on that one. (look for that later)
Cabin Shell. There a nice cabin shell on the property. It has a few idiosyncrasies, however. It leaks. It has some rotting wood. The investor has made the sale contingent on immediate repair. We need to contact three carpenters, get three quotes, overnight all this to the investor, organize time, place and payment for the repairs. That is definitely do-able...IF there is power to the property! Not sure if it is do-able by the end of 2006....
Power to Property. We locate two power poles when we went out to see if we could find the well. We climbed down the embankment, pulled away the grasses, found identifying numbers. Today our Field Coordinator (FC) made a personal visit to the French Broad Electric Company Talked with his friend out there. More cookies. FC reminds me to get a few gift certificates for Krispy Crème, a line person will be out to check out the poles tomorrow, and FC doesn't want to make his rounds empty handed.
I have the uneasy feeling I am forgetting something..oh, what the hay...I think I'll just relax and enjoy the ride
UPDATE: 12/06...Tomorrow we meet the hole digger...six holes, two locations on this property. We have been assured that the investors will be creating Healthy-Built homes...just two of them ...appraisal is in, survey is complete, well is good, power is to the property, footprints /stakes go in tomorrow...check back for the next installment
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