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OT- Boy am I ticked!

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Formerly PaMike
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PostPosted: Thu May 01, 2014 9:25 am    Post subject: OT- Boy am I ticked! Reply to specific post Reply with quote

Just gotta vent a little.
Been looking to move closer to Dad's farm, that I farm. Currently live 2 miles away. Last spring a neighbor came to us. They want to sell. He is afraid he is going to lose his job. House appraised at 45K less than what he paid for it 8 years ago at the height. I said ok, I will talk to the wife and get back to you. We decided to pursue it and left him know we are interested. No response for 6 months. Last fall he stops in. Yup, want to sell. Gives me a price 5k more than last price. Ok, fine we want to see the house. He says he will check with the wife and get back to me with a date to come through. Never gets back to me. Last month, I call the guy up."Hey whats the deal on the house?". Yup, we will sell. Come up and look at it on Sat. We go up look the house over. Now we wants 20k more than the first price.
I call him up a week later to see if it ok if we have a contractor walk around the outside of the property. There are some changes we would like to make and we want to get some ballpark prices before final decision on buying the house. He says that's fine. He says he is looking at his options but hasn't made a decision yet on the sale. Fine. Now today he emails and says he is thinking of subdividing and developing the property. Would I want to buy one of the lots?

This guy has strung me along for a year on the house and used me as a fall back plan in case he lost his job. Now when I am seriously interested in the house he back pedals and wants to split off lots to maximize his return. He wants me to commit to a lot, and give earnest money, so he can use that money to fund the subdivision. I am all for working together to make a deal that works for everyone, but boy do I feel like I am taking a beating...and I got a wife that I have to convince to go along with whatever plan ends up being the route taken!!
 
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Mike M
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PostPosted: Thu May 01, 2014 9:29 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

Well from his view his job may be gone ? he still needs a place to live so sub dividing will allow him to stay there and make enough to pay it off more than likely. He needs to get the most he can.
 
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Janicholson
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Location: St. Cloud, MN

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PostPosted: Thu May 01, 2014 10:27 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

Till a paper contract is witnessed and signed, it is just his poor decision making to complain about. There might be other options in the area. keep on checking them. Jim
 
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MarkB_MI
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PostPosted: Thu May 01, 2014 10:31 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

The lesson here is to ALWAYS get a signed sales contract when buying or selling land. If you're buying, pay some earnest money, even if it's only 100 bucks. Likewise, insist on earnest money from the buyer when selling.

Don't be mad. Just learn from your mistakes.

You might be able to salvage the deal, depending on how desperate the guy really is. Making him an offer IN WRITING and enclose an earnest money deposit of around 1 percent of your purchase price. He can accept your offer, reject it, or make a counter-offer. That's how it works in real estate. Stop goofing around with verbal "contracts" and get the deal done.
 
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Formerly PaMike
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PostPosted: Thu May 01, 2014 10:37 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

We never really had a "deal" its just irritating to have someone keep jumping around and changing their mind. I would have made a deal a year ago, but he kept disappearing when pressed....
 
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mkirsch
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PostPosted: Thu May 01, 2014 10:53 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

That's when you should've known to walk away...
 
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Vito
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PostPosted: Thu May 01, 2014 10:57 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

2 miles isn't that far to drive.If you are walking than it would be a different story.

JMHO

Vito
 
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Formerly PaMike
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PostPosted: Thu May 01, 2014 11:11 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

No its not. But having a property right next to the farm would allow me to see the kids easier/ more often.
 
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Wile E
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PostPosted: Thu May 01, 2014 11:19 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

Tell the guy that AFTER he divides the land you MIGHT buy one of the lots, and leave it at that. Let him sweat for a while.
 
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1970-1655
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PostPosted: Thu May 01, 2014 11:20 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

Don't know the location but you could check with the area planning commission and see if it can be made into a subdivision. I have heard of a few places (and different states involved) that subdividing was rejected. A little leverage when negotiation?
 
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Traditional Farmer
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PostPosted: Thu May 01, 2014 11:29 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

Your mistake was not giving him a time limit in the first place,like buying equipment people will want me to come over and then give them a offer.Then they'll take that offer and try to shop the piece out for more $$$ so when I make an offer its good for as long as they can see my taillights tomorrow it'll be less.
 
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Ray
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PostPosted: Thu May 01, 2014 11:32 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

It's the same thing trying to buy a house,or a tractor,car etc.It's like trying to hit a moving target.They want to raise the price if they think your interested.I looked at an antique car,the price went up 2000 overnight.A tractor I saw in the photo adds went up 500 when I called.He said it was a misprint.(He put the add in and set the price)
 
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waltdavies
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PostPosted: Thu May 01, 2014 11:32 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

That's what I thought its his land he can do what is best for him why take a loss when don't have to.
Walt
 
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Sean Feeney
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PostPosted: Thu May 01, 2014 11:49 am    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

You'll still see the kids,he's using you tell him what you will pay ( closer to original terms ) and be done with it.
 
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samn40
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PostPosted: Thu May 01, 2014 12:25 pm    Post subject: Re: OT- Boy am I ticked! Reply to specific post Reply with quote

Is swaping homes an option? That way he would still have the security of somewhere to live and you would have his place near the farm....Plus you could stop this sub-dividing nonsense that will only bring more neighbours to your area....
If that is not an option then go see him with a witness, bid him a price, show him the money and give him a very short time limit to decide or you walk away from the whole deal!
My tuppence worth! (sorry ....two cents worth!).......Sam
 
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