Get a load of this
Fella called and said he needed a survey done before closing in 2 weeks and that it was 5.4 acres and I thought, OK that might be possible for the right price. The he said that the lot is very odd shaped and looks like a “U”. I have never seen anything like this. I don’t even know where to begin on trying to work up a price. I assume he has a long access easement to get to this thing.
I forgot to make it a viewable image without clicking on it.
- 28 Replies
Is it narrow enough that you could make circular traverse loop through it or are you going to have a make a U shaped traverse that looks like the boundary?
A thousand an acre comes to mind…
Wut tha?!?!
T. Nelson – SAM, LLC
I see one big squarish parcel with a square hole cut out of it. No big deal.
In any case, or the deadline like that, I wouldn’t be wasting time with an estimate. It would just be a T&M thing. $5000 retainer to start.
Some kind of spite thing going on? Poorly written divorce decree?
Oh,now, that’s cute. Looks like the guy who bought the square in the middle refused to buy the remainder at any price, so the seller kept it in hopes of unloading it on some city slicker. That would be the fellow calling you.
Is the ground steep and have dense ground cover to fight through? That would greatly increase my estimate.
I see one big squarish parcel with a square hole cut out of it. No big deal.
In any case, or the deadline like that, I wouldn’t be wasting time with an estimate. It would just be a T&M thing. $5000 retainer to start.
Brother, there is no way in heck you would get a $5k retainer around here as the top market price for the complete survey around here for that would probably be between $4k to $6k. And I can assure you some dumba$$ will do it for $3k or less.
I will not live to see the day to actually be able to get a retainer of $5k on a property such as I posted much less significantly more. It should be noted that the four corners in the middle square are not monumented as per the original plat. Yes you read that right, the four corners surrounding the house were not set and the plat is labeled that way.
So what was the deal, was the house a mortgage that was foreclosed?
In this case the client has needs, so you may be able to make demands. If he really does need this done in 2 weeks he doesn’t have time to screw around with price shopping. And can he risk the $3k guy not delivering on schedule?
The interior parcel not being monumented isn’t really a problem. It’s much better, for you, than if they had once been there and had all been destroyed.
OUAT there was a regular poster to this board (or a predessessor board, I can’t remember) that proposed a rule of thumb of $1 per lineal foot of boundary. I seems to work, ballpark. Using that rule I’d guess that the price would come to around $7500. Applying inflation would put it higher.
So what was the deal, was the house a mortgage that was foreclosed?
No idea Tommy, I got a call from the fella looking to buy the U shaped lot. He about had a coronary when I told him the potential cost to survey that ridiculous lot.
In this case the client has needs, so you may be able to make demands. If he really does need this done in 2 weeks he doesn’t have time to screw around with price shopping. And can he risk the $3k guy not delivering on schedule?
The interior parcel not being monumented isn’t really a problem. It’s much better, for you, than if they had once been there and had all been destroyed.
OUAT there was a regular poster to this board (or a predessessor board, I can’t remember) that proposed a rule of thumb of $1 per lineal foot of boundary. I seems to work, ballpark. Using that rule I’d guess that the price would come to around $7500. Applying inflation would put it higher.
Most every acreage tract I price is based on a linear foot price.
Few more corners than a square, odd shape, but doesn’t look to be an extreme survey problem to me.
I would agree with Tommy Young, it looks like a classic mortgage deed that has been foreclosed on.
The U shaped parcel being the remainder.
It would be important to know who is buying, who is paying, why and what the end game is.
If it’s the owner of the house, then it would be putting back the original deed together, may not even need a survey just some title work to put it back together.
If the person who is paying is the guy who was foreclosed on, then I wouldn’t be interested.
He about had a coronary when I told him the potential cost to survey that ridiculous lot.
If he had a fit about the survey cost, he must be OK with the price he’s paying for the land. What does something like that sell for?
I would agree with Tommy Young, it looks like a classic mortgage deed that has been foreclosed on.
The U shaped parcel being the remainder.
It would be important to know who is buying, who is paying, why and what the end game is.
If it’s the owner of the house, then it would be putting back the original deed together, may not even need a survey just some title work to put it back together.
If the person who is paying is the guy who was foreclosed on, then I wouldn’t be interested.
Whoa the horses fellas.
I guess maybe you folks didn’t notice but there is a house on the tract. You have to look close but there is a house on the U shaped parcel. Look on the SW leg to see the house and I believe a small garage tucked in there.
So it is not the “classic” mortgage foreclosure thing. This was intentional and by design. A screwed up design but this was not an accident.
He about had a coronary when I told him the potential cost to survey that ridiculous lot.
If he had a fit about the survey cost, he must be OK with the price he’s paying for the land. What does something like that sell for?
There is a house on that crazy lot. The title company is demanding a survey because the original survey did not show a house on the property.
As far as price 9s concerned I would not give a spit for it.
They made have made it like that to get a certain amount of acreage to have a water well and septic system for the property. I do not see this as being a challenge to Survey.
I find that a search on Google Earth of “Narroway Church Circle” puts me almost right on the spot. The view is much clearer there. The house in the middle was built c.2005, and the house in the SW corner was built between 2012 and 2015.
The going rate for homes in the area seems to be $250k up to $400k. It’s not Hillbilly Hollow.
I would agree with Tommy Young, it looks like a classic mortgage deed that has been foreclosed on.
The U shaped parcel being the remainder.
It would be important to know who is buying, who is paying, why and what the end game is.
If it’s the owner of the house, then it would be putting back the original deed together, may not even need a survey just some title work to put it back together.
If the person who is paying is the guy who was foreclosed on, then I wouldn’t be interested.
Whoa the horses fellas.
I guess maybe you folks didn’t notice but there is a house on the tract. You have to look close but there is a house on the U shaped parcel. Look on the SW leg to see the house and I believe a small garage tucked in there.
So it is not the “classic” mortgage foreclosure thing. This was intentional and by design. A screwed up design but this was not an accident.
You don’t know that. The owner could have mortgaged the house in the middle, lost it, and then put in a new house in the U part.
The best I can tell is there’s about 4300 feet of perimeter around that thing. The high end of the going rate in this part of the world would be $0.50 per foot, as long as there was no line marking involved. Seeing how the tract is only about 5 acres, someone would get it for under $1000.
Around here this shape would indicate that the house parcel was the subject of a deed release in order to obtain a bank loan. The remainder (subject property) was held on a real estate contract by someone else. The result is that what we see is a division of land that is probably not legal. I would want to see title before I set foot on the property.
The OP didn’t mention if the client is the seller or buyer. That makes a difference to me in determining the fee structure. A buyer can walk away from the deal and your bill. Its harder for the seller to do so because you can demand payment out of escrow.
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