buying a second home, with land

bueller

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Can someone please outline the beginning steps to follow when looking to purchase a vacation home with acreage? As of now we have identified a property that interests us but we don't have our own realtor, attorney, loan agent, etc....

Assuming we want to place a bid in the near future what should we do next?
 
Make sure you and the seller are on the same page when buying and you don't waste each others time! That would be my number one. Then I would make sure there are no easements encroachments or any problems with the title to the property!
 
Make sure the location of the home jives with stand access and hunting flow.

Deer don't like people, but you can use it to your advantage if you plan properly.
 
Make sure to have the property surveyed before closing to ensure the acreage is as listed and any neighbor property line concerns are also addressed. What I have done in the past is to replace the wood survey stakes with t-post on day of closing. Best of luck!!:)...
 
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get pre approved from a bank ,this will tell you loan amount, downstroke, payments, ect. Stay inside a 2.5 hour drive from home. have fun.
Got an application from the bank today. In our brief conversation I was told 15 years at 4.8 fixed on 70% of the appraised value. It's a little over 3 hours from home but in the same neighborhood as my Pops place where I've been going for the last 20 years.
 
Make sure you and the seller are on the same page when buying and you don't waste each others time! That would be my number one. Then I would make sure there are no easements encroachments or any problems with the title to the property!
There is no road frontage, just a private drive off of the county road. Sounds like an easement situation. What's next? Do I need to get my own realtor or just deal directly with theirs? Is it time for an attorney to check if the access easements are deeded? What to do first?
 
Make sure the location of the home jives with stand access and hunting flow.

Deer don't like people, but you can use it to your advantage if you plan properly.
The home is on the southeast corner of the property. Can't think of a better place to put it on this parcel.
 
Make sure to have the property surveyed before closing to ensure the acreage is as listed and any neighbor property line concerns are also addressed. What I have done in the past is to replace the wood survey stakes with t-post on day of closing. Best of luck!!:)...
There is supposedly a single strand barb wire fence around the perimeter. I haven't walked it yet to confirm.
 
I just built a second home on my property we bought two years ago. Had to put 20% down. Don't know where you are looking but the bank is forward financial in Medford. Closing the construction loan this month to a conventional mortgage. 4.5% was the rate I got. Here's a pic of the new cabin.
 

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You looking in Juneau county bueller?
Yep. As much as I'd like to be in an area with better trophy potential and soil to plant in, I love it here for many reasons. My family is growing and it's time to get our own place, separate from my father's 40 where I've had a travel trailer setup for 10+ years. This place is a two minute drive from there. I could build on my father's property but if I ever have a financial or other need to sell in the future I'd be screwed or I'd be screwing him over bad.
 
There is no road frontage, just a private drive off of the county road. Sounds like an easement situation. What's next? Do I need to get my own realtor or just deal directly with theirs? Is it time for an attorney to check if the access easements are deeded? What to do first?

update. I just checked the county GIS map and there is an easement from the county rd to the edge of the property I'm looking at.
 
Stu, I wish I could afford your folks old place if it's still on the market but we just can't swing that amount. Not that it's high, we just don't have that much available for a second home :(.
 
There is no road frontage, just a private drive off of the county road. Sounds like an easement situation. What's next? Do I need to get my own realtor or just deal directly with theirs? Is it time for an attorney to check if the access easements are deeded? What to do first?

First thing I would do is call the county or township and make sure it is legal for the sellers to sell that property with no road frontage. Big no-no in Mn here in most places. And never deal with the sellers real estate agent if you are the buyer! Get a qualified Real estate attorney. JMO! Get the property in a signed PA with all those things being the contingents. Good Luck!
 
First thing I would do is call the county or township and make sure it is legal for the sellers to sell that property with no road frontage. Big no-no in Mn here in most places. And never deal with the sellers real estate agent if you are the buyer! Get a qualified Real estate attorney. JMO! Get the property in a signed PA with all those things being the contingents. Good Luck!
No road frontage but county GIS map shows an easement from the county rd back to the edge of the property in question. On the map it looks like most parcels in the area that don't have road frontage have an easement giving them access. Definitely will be getting a real estate attorney to make sure things are square. With this will I still need a real estate agent at all, or just an attorney and a loan?
 
There is supposedly a single strand barb wire fence around the perimeter. I haven't walked it yet to confirm.

Bueller, The property I bought a few years ago had a fenced perimeter. The survey showed the line fencing to be in error by 2.7 acres to the negative. My offer to purchase was a stated amount per acre, so my purchase price was lowered to match actual acres.
 
No road frontage but county GIS map shows an easement from the county rd back to the edge of the property in question. On the map it looks like most parcels in the area that don't have road frontage have an easement giving them access. Definitely will be getting a real estate attorney to make sure things are square. With this will I still need a real estate agent at all, or just an attorney and a loan?

Attorney and a good loan officer. Attorney will help with the easement crap and make sure it has a clear title at closing if possible, and a GOOD loan officer can get you in to the new place if it meets loan requirements. Make sure well and septic pass inspections as well. Very expensive to fix sometimes!
 
Thanks guys. We've had our eyes open for years but never found one that got us thinking to serious about jumping ship until now. Septic passed inspection this year, don't know about the well.
 
Septic test may be required again by your lending institution. What was done earlier for someone else may not meet requirements for your bank, just keep that in mind. Same for the well.

And remember, on average most people only own for 5-7 years. You are buying to resell whether you realize it or not. So make your purchase a good one. Hate to see you lose money if it is a tough property to resell.
 
Be careful bueller, my dad can tell you some horror stories about his dealings with the Juneau Co. land guys. He got nothing but grief when they blocked the fire lane he had used for an easement to the north side of our place. :mad:Oh we had an easement alright, walk-in only!:rolleyes: Of course we do, it's public land, we can walk across it any time we please?:confused: They totally restricted all vehicular access after 25 years of us using the fire lane for access. Get that lawyer and make sure all ducks are in a row. The loss of that access is the one of the primary reasons he sold the place, and why I didn't buy it myself.
 
Be careful bueller, my dad can tell you some horror stories about his dealings with the Juneau Co. land guys. He got nothing but grief when they blocked the fire lane he had used for an easement to the north side of our place. :mad:Oh we had an easement alright, walk-in only!:rolleyes: Of course we do, it's public land, we can walk across it any time we please?:confused: They totally restricted all vehicular access after 25 years of us using the fire lane for access. Get that lawyer and make sure all ducks are in a row. The loss of that access is the one of the primary reasons he sold the place, and why I didn't buy it myself.

Exactly why I get an attorney. Thanks for posting Whip, sorry your pop had to go through that!
 
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