What Mistakes Did You Make When buying Your Hunting Property?

[MoBuckChaser]

After buying and selling a lot of properties for almost 40 years. I have made my share of mistakes over the years. Thought I would share some things I do or don't do anymore. Maybe some of you guys have things to add as well? Maybe some of you guys have some horror stories to tell? Might help some guys out that are looking right now!

First and foremost, take what the listing real estate agent says or posts about the property with a grain of salt. There are some good agents out there, but I have seen a lot of untrustworthy agents as well.

Have my attorney look over the PA, as well as get a estimate of the closing costs before signing the PA, so you are aware of any hidden surprises.

Get a title opinion from your attorney, make sure it is as clean as possible. You don't want to buy someone else's troubles, maybe have the seller provide title insurance. (It is required in some states)

Always make sure the property in question has legal access going ALL the way to it! Make sure it is recorded at the court house before buying.

Make sure you are made aware of any leases on the property. Farm ground, and hunting leases, maybe pasture leases, Gravel pits? Etc....

Know for sure who holds the mineral rights to the property in question.

Make sure the agent lists in detail everything that goes with the sale of the property and what does not. Gates and fencing, stands, portable buildings, equipment. etc....

Always check the day of closing to make sure everything listed to stay with the property is still there!

Ask if there are any dumps, buried or otherwise located on the property. Can get very spendy to clean up stuff after the fact!

Get a disclosure statement from the seller if possible, listing any and everything that may come back to haunt you later.

Make sure you know who is paying what portion of the property taxes the day of closing. It should be listed in the closing statement. make sure you have the seller paying up until the day of closing!

None of this may be a big deal to you when buying, but when you go to sell, it may be a huge problem, costing a lot of money!

 

[bueller]

In Wisconsin, if you are buying a property currently enrolled in Managed Forest Land (MFL) get a copy of the contract before making an offer. Then make sure any previous cuts/harvests and re-stockings spelled out in the agreement were actually completed. Also make sure the future cuts scheduled fit into your vision for the property if it becomes yours.

 

[bwoods11]

If you are buying a farm with tillable ground. Make sure you find out the cash rent contract in place (if there is one)... Look into what typical rent is for that type of farm/soil type.

Then check the potential CRP rates for the soils.

For timber look into approx year it was logged, and do you have value there.

Neighbors are a biggie of course.

 

[chummer]

Have a forester walk it before you buy to give you an idea what you can get back in timber sales.

 

[Crumrw]

If part of the property is in a flood plain, make sure your neighbors in that area don't have cattle....or else you might as well post a sign on your property that says "free grazing". It's difficult to keep fences in a floodplain, especially in an area with heavy timber.

 

[Tree Spud]

Trust should never be a part of the process. Get everything in writing. If there is an easement, it must be a part of the existing title. If there is a Gov't contract or easement, understand that the restrictions can limit severely what your rights as a property owner are.

Never trust what the realtor says. This may piss off some realtors here; however, they are working on behalf of their seller, not you the buyer. Their focus is to sell the property. Also remember that at least in Wis, realtors cannot comment on or make legal statements. I have had several purchases where the realtor did things and made statements that turned out to be illegal.

Always hire an attorney, it can be the best money you ever spend. Have them do a thorough title search and work directly with the title company working towards a closing. they can also check the owner history and confirm there are no hidden title issues or claims against the property.

Make sure you reserve a final inspection and actually do a walk through to insure that everything listed on the purchase agreement is there.

Make sure the realtor/seller provides a signed Vacant Land Disclosure report even if there are buildings on the property.

Never buy a parcel, surrounded by smaller parcels hoping there will be no issues.

Always walk the property without the realtor or seller. Check the property lines to get a feel for what is on the other side of the line.

If the property has had multiple short term owners, that usually means there are neighbor or some other type of issues.

I always ask for a survey. If the seller won't pay for it, offer to split the cost. Make sure you select the surveyor and pay for it, usually the title company can recommend one or the local county surveyor. You can then have the costs be part of the closing. If what is surveyed, shows neighbors encroaching, you may have a problem.

If something doesn't sound right, it probably isn't.

 

[EOB]

What is the advantage of a south facing slope?

 

[Tree Spud]

What is the advantage of a south facing slope?

That is where deer like to bed to get the rising morning and late afternoon sun.

 

[Bill]

Can't add much.

Apply the barn rule. Always buy more than you think you need.

In MO only let your realtor show you property in the morning. After lunch he may be drunk, mine was :)

 

[chickenlittle]

Check on buried fuel tanks and what are regs/expense of removing.

 

[MoBuckChaser]

Bingo. On super cold days they will bed on south slopes.

Great point!

Lot of guys don't realize that and set their food plots up so the deer watch them walk in and climb up in the stand. Not good planning.

 

[bwoods11]

I found out first hand this past year. Cattle are great neighbors. In other words, pasture as a border is a good thing in most cases.

First off pasture...does not get hunted as much, no food left standing, usually open. Good fences are key though.

Something to keep in mind in a future purchase.

 

[dsinwi]

Budget was a factor for me. I wanted some form of housing as well but was willing to build if necessary. My only regret is that I did habitat improvement research AFTER I purchased instead of BEFORE. Knowing what I know now I may have passed on my place. It's really not setup well to do the kind of things I'd like to do. The hunting is pretty good and I've become attached to the place which I'm sure is a no no for some of you who buy and sell land regularly. No regrets so far but I am may have been able to do a little better.
Really got lucky on the neighbor thing. I considered checking into that more but never did prior. I have a great local lender to work with. They helped out above and beyond. Felt like they really looked out for me beyond the money part.

 

[Bill]

I found out first hand this past year. Cattle are great neighbors. In other words, pasture as a border is a good thing in most cases.

First off pasture...does not get hunted as much, no food left standing, usually open. Good fences are key though.

Something to keep in mind in a future purchase.

This is a good point. I have pasture touching my land in two places. Rarely see a deer in the pasture but thier on my side of the fence. Good fence is key, you're right on that also.

 

[swat1018]

Get a timber basis established as soon as you purchase, even if you don't think you'll ever cut timber. Research the property tax situation if you are in an area you aren't familiar with. Make sure your access road is legal and that access is possible 365 days/year. I once owned a farm that you couldn't get to in high water.

 

[MoBuckChaser]

I agree with swat. Property taxes are important, big differences from state to state. In our part of EC MN the farm ground property tax is about $22-28 per acre. Most all of our farms in Missouri, the taxes are $2-3 per acre!

But something else to consider is the land rent on tillable ground. Our ground in EC MN rents for around $40-70 per acre. Our tillable ground in Missouri rents for $150-200 per acre.

Now you know the reason we are 1031 exchanging as much property from MN to MO as we can!

 

[MoBuckChaser]

That $60 per acre for wooded hunting ground would kill a guy. Kinda forces a guy into the program.

 

[wiscwhip]

That $60 per acre for wooded hunting ground would kill a guy. Kinda forces a guy into the program.

Or you just tap some maples for syrup and zone it ag...........;)

 

[MoBuckChaser]

Open the taps up and let it run on the ground if it drops your taxes $49 per acre!

 

[wiscwhip]

I would agree ^^^ NoFo, but to save yourself $56 per acre and possibly make a few bucks in the process, it would be absolutely worth it for the guys who are in a situation to make it work for them. You don't have to process the sap, just make sure you have someone in the area that will buy it from you.

EDIT: Or what MoBuck said.......LOL!
Not sure if THAT ^^^ would fly, but one never knows?