[quote=flu]Just curious scaredy, how does your wife feel about this problem? Would she be willing to walk? Serious question. I mean, I don’t think you’re being finicky this time.[/quote]
scaredy, I understand your wanting an “estate-type” property as they can be very privately situated, unusual and offer a lot of “bang for the buck” (i.e. land and unusual and expensive building materials). If I were in your situation, I would want to find exactly this type of property.
HOWEVER, many of these properties, when kept in disrepair for years, are typically purchased by licensed general contractors who have the equipment, supplies, manpower and the ability to “grease governmental palms” and know their way around an administrative hearing or two. For these individuals, the problems you describe are not insurmountable (as they typically wouldn’t move in the first few mos to a year, anyway).
I’m not saying you can’t overcome these problems. If I was you and REALLY wanted the property and KNEW I would keep it for many years, I would first find out IN WRITING from the horse’s mouth (read: local planning and land use dept) if the property CAN be remediated. If it cannot, then the building(s) which sit on it have no value because they are not habitable (you still need running water for a farm or barn).
If it CAN be remediated, it’s nothing that $$ and time can’t fix, but you will NOT be able to move in right away. I would drive a HARD BARGAIN with that seller and their lender, using your professional’s reports, etc., asking for the ENTIRE AMOUNT of the remediation to be taken off your negotiated purchase price and if the bank won’t accept the deal, WALK.
This way, no one will fix it but you and your licensed professionals. You will stay in your rental 1-3 mos longer after closing and this will not be the end of the world.
