So you’re looking for some property to build your dream home or your little farm get-away. There are a lot of people doing the same these days in Middle Tennessee. Don’t let it stress you out and definitely don’t make a hasty decision either. You make an offer, but there are multiple bidders or it’s already under contract even though the listing just came out. It’s easy to start thinking you may not get the property of your dreams and you might even start looking at land that really isn’t right for you just because it’s available. I know the feeling because my husband and I have been looking for a while without any luck.

First of all, this is an investment and you have to base your decision on that basis. Paying too much because the market is hot is not always a sound bet. Compromising on the things you really want may get you a property, but if it’s not the dream property, then do you really want it? Then there are many crucial bits of information that you really need to know before you close; soil tests, utilities, restrictions, regulations and surveys.

Let me tell you a story. We found a new listing and immediately drove out to see the property. The area was familiar to us and from the road it seemed ideal. So we called the listing agent to ask if we could walk it. We did and it was really ticking all of the boxes for us. There was a river view, creeks and trees that sheltered it from the road. We put in an offer to lock it up. Unfortunately, there were several offers and it turned out that the listing had incorrectly stated that power was available (it wasn’t). We were given the opportunity to increase our offer and even added more acreage, but that wasn’t enough and we were not the top bid. However, we were the backup offer and that gave us a little hope.

The problem was we didn’t to our due diligence. We let our emotions make the decision because it seemed like the dream property. So, back to the power availability issue. The seller’s agent informed us of the significant expense to bring power lines to the property, but said the seller was willing to pay the cost. However, the power company decided that trees had to be cleared to install the poles and provide a right of way for the lines. It was devastating. So many trees had to be removed that the privacy was no longer there and it changed the look and feel of the land. Of course we had contingencies in the contract for the property to perc and if well water was possible, but we did not have a contingency for what the power company did. The property closed with the other bidder and we were disappointed. That is until what happened next.

A zoning issue came up with the property and other tracts that were sold. The County had voted for a zoning change that made the sale possible, but new information came out and suddenly the whole deal was in limbo. There were questions as to whether the land was even safe or suitable for residential use. The County may end up having to rescind the zoning change. For a buyer, that’s a nightmare.

If you have never bought land before, it is completely different than buying a home. You need to ask a lot of questions and verify everything. You also need to know that, in a hot market, you may not be able to have all of your tests, surveys, etc. done in time to meet a closing schedule because everyone doing those services are booked up solid. So, if you still want to find your dream property it can be done. However, it helps to have someone with experience to guide you towards the smart decisions. I would like to help.