OK, we should be really good at the buying property thing. Since we bought our first 13-foot-wide townhouse in Baltimore in 1986, we've bought and sold four other residences (Connecticut being the most recent). We understand binders, and inspection processes, and contract terms, and contingencies, and closings. Really.
So how did we buy the farm? Like the newlyweds we imagine ourselves to be -- all starry-eyed and oblivious to detail -- with our imaginations instead of our powers of observation. To be specific:
* It was the first property we saw that met our criteria
* We visited a total of two times
* We believed the realtor's story that it was "just being shown to us" on a special dispensation from the owner (whom she represented)
* We made an offer with no inspection contingency
* Our first offer was immediately accepted, with one condition - that we close within three weeks
* We agreed to the quick closing
* We used the attorney recommended by the realtor (yes, the one who was representing the seller)
* We closed on time, without ever having seen the farmland in any other condition than under three feet of snow
Are we nuts??? Or rather, why do we think we might actually *not* be nuts?
Nancy, the realtor, she is salt of the earth. We spent time on our first trip to the Northeast Kingdom with her visiting a number of different properties. During the time we spent in the car together driving around, we told her our dream of growing apples. Turns out she's a gardener. She even used to have a small retail nursery operation. She used to buy apple trees from a wholesaler and pot them and resell them for 100% markup. She's a little tired of real estate and would like to get back to something connected to the land. She loved our dream.
After our first visit we wrote Nancy and told her that with our limited budget, we were much more interested in paying for the right piece of land than for a house. We wanted 50 - 200 acres, with at least 20 of it open fields. It needed to be on a quiet road and within 15 minutes of a lake large enough for Albert to row on. If possible, some kind of view would be nice.
Nancy scoured the entire Northeast Kingdom. There wasn't anything meeting those criteria that was anywhere near our price range. We drooled over a million-dollar property near Craftsbury, nearly short-circuiting my laptop keyboard as we clicked through the picture on realtor.com. Then we sighed and held hands. The right place would come along. We had just started looking. We were prepared to be patient in order to find the place that would be our corner of heaven for the rest of our lives.
A week later, Nancy emailed to say she had a line on a place that might work for us - 150 acres on a private road 5 miles north of Willoughby Lake. She had pursued a connection she knew to see if this particular property might be coaxed onto the market for our benefit. Based on her persuasion, the owner let her show us the property.
The farm is indeed 150 acres, about 30 of it open, gradually sloping fields facing southeast. It is on a dead-end dirt road that extends to four other homesteads before petering out in the woods. It has a 1900 farmhouse and a big old, red, post and beam barn. It has a great view of the hills around Willoughby Lake. Idyllic, no?
Yes! And we can afford it because neither of these buildings has a foundation beyond a few precariously positioned rocks. Porcupines have lived in the house for the past 2 years. There are rusted, busted farm implements hiding among various trees all over the property. The barn is falling apart in all directions. We are not paying a penny for these buildings, which is a good thing because they are truly past saving. In fact, we will have to pay to tear them down. So no inspection necessary, we know we will be starting over.
So we closed. We gave power of attorney to the lawyer, who seemed perfectly nice. We wired the money. We went on with our current lives (the ones we hope will be able to fund this whole venture).
We still hadn't seen the fields without snow on them...