PhiloFarnsworth
Member
- Joined
- Nov 2, 2006
- Professional Status
- Certified Residential Appraiser
- State
- Pennsylvania
I am doing an FHA purchase of a small home on a 3 acre wooded lot. Its a very odd situation as the broker listed the home for $200k and sold it after a week for $235. I asked the listing broker what was up and he said he purposely listed it low to garner interest and got 8 offers in two days, starting a bidding war. Bidding wars have been very unusual in the last 8 years or so here, and I had to wonder about the broker's claimed methods (what if someone showed up with a $200k cash offer the first day?), but hey, the market IS improving and maybe he was just giving me a line to hide that he originally underpriced the subject and got luck. The buyer's agent also told me the same thing so I guess I could be wrong.
In any case, when I went to inspect the property, I noticed what looked like a 200' utility ROW cleared across the woods as far as I could see that cut across his driveway. There were no orange standpipes apparent anywhere, however. In addition, the access was through a shared drive. That day, when I spoke to the listing broker he denied that there was an easement, claiming this area was cleaned out for hunting and kept assuming I was talking about the access row easements.
When I checked the deed and the plat, it shows that there is indeed a gas pipeline easement right where I saw it. So my question is this; should I check to see if the buyers were aware of the situation? I would like to know the particulars of the current sale and if the buyer was fully informed. But I also wonder if there is anything improper in my possibly throwing a wrench into the whole situation.
Such easements do not necessarily have a significant effect on value in any case and there is at least one comp that has a similar high tension wire going through their property, so the contract price may well be correct. But I would be very suspicious if the price was not based on full disclosure.
In any case, when I went to inspect the property, I noticed what looked like a 200' utility ROW cleared across the woods as far as I could see that cut across his driveway. There were no orange standpipes apparent anywhere, however. In addition, the access was through a shared drive. That day, when I spoke to the listing broker he denied that there was an easement, claiming this area was cleaned out for hunting and kept assuming I was talking about the access row easements.
When I checked the deed and the plat, it shows that there is indeed a gas pipeline easement right where I saw it. So my question is this; should I check to see if the buyers were aware of the situation? I would like to know the particulars of the current sale and if the buyer was fully informed. But I also wonder if there is anything improper in my possibly throwing a wrench into the whole situation.
Such easements do not necessarily have a significant effect on value in any case and there is at least one comp that has a similar high tension wire going through their property, so the contract price may well be correct. But I would be very suspicious if the price was not based on full disclosure.
