Monday, 22 February 2010

Land Update

I just heard from the land agent that the sellers have accepted our offer. We had to pony up a bit more than I wanted but it's still in our means. Just.

I feel slightly sick to my stomach, turning all our ready monies into assets which we hope will show a decent return on investment, both as land and as a return on crops like hay, pigs, and sheep. Mike is confident and forward-thinking about this kind of thing, moreso than me. I get mired in familiarity. But we both agree it's a reasonable risk to take.

I won't count my proverbial chickens until all the paperwork is signed off and the deed handed over. As this is England, we are vulnerable to being 'gazumped'. It's a practice peculiar to England (I think it's illegal in Scotland) and very unsettling to any home- or landbuyer. At any point in this process up until everything's signed, the sellers can pull out and sell to another buyer if they're offered more money. As this bit of land hadn't even been listed (i.e. made public that it was for sale) and in less than 24 hours we were one of two buyers, we are holding our breath that we won't be gazumped. We're paying market price, but I'm sure there are others willing to pay above market without even blinking, like relocated Londoners who want grazing for a daugher's beloved but retired pony. We can't compete with city money.

But we could get lucky.

8 comments:

  1. I hope it all goes through OK for you. I completly understand the whole issue of not being able to compete with 'city money'. I would not worry too much about the financial return, think instead of the happiness and joy that it will bring.

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  2. Congrats and how exciting! Keeping my fingers crossed that the land transaction will go through for you.

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  3. MCD - Thanks for your well wishes and looking at it for its other values (helps me worry less to think of it that way).

    I expect you contend with the 'city money' issue in Wales too?

    Donna - Thanks x

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  4. Jen -- I came here cranky this morning, but hearing about your 10 acres and seeing pictures of your lambs set me right.

    I know the slightly sick feeling, though. I had it when we bought our house, with its two acres and vast potential. Kevin kept explaining that buying it wasn't "spending," it was "transferring assets." While I know he was right, I still had trouble handing over a check bigger than any I'd ever seen.

    Here's to a gazump-free escrow and close, and to all your plans.

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  5. Tamar - Somehow I knew you would leave a comment that would put the fear in perspective, so thank you. And your comment made me realise that part of the fear is the 'vast potential' of it. I'm glad the lamb pictures put paid to your crankiness.

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  6. What an exciting moment! I'll keep my fingers crossed for you. How long until you close?

    And it might help settle the butterflies if you keep in mind that you can always sell if it turns out not to suit you as well as you think it will.

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  7. martha in mobile24 February 2010 07:14

    That gazump rule is heinous! Acquisition of any large, expensive asset is nervous-making, isn't it? Still, it may not be easily liquified, but you can't run your weiners on a Certificate of Deposit.
    Gazump is my new favorite word for the southern game of "Ridiculous Threats of Violence Against Vexatious Offspring." I used to say "I'm fixin' to open a can of whup on you." Now I can say "I'm gonna gazump you a good one." Thanks for that.

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  8. Cynthia - We had a letter of confirmation today, so we're that bit closer. We hope to have it finished my 1 March but it's in the solicitors' (lawyers') hands now. You're right - at least it has resale potential. The bit of spare cash certainly wasn't making anything in the bank these days!

    MinM - I'm glad you've found a good use for the word 'gazump' on your vexatious offspring. You could "gazump someone into next week" as well...

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