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Land Hunting, Part Six: Making an Offer

by Tyler

After much deliberation, we decided to jump in head-first and make an offer on the land we found Vermont. The sellers were asking $69,000, so we offered $50,000. A day later, they countered with $63,000, and we countered their counter-offer with $57,000. Our high-stakes haggling came to an end with the sellers' "take it or leave it" concession of $60,000. That was right where I was expecting we'd end up, so we accepted!

Immediately after we agreed on a price, we had to enter a contract with the sellers, formally consenting to go through with the purchase. The documents we signed legally oblige us to buy the property, and prevent the sellers from taking a better offer, should one come along. After we autographed and initialled approximately ten pieces of paper, we finalized the process by sending a $3,000 deposit to the realtor (which will go towards the purchase at closing).

Yikes. This is getting real!

Hedging our bets, I asked our realtor, Bonnie, to put a condition in the contract stating that our purchase would be contingent upon the land supporting a septic system. We can't build our home on the land without one of these state-mandated system in place (regardless of whether or not we'll use it—we plan to have composting toilets and environmentally safe greywater). Assuming everything checks out, we'll be closing on the 15th of September!

When I really examine what we're doing, as opposed to daydreaming about having a little place in the woods, I'm sobered by the enormity of what we're aiming to do. This is not going to be a walk in the park. Rather than let myself be overwhelmed by everything we don't know right now, I'm focusing my energies on work. If we're going to pay for this eventual purchase as quickly as we'd like to, I'll be spending a lot of long days behind a computer in the coming year.

"Our" Land for Sale?

Time to buckle down. Fingers crossed everything works out!

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MAZELTOV may this be the beginning of a beautiful and wonderful life together. GM & GP Cohen
Posted by gm on October 3rd, 2011 at 10:32 PM
Congratulations! Hopefully this new beginning makes coming home easier...
Posted by astrid on October 3rd, 2011 at 11:32 PM
Wow, congrats guys!!!! I hope that it all works out for you, it would be amazing :)
Posted by Magalie on October 4th, 2011 at 11:16 AM
So excited for you! And, I'll admit, more than a little jealous. This time of year pulls me to the East Coast like nobody's business. I hope you find the land-buying process to be a smooth one :0)
Posted by liza on October 4th, 2011 at 11:26 AM
As a bike tourer and recent graduate of Vermont Law School, I can tell you that you will love VT! Congrats!
Posted by Brandon on October 4th, 2011 at 6:10 PM
This is huge!
Posted by Tony on October 5th, 2011 at 5:35 AM
Wow, congratulations! And... very curious about what has happened since August, 17! :)
Posted by Mia on October 7th, 2011 at 4:14 PM
:-) So happy for you. Hope all the details are falling into place for you.
Posted by Sheila on October 9th, 2011 at 1:03 PM
come on guys, the suspense is killing me..... what happened?
Posted by jodie on October 11th, 2011 at 5:43 PM
Thank you so much for the congratulations everyone! We're looking forward to the day all these logistical details are well behind us. Life has been a bit of a roller-coaster the last few months but it seems like everything is finally coming together.
Posted by Tyler on October 18th, 2011 at 9:48 AM