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All Forum Posts by: Sarah Dignardi

Sarah Dignardi has started 1 posts and replied 5 times.

Post: Thoughts on Surveys for parks??

Sarah Dignardi
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thank you, everyone, for sharing your thoughts and perspectives! :-) 

Post: Thoughts on Surveys for parks??

Sarah Dignardi
Pro Member
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Quote from @Tom Gimer:

Hire a surveyor... but not to actually do all that work. Pay a fraction of the cost quoted to have him/her review the legal description and confirm the existing park lies well within the boundaries of the land. Let a subsequent buyer spend the $, just like your seller is doing.

@Tom Gimer that sounds like an interesting concept. would I engage the surveyor after the title search in that scenario?

Post: Thoughts on Surveys for parks??

Sarah Dignardi
Pro Member
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Quote from @Mario Dattilo:

@Sarah Dignardi get other quotes. That does sound a little high but I don’t know the size of the parcel and how complex it is. Always get the ALTA based on what future buyers or lenders will need, not your current lender. 

Once you own the property you need to deal with any issues it has. If you find them pre-purchase they can be resolved before closing. 

I don’t typically do the topography on my ALTA surveys. You do want all structures shown with dimensions and setbacks etc. 

this report, the phase 1, and zoning reports are not the reports to cut corners on in your due diligence. 

An ALTA for a good size park should run $6-10k in my experience across several states. 

My profile has references to other MHP investor info that can help you through this important acquisition. 

Good luck!

@Mario Dattilo you bring up a good point about future lenders/buyers. have you found that having an ALTA survey raises the value of your property when you go to sell? (i'm new to this space so sorry if this is a silly rookie question lol). the park only has 17 (possibly 18) lots. the lot is large, 18 acres in total, but most of it is heavily wooded and not developed at all. I went to the WV gov't page to find additional licensed surveyors and am reaching out to many of them for additional quotes. 

Post: Thoughts on Surveys for parks??

Sarah Dignardi
Pro Member
Posted
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@Tim Brown - my thought was I would rely on the town plat maps and/or title absent having a new survey. I'll try to remember to circle back with the outcome!

@Henry Clark - thanks for your input. I'll try to call around for some other quotes. I do not currently have millions to put in so that's not on my radar at the moment lol. There's some steep terrain. I don't have good photos. But this is in a relatively rural area in northern WV. It also comes with a private road. I suppose some additional development could be done but at a high cost. There's no other public access unfortunately.

Post: Thoughts on Surveys for parks??

Sarah Dignardi
Pro Member
Posted
  • Posts 5
  • Votes 0

Hi all - 

I'm wondering what your stance is on a survey when purchasing a park. I'm negotiating on my first purchase. It's on 18 acres, only about 3-4 of which is developed. Topography isn't really conducive to further development. I got a quote for boundary ($10k) and ALTA ($14k) surveys and had a bit of sticker shock. My lender doesn't require one. Current seller has owned the park about 5 years and didn't get one. My attorney is urging one. I'd love to hear your thoughts and experiences!