I don't think I'd buy a house that size and age (?) unless either 1)i myself was a remodeler and could do the work or 2) i wanted to live there and was not overly concerned about economics.

Of course, if something is cheap enough, none of that matters, but since you say the bank is being "difficult" I'm guessing you don;t think it is ridiculously cheap. Even ridiculously cheap wouldn't seal the deal for me, but it'd make it worth thinking about.

ETA - its gorgeous, tho! house and grounds!

Is it possible to buy everything and legally tie it all up so none of it can ever be subdivided? That would be my goal if I didn't want the house for myself. I would think with the state of the economy and the pandemic, a place like that might have great appeal to people wanting out of the city and starting a destination staycation venue. Or just to have a fabulous house to restore.

With a background in catering I'm amazed at the number of people who want to own an event venue. I'd hate having parties and guests impinging on my private space.

Sooner or later, you'll have to address the easement issues, and it depends upon whether you want to negotiate with a future owner. Cleaning up property lines can be complex depending on local ordinances and politics. I'm assuming you've already researched this and know what you're getting into, so I'd consider your overall goal for the property first, and how easy it would be to get there with and without the house. A thousand potential buyers could have a thousand potential visions for that house.

Mtnrd- my offer is 45 sq ft & I think, realistically, I could get it at 55sq ft. My DH can contract the remodel & we have done a few houses. So, it’s still a pretty good deal. I just don’t see myself in a house like that......Opposite embarrassment. The land & lake is what I’m truly in love with. And the covered bridge. And the wildlife.

Oly- that’s my dilemma...if I sale 20/30 acres to whomever buys the house- they could subdivide it. It’s the loss of control that unsettles me.

Lisaam- I can’t justify having the entire grounds without 1. It making some income 2. The house is just too much for DH & me 3. Want to come be our in-house caterer?? 4. DH also sees it as a retreat* quail hunts, fishing, skeet shooting & he is perfect for that! More so, than bridezillas!

Feathers- the thousand different visions for the house is what scares me! Yes, we are researching zoning & have representation (small town, good ole boys club). Example, if someone buys house & doesn’t purchase property from us- how much of a~~holes do we become over the easements encroaching on our property? I don’t want to be that person or occupy my headspace of anger.

This is helping to discuss..... I wake up daily with a different decision on the house.

Peppa, can't you add a covenant that the property cannot be subdivided when you sell it? That's what I meant. Or at least a covenant to limit the # of homes that can be built. Tax breaks for putting part of it into conservation, etc?

Oh Peppa! it's such a lovely property!!!!

If I were younger... I'd go for it.

Would love to do this if I could swing it. Also, no children here. The property looks amazing. But to have the water access would be incredible.

Of course, we are in a pandemic, but wedding and corporate event venue could be very nice.

Could possibly be a fantastic wedding venue or bed n breakfast/ Air bnb to justify $ & size of house.

Beautiful setting. I can see why you are torn. A venue sound like less work than a B&B, and they are in high demand. With the land, a hunting/fishing club sounds interesting, but not as lucrative. With both, who would run the day-to-day business? As a venue, are both of you willing to loose every single weekend to weddings? Have you spoken in depth with anyone that does either?

That does sounds awfully cheap to a NY metro person!

Once we close on the farm land/lake- I think I’ll put in another offer.

Oly, I like that, but I guess I have to own it first to put in restrictions. But Arcy is right, restrictions can be fought with the right connections & $$.

I can’t give up control right now! Yes, there have been a few trying to weasel in on the property- we owe the bank with the land a lot for sticking with us!! The house bank is a bigger corporate bank & we do not have a connection.

Anyone in the banking business? I was thinking of putting in decent offer with concessions for repairs. With a letter that we are surrounding land owners, explaining easements, and repairs needed to the house. Thinking if it looks like it’s not big of a loss on the ROA dept, maybe they can justify a loss in the repairs/upkeep? Make sense to anyone? Ha

As for venue, etc- DH could run day to day with my input. I do have a job, but flexible hours. Weekends, we can do stuff during the week. And we both love projects- he’s a tractor therapy kind of guy.

And my house is sold at the end of August. So, I kinda need a house to move into!

It sounds like an adventure. You have skills, connections and flexibility. Why not?

If it’s bank owned, they don’t care about a letter. They are looking for the most money they can get without it sitting on the books too long. Good luck! It all looks beautiful.

I don't think Banks negotiate either. It will be "as is" end of discussion. Here in our little neighborhood we had an earth home. FF and now it is a garbage home. The original builders sold it to a couple who thought they could make a two story out of it. They ended up hauling a prefab home in, it was two homes duplex really. Then they lost it to foreclosure. Zoning didn't allow for a proper duplex. The bank put an illegal stairway in and sold it. It had been stripped inside of light fixtures etc. You or I could not sell a home with a staircase not up to code. Banks it seems don't have those constraints. When a home/property sells greatly under market to people who can barely make the lowered mortgage bad things happen.

It’s beautiful. If you can afford it buy it.

If you have the funds, I would buy all of it. Heck, that price is even cheap to this Austin, TX gal!

It would be your constant white elephant. Any chance you could buy it and then redivide the lot and then sell just the house and surrounding yard? Does not seem like the kind of place you could fix up and rent, but maybe. I had good friends who had a cottage up north and bought several lots adjacent to theirs when they came up for sale, to provide privacy. One had a farmhouse on it and she offered it to me to rent. But a house like that, does not seem very rent friendly. Seems like if you could afford the rent you'd want your own house . . . Perhaps rent it out to a business, but with today's small business climate, I doubt you'd have many takers. But again, hard to say what the future will bring.

I wouldn't go into a business just for the sake of that house, that's for sure. I'd even consider taking it down, maybe salvaging and selling the parts . . . if it's not a house you want to live in.

Banks negotiate.

See if you can find a copy of the movie “The Money Pit.” Watch it. BTDT