Farm Island

[codeman671]

Originally Posted by The Real BigGuy

Was looking at island RE property prices and saw Farm Island 13.3 acres for sale for about 1.5m on “Lake & Island Properties” site. Has the deal w/Owen fallen through?


Sent from my iPhone using Winnipesaukee Forum mobile app

It has been listed as pending for ages now....Not sure what is really going on behind the scenes.

[TiltonBB]

It is possible that the Purchase and Sale agreement has a contingency in it. He could be waiting for certain approvals before closing to make sure he can do what he wants with the property.

No info. Just a guess!

[chasedawg]

Originally Posted by TiltonBB

It is possible that the Purchase and Sale agreement has a contingency in it. He could be waiting for certain approvals before closing to make sure he can do what he wants with the property.

No info. Just a guess!

Good guess. Closing won't happen until after the courts ruling. Court date is sometime in March.

[CowTimes]

Originally Posted by chasedawg

Good guess. Closing won't happen until after the courts ruling. Court date is sometime in March.

There has to be something else going on here. The buyer publicly disclosed at a planning board meeting that the contingency for the regulatory approvals was to have expired a month or two ago. Sellers will typically have expiration dates for the contingency so they are not beholden to the buyer if things, as here, get held up for whatever reason. I thought Camp Belknap would have been under contract already since they were supposedly ready and willing to offer a higher price once the current deal’s contingency period expired.

[Descant]

Originally Posted by CowTimes

There has to be something else going on here. The buyer publicly disclosed at a planning board meeting that the contingency for the regulatory approvals was to have expired a month or two ago. Sellers will typically have expiration dates for the contingency so they are not beholden to the buyer if things, as here, get held up for whatever reason. I thought Camp Belknap would have been under contract already since they were supposedly ready and willing to offer a higher price once the current deal’s contingency period expired.

That may have been true when it was said at the PB meeting. I can't think of a reason why an extension couldn't have been negotiated. Or some other deal. Not unusual.

[chasedawg]

Originally Posted by CowTimes

There has to be something else going on here. The buyer publicly disclosed at a planning board meeting that the contingency for the regulatory approvals was to have expired a month or two ago. Sellers will typically have expiration dates for the contingency so they are not beholden to the buyer if things, as here, get held up for whatever reason. I thought Camp Belknap would have been under contract already since they were supposedly ready and willing to offer a higher price once the current deal’s contingency period expired.

The Owners Winchesters have extended the contract at least six times. They should have closed back last Summer. They could have had their money back then. The reason: They do not want to sell Farm Island to the Camp. Yes they did back in 2010 but not again.

[CowTimes]

Originally Posted by chasedawg

The reason: They do not want to sell Farm Island to the Camp. Yes they did back in 2010 but not again.

Thanks - that would be an explanation. Would have thought they would have taken the highest and fastest deal, but they must have other considerations.

[Wifi-1]

Wow, I was under the impression that if someone offered full price, cash, with no contingencies, there was no way to refuse the offer.

[TiltonBB]

Originally Posted by Wifi-1

Wow, I was under the impression that if someone offered full price, cash, with no contingencies, there was no way to refuse the offer.

Sellers aren’t obligated to accept any offer on their property—no matter how much money it’s for

It's perfectly legal for the seller to reject a full-price offer, or indeed any offer (unless the reasons are discriminatory). For example, sellers in a hot market who are expecting to sell for over asking will likely counter a full-price offer—even one without contingencies.

[Major]

Originally Posted by TiltonBB

Sellers aren’t obligated to accept any offer on their property—no matter how much money it’s for

It's perfectly legal for the seller to reject a full-price offer, or indeed any offer (unless the reasons are discriminatory). For example, sellers in a hot market who are expecting to sell for over asking will likely counter a full-price offer—even one without contingencies.

That's true, but the seller may be obligated to pay his agent a commission fee based on the listing agreement. Presenting a buyer that is willing to pay the listed amount with no conditions may trigger a commission payment clause.

[TheTimeTraveler]

Originally Posted by Major

That's true, but the seller may be obligated to pay his agent a commission fee based on the listing agreement. Presenting a buyer that is willing to pay the listed amount with no conditions may trigger a commission payment clause.

This is true in New Hampshire and I believe 48 other states. I think Massachusetts is the only state where a commission is due only when the transaction is 100% complete.

[Descant]

Ahh. So Camp Belknap needs a godfathjer to buy and resell to them. Why is this all taking so long? They must have some alumni (group) capable of such a transaction. Maybe this is going on and we just don't see it?

[tis]

Originally Posted by Descant

Ahh. So Camp Belknap needs a godfathjer to buy and resell to them. Why is this all taking so long? They must have some alumni (group) capable of such a transaction. Maybe this is going on and we just don't see it?

I am actually surprised it will go to court in March. Court cases can take years.

[chaseisland]

Can you spell continuance?

[codeman671]

Originally Posted by Descant

Ahh. So Camp Belknap needs a godfathjer to buy and resell to them. Why is this all taking so long? They must have some alumni (group) capable of such a transaction. Maybe this is going on and we just don't see it?

There must be some ugly history in the background between the owners and Camp Belknap? I can't imagine the sellers wanting the property to go to someone that would want to potentially develop it vs a children's camp, but clearly that's the case.

[chasedawg]

Originally Posted by codeman671

There must be some ugly history in the background between the owners and Camp Belknap? I can't imagine the sellers wanting the property to go to someone that would want to potentially develop it vs a children's camp, but clearly that's the case.

Yes there was some ugly history. I got a text from Randy last night. He and Cindy came to an agreement with the Winchester's. They closed on the deal. Randy and Cindy are now owners of Farm Island.

[tis]

Originally Posted by chasedawg

Yes there was some ugly history. I got a text from Randy last night. He and Cindy came to an agreement with the Winchester's. They closed on the deal. Randy and Cindy are now owners of Farm Island.

AH, so they settled out of court. So it is over. Is the plan the same?

[chasedawg]

Originally Posted by tis

AH, so they settled out of court. So it is over. Is the plan the same?

I don't think they settled out of court. The appeal/suit is ongoing. It is still scheduled for sometime in March. The original plan is probably on hold until there is a settlement in court. Just my guess.

[tis]

Originally Posted by chasedawg

I don't think they settled out of court. The appeal/suit is ongoing. It is still scheduled for sometime in March. The original plan is probably on hold until there is a settlement in court. Just my guess.

Oh ok. Thanks for the info. Why would they go ahead with the sale though with that suit going on?

[codeman671]

It looks like Farm Island did close at $1.2mil.