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Need some real estate advice please

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    Need some real estate advice please

    So We purchased 15 acres last year with hopes of building our home it. So last August I put in for a permit with corps of engineers to dig a pond and build up my property and a house pad. So fast forward till last week I finally heard back from them now they tell me my property is mostly wetlands. I purchased this land with restrictions and residential property. Looking back now guess I should have looked further into. But the bank didn’t catch this either and the realtor didn’t disclose it. So I have researched about mitigation and it looks like it will cost anywhere from 5k to 70k per acre to mitigate. Now I don’t know what to do the land is no longer worth what I paid for it. Any help there would be greatly appreciated.


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    #2
    OUCH!!! Wetlands???
    My wife has been in the business for 32 years.. Ill ask her what her take is on this in the morning..

    Comment


      #3
      This is the age of disclosure. The seller and agent should have known and disclosed.
      Why did you apply for a permit to dig a pond?

      Comment


        #4
        Originally posted by Stan R View Post
        This is the age of disclosure. The seller and agent should have known and disclosed.
        Why did you apply for a permit to dig a pond?


        Because my parish requires ones.


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          #5
          Title insurance maybe? That's a tough one. Good luck.

          Hoggslayer

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            #6
            Originally posted by Tsavoie22 View Post
            Because my parish requires ones.


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            It did not say a state so I assumed it was Texas.


            It should have been disclosed.

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              #7
              Did you have a Realtor representing you as the buyer?

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                #8


                Look it up on here, it is pretty accurate.

                I am working on a land deal now in Brazoria county. Seller has a wetland report from 2017, saying no jurisdictional wetlands. I paid for one 3 months ago that says, 5 acres of wetlands. I want to say it is more art than science. You will need to prove that the Seller knew about it too, if you think they failed to disclose it.

                To further complicate things. Obama made the wetlands a bunch more stringent, Trump is trying to walk some of the regulations back. It is stuck in the courts, and I want to say we are now abiding by pre Obama restrictions , but most government employees are kicking decisions down the road.

                Can you not build a slab, and build on piers? You can also donate the land as a mitigation bank.

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                  #9
                  Get rich by SELLING mitigation credits. Lemons leamonaid

                  Comment


                    #10
                    Your best recourse might be going back to the seller to determine if they failed to disclose any knowledge of wetlands. The cost to mitigate is going to be high. Unless you fill a very small portion of the wetlands (less than half an acre) and can stomach the cost. You definitely want to stay under the threshold for a NWP.

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                      #11
                      Unfortunately, in the game of real estate it is buyer beware. While it is likely that the seller had prior knowledge of this it would be difficult to prove it. Even if you did and won the case there is no guarantee that they would pay.

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                        #12
                        Where in Louisiana is this?

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                          #13
                          I would talk to a real estate attorney, if realtors were used I would go back to both of them and the buyer as well. If it was sold as residential and it was wetlands (floodplain) You should have recourse.

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                            #14
                            Wetlands do not equal floodplain. First off when dealing with a wetland you will need to determine if the wetland is jurisdictional or not. You can have a wetland, but it does not mean that it is under the USACE's jurisdiction. If the pond/wetland is isolated, you are in luck and more than likely would not be considered jurisdictional. Now since you said Parish, I am assuming that you are either in the New Orleans district or Vicksburg District, each district has their own way they view things, plus the WOTUS rule was blocked in Louisiana so you are at the USACE's discretion. So with all that said, I would suggest you getting a Preliminary Jurisdictional Determination done, which entails, a biologist going out to the site, seeing what type of wetland it is, drafting a report, and then submitting the report to the USACE to see if they agree or disagree. If you need any help please holler, I do not do this for a living, but my staff does.

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                              #15
                              Originally posted by Chance Love View Post
                              Did you have a Realtor representing you as the buyer?


                              Yes she represented both buyer and seller


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