I have a client that is in the process of buying 2 vacant wooded lots here in bergen county, NJ. It seems to be under market value but, there is a road that needs to be extended.
Here's some details:
1. The 2 lots are not side by side. There is 4 vacant lots all together and my client is buying the second and fourth lot. The other 2 have been owned by two different parties for over 10 years.
2. This is a residential neighborhood and there is a few houses already existing on the block. The problem is that the road ends just before the 4 vacant lots. The road will need to be extended 400ft.
3. These vacant lots are located on a hill. On a downward slope with an appox. 20% grade.
4. Attempts to contact the other 2 owners are proving to be difficult.
So, my questions are this.
Who should bear the costs of extending the road?
Should it be the town or my client?
If my client has to bear the cost, what should be done with the other 2 owners?
Assuming that the town allows the road to be built, Is the 20% slope a major problem?
What should he expect his estimated cost to be to extend the road?
(I know without an engineer/survey and various other documents this question is kind of impossible but, if there are any developers here maybe you can provide some insight)
If the town doesn't allow the road to be built, then the deal would be dead as the lots are not builable. What can be done with the lots then?
I know this is alot, especially for my second post :mrgreen: but, anyway thanks for any help/advice in advance!
Sorry, I also posted this in this section because there is an assigned to in the contract and he is willing to sell!
Even with the assigned to fees, the lots will come in under market....Contact me for details.