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First Estate Home in NJ, the loops and hoops I had go through [Part 1]

Proposed Price: $4.05M which includes the following: two separate lots, two deeds and will go over the complexity issues what I had to go though.

There are two deeds and two different lots.

(a)1 Main House/ Estate [7 Bed, 11.5 Bath, 7,000sqft, 12 acres cleared with trees on the lot lines only]

(b) 1 Barn 20,000sqft need TLC

(c) 1 Care Taker's Apartment [4 apartments, 3bed 2 baths ~1,800sqft each unit, followed by 9 .2acres. This one is farm assessed]

(d) 1 Airplane hanger 15,000sqft with 10,2acres of landing strip

Process of viewing the home was somewhat simple at first; had to submit a formal inquiry with supporting documents such as pre-approval and or (POF). After it was accepted it, I was granted with permission to view the property and items a, b, and d.

Second showings are the item b , the caretakers house which was scheduled after you saw the main property basically.

I started the preliminary talks saying I was interested to sellers lawyers directly. We had permission to run some background check via title company etc.

One week after the first showing we seen the caretakers apartments.

Currently the main estate (a) without the adjourning lot (b,c,d) here is what I uncovered.

(a) is owned by the seller and his ex wife.

(b) is owned seller and joe doe.

I put an informal offer vs official offer; difference is between the two 14 pages long for each deed vs a simple one sheeter. If accepted the informal we would transition to the official one.

My offer was $3.75M contingent on inspection, appraisal, highest and best usage coming back x, and the airport runaway usage and rights.

Counter Offer was $3.975M with proposed breakdown of the purchase as follows:

(a) Main Estate for 1.725M

(b) (c) (d) $2.25M

Important thing to remember is the main estate included a ex wife scenario so my lawyers are projecting "potentially" wants to pay out less to the ex.

Caretakers rent must not be increased for until starting 2026. (I have no issues with this)

Currently in research and due diligence on is airport landing strip rights transferable, perc test, and etc which is expected to be finished and information to be delivered to me by 10am coming Monday.

Caretakers rent is and hasnt increased at all in 7 years lol. $1,900, $2,000, $2,500 total $6,400.

I have yet to accept the counter and currently thinking to recounter or just accept. Its been on and off the market for 4 years.

[Part 2] will start on Monday; by the way im mid 36 and not married.

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submitted by /u/HalfSilverMoon
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source https://www.reddit.com/r/RealEstate/comments/1c3rv8u/first_estate_home_in_nj_the_loops_and_hoops_i_had/
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