My husband and I have been considering the purchase of a 1750’s farmhouse in Eliot, Maine. It’s a bank-owned property, fixer-upper, that we were ready to make an offer on until I went to the town hall today to see if there were any concerns with the property. Turns out there is a rather major concern, we think.
The property (6.7 acres) abuts a gravel pit that has come under investigation of the “Federal Government.” The feds are apparently not telling the town why they’re investigating the pit, though. This started Feb 27th, and no charges have been filed. Here is a pic of the letter. And here is a news story about the situation. That’s pretty much all the information the Town was able to give me.
Now, on the one hand, this seems very bad. On the other hand, this could be a chance to pick this really cool property up VERY cheaply.
The house is on well water, and city water is not available. There is a brand-new high-end subdivision right next to this property. This would be a cash purchase, so mortgage concerns do not apply. I’m trying to work out the worst case scenario with this. EPA finds…something? Could they condemn the land somehow? Would there be any compensation for land owners? Anyone have an idea how long this investigation could take?
Anyone gone through something like this?
Thanks for any input.