FOREST GROVE - Real estate broker Raymond Bidegan said some farm owners have been trying to take advantage of Measure 37 in certain areas by attempting to break up farm property into smaller parcels for a higher profit land sales. Uninformed land owners may find to their chagrin additional obstacles to selling smaller parcels.
Lending instutions often require 5 gallons of water per minute delivery per parcel for development. After drilling, water yield must prove itself to yield the requirement for four continuous hours per parcel to qualify for a loan. Some drier areas with smaller parcel break ups such as Eastern Oregon and Washington can have trouble proving the yield; resulting in expensive drilling to qualify for a loan. Bidegan said often land owners will contract with drilling companies for depth only, and that the circumferance of the hole is not taked into account. Often a wider drill hole circumference can prove more reliable gallons per hour yield in drier areas at little or no additional cost.
Raymond Bidegan is a liscensed real estate professional to Oregon and Arizona. He is the designated broker for ERA Real Estate in Forest Grove, Oregon.
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Land Sales
9 hours ago
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