My question involves real estate located in the State of: Virginia.
Ok, so here's a quick summary of what's been going on....
Currently, we live in a typical house in a smaller subdivision. However, we own 10 acres of land about 15-20 minutes away from our house. This land was purchased by us probably about ten years ago now and is completely paid off. The land is also located in a subdivison type environment and we intended to build a house on it a few years back. However, my parents decided that they wanted to sell the lot and our existing house in order to afford an existing house on a more open lot.
Now, here's a little details about the land. The lot is primarily on a downward slope with the last 5 acres or so flat and level. This flat area backs up a small river that runs through the back of the property. Before we purchased the property, all the necessary tests were done (Perk, Septic, etc) and passed with no problem as long a relative small footprint house was built. No big deal.
However, in the past few weeks, we've had the lot listed for sale and had a few people interested in it. One in particular, placed a contract on the property, conducting soil tests, perks, etc. and intended to purchase it. BUT, when trying to make the deal, the county refuses to let us sell it because there is a current plan to flood part of our land into a resevoir for the river that runs in the back of our property. The plans are 10 years in the future and we cannot sell or build on the property during that time period. Yet, we have been paying property taxes for the last 10 years and the land is COMPLETELY paid off. Essentailly, the lot is useless for us in the time being and we need to sell it in order to afford the downpayment on the new house.
We've written two letters to the county, essentially stating that the land was purchased with the intent to build on, at the time the zoning and drainfield for the property was approved, yet now the land is useless because the county will not let us sell it or build on it.
We got a reply back, which basically said, plans are in motion and there is really nothing we can do at this time. We have to wait it out until the plans are finalized before we can make any purchase actions or remove the boundaries. However, they did say they may issue a variance if a plan was in motion, but we do not want to build on the lot...just sell it and let someone else use it.
Any light on this situation would be more than helpful!