Considering selling OGM in Ritchie County and Murphy District. Received one offer for $750/acre but feel that is low for Ritchie County. Are there areas in this county that are not as valuable as others? We have 2 lots consisting of 45 acres and 47 acres.
That is low for Ritchie County. The west part of Ritchie County is difficult to get any interest in, the east part of it is interesting to buyers. The fact that you got an offer at all means your property is in the part that is interesting to buyers. I wouldn’t sell for less than $4,000/acre right now. If someone were to take a lease from you they would probably offer $1,500/acre. Of course, this is assuming someone is interested in taking a lease. Just make sure that when you sign any documents that they can’t tie your property up for long periods of time. I’ve seen some purchase offers that give them months to do title (which they actually do need at times) and over a year to make the actual purchase. Also make sure there’s a clause that says if you own less than a certain amount of mineral rights that you can back out. Mainly because they’ll cut the price accordingly, and if you need a certain amount of money they won’t have any reason to come back to the negotiating table. Also make sure there’s a No Warranty of Title clause; you don’t want to make promises about owning minerals. Not here in WV. Title is too unpredictable. Good luck, and have fun!
We have received offers this year of $4000 per net acre in Ritchie county. I did not follow up on the offer so I can’t say if the offer would have actually been honored if we accepted it but the offer came from a known reputable company that holds leased/producing interests we own.
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