buying land owner finance- is this a deal or not? (disclosure, agent)

[ladyvictoria44]

Hi everyone I desperately need some advice. We are looking to buy property in Washington State (we live here already). We’ve located something that we are very interested in. However there are some issues and we don’t know how serious they are or can be. Our financial/credit situation is bad, however we feel comfortable with and can afford the payments for the property we're interested in with our current income (payments would be less than we're paying now anyway). We have to move soon and are running out of options. We fear rushing into this deal because of the situation, but we really really like property and it seems to suit all of our needs.

So here are the details- 5 very private treed acres (in a location that we LOVE) septic and power is in and a well is in but the pump has been stolen along with the wiring. There is a manufactured home that the owner has agree to remove at his expense because it is unlivable. The price is $80,000 with OWNER financing (which we desperately need). We can afford the down, the closing costs and the payment of $516.00 per month which is a third of what we pay now! We’ve spoken to the neighbors about everything and so far the place seems perfect for us.
So the issues are: only about 1 acre is useable as the rest is wetlands or buffers for the wetlands. We are in a flood zone but there has never been a flood there (according to neighbors and the city records). We are not required to carry flood insurance (but probably will because it's cheap). The house site sits up pretty high-we're not too worried about floods, mostly unhappy about the wetlands. The property sold previously for $140,000. The city assessed value is currently $63,000.00 . There is a level 3 sex offender living south of us- can barely see his house and we do not have to go by his place to get to ours. All of our neighbors own guns as do we.

We spent half the day down at the zoning dept last week and spoke to at least 7 different people about various aspects of the property. We can deal with all their rules about permits/buffers/zoning for this land and the manufactured home we hope to put there soon.

We did make an offer on the house that the seller accepted but after speaking with a buyers agent yesterday we presented another offer that the seller refused. We wanted to offer half the price since we could not ever use the 4 acres. We also asked that they repair the well pump. Although we have verified that the owners own the property outright, they owners are foreigners who've never lived on the property, they don't know much about it and in the seller disclosure, only answered a handful of questions out of the 50 or so that is asked.

Then we offered full price if they fixed the well and put a livable (not fabulous) manufactured home on the land. They refused.

In addition we have now found a 1995 3 bed/2 bath manufactured home for FREE that we can move onto this land. So that means no house payment!

What would you do?

[old_cold]

Before going anywhere with this, I would want to make sure the well produced an adequate supply of good potable water.
Also be sure you know how much it will be and that you also have the cash for moving and setting up the 'free' mobile home.

[MrRational]

Originally Posted by ladyvictoria44

Hi everyone I desperately need some advice.
What would you do?

Keep renting, get a better job, pay off debts, save more.
In general, do what is needed to afford better and qualify for a mortgage.
(it'll take a couple of years)

[khuntrevor]

manufactured homes are a terrible investment and their financing is often aimed at people with poor credit.

[Okey Dokie]

Originally Posted by ladyvictoria44

In addition we have now found a 1995 3 bed/2 bath manufactured home for FREE that we can move onto this land.

I'm curious why the mobile home is free. Even though it's 17 years old, there should be some value in it.

[ladyvictoria44]

Originally Posted by MrRational

Keep renting, get a better job, pay off debts, save more.
In general, do what is needed to afford better and qualify for a mortgage.
(it'll take a couple of years)

I am disabled and receive social security income. As soon as we move I will be filing bankruptcy as the house I own is underwater by over 100,000.00 and I have a lot of medical bills. I have no credit card debt or car debt. So I will never qualify for a mortgage and cannot get a better job.

The manufactured home is listed on the tax assessors website as having a $56,000 value-not including the land its on.We love the home and it needs nothing. It has brand new flooring throughout and comes with a huge new deck. The owner's need it moved so they can build a new home. The only reason they are getting rid of it is because they recently adopted 2 children (they have 3 of their own) and the house is too little for them. They wanted it to go to someone deserving and out of all the people who responded to their ad they chose us. We have signed the paperwork already. They even filled out a disclosure statement. The home also has a wood burning stove. It has upgraded insulation and double pane windows. I have lots of pictures and it is in excellent condition. They threw in all appliances including washer/dryer and smooth top stove. It is a better home than we live in now. Our current home was built in 1926!

For me this is a Godsend and now we just have to work out the well situation.

[old_cold]

You've contracted to buy this house without knowing you have land to put it on?