need advice about my land (Solis: bad credit, how much, buyers)

[Mr. Solis]

My wife and I bought a 5/8 of an acre lot, now we're not sure if we want to live there.....we are contemplating moving farther up in north texas.


so if we signed a deed of trust, and stop paying, this would hurt are credit wouldn't it? Or how do we get rid of it without pain, we have to sell it or what.........not very land savvy I know.....I am a good builder though.....a little lost on this issue.......I was fixing to ask the lady/company employee when I paid my next lot payment, but figured I could get the honest truth on here

[Pawdog]

Originally Posted by Mr. Solis

My wife and I bought a 5/8 of an acre lot, now we're not sure if we want to live there.....we are contemplating moving farther up in north texas.


so if we signed a deed of trust, and stop paying, this would hurt are credit wouldn't it? Or how do we get rid of it without pain, we have to sell it or what.........not very land savvy I know.....I am a good builder though.....a little lost on this issue.......I was fixing to ask the lady/company employee when I paid my next lot payment, but figured I could get the honest truth on here

Yes, it will probably damage your credit. Your best bet would be to sell, even if you take a slight loss or break even. Or, you can re-sell as "owner financed" to another party for a reasonable down payment, and let the new buyer pay you monthly what your monthly payment costs are.

I do buy undeveloped land, and may be interested in a cash offer to you if the price/location is right. PM me with the info.

[loves2read]

of course it would damage your credit...
depending on where the lot is--in this economy--you may have a difficult time getting a buyer for it at all
if it is in some type of lake/resort development, you might try to sell it back to the company that sold it to you...
if it is in a development, the developer sometimes puts in restrictions when selling a lot to prevent buyers from becoming competition to his lots...

[Mr. Solis]

i thought it would shed bad light on my responsibility level.......so i won't be choosing the I stop paying choice. This lot is in a newly developed area, used to be an orange field. The 1/2 acre lots sell for around $26 to $30 thous, and all the lots in this 2nd phase sold out like hotcakes, new highschool being built down the street........down here on the border, it is still one of the fastest growing areas of the country(has been for around 2 decades now).....n e ways I like the owner financed idea......have to check into that......pm you later above interested party

[loves2read]

think you have to own the property before you can resell it to someone else--and still carry the note I meant to say...

talk to a realtor--
if the area is as busy a housing market, hopefully you would not have trouble just putting up a for-sale-by-owner sign...

[pvineyard]

Yes it will hurt your credit. I would sell it what part of north Texas is in it. Is there other lots in your area find out how much. How much do you owe or do you own the lot. If you owe and you want to quick sell it then mark it up a little to pay fee's and take care note. You can owner FI it too if you own it. If not you can have someone assume the note with a down payment and collect each month with a contract. You can also resell for a lost to the company you purchase it from you might break even.

[Pawdog]

Originally Posted by loves2read

think you have to own the property before you can resell it to someone else--and still carry the note I meant to say...

talk to a realtor--
if the area is as busy a housing market, hopefully you would not have trouble just putting up a for-sale-by-owner sign...

Nope. You can resell virtually anything, including undeveloped or developed property which you have financed otherwise. It all depends on how your purchase contracts are written and worded. It's perfectly legal, and a good way for people with bad credit to buy land.

I've financed and sold several properties, and made nice profits, which were bank financed. The deed or title simply remained in my company name as a lien holder until the land was completely paid off. I made over $50,000.00 profit last year alone on just two property sales.

[Mr. Solis]

Originally Posted by Pawdog

Nope. You can resell virtually anything, including undeveloped or developed property which you have financed otherwise. It all depends on how your purchase contracts are written and worded. It's perfectly legal, and a good way for people with bad credit to buy land.

I've financed and sold several properties, and made nice profits, which were bank financed. The deed or title simply remained in my company name as a lien holder until the land was completely paid off. I made over $50,000.00 profit last year alone on just two property sales.

wow, pretty impressive!!! So you just finance it, then resale it to someone.....do you have to have a company to do that....to remain the lienholder??