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Old Yesterday, 06:37 AM
 
873 posts, read 237,958 times
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How big is the lot? Also see if the seller would do a land contract A land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full. The seller could sell it to you for say 10 years , and it would have to be paid off in that 10 years, you would be responsible for the yearly taxes. This way in 10 years you would own it. If you could afford 500 a month with 2000 owed at the end..so you would need to save this amount over 10 years. If you default the seller would get the property back.
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Old Yesterday, 08:36 AM
 
5,019 posts, read 12,828,248 times
Reputation: 3854
Quote:
Originally Posted by adjusterjack View Post
Research on the internet. Often useless.

How about calling local lenders and see if a land purchase loan is available. A lender who makes land purchase loans should be able to find out quick enough if the lot is worth $50,000.
^^^^ this.
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Old Yesterday, 09:29 AM
 
Location: NJ
16,712 posts, read 25,261,484 times
Reputation: 17105
Quote:
Originally Posted by parrot brain View Post
Hi,


Any help would be appreciated. My husband and I are retired and when his brother died, we bought their house very cheap from his children. The lady that owned the land gave them a sweet deal of $100 a month and they would never raise the rent. That was 40 years ago. They put a manufactured home on the property and lived in it till they died just 2 weeks apart.



We moved in 4 years ago and dealt with her son as she was pretty old then. He wanted $300 a month and we were happy with that. His mom died and he wants to sell all her properties now. He wants $50.000 for the lot.



We don't have much money so my son is trying to figure out how we can do this. My husband is a Navy Vet with 7 years service. My son suggested we check out a VA loan and he would pay the payments. From my research on the internet, getting a loan for property with a house we own on it doesn't exist, or does it?



We live in Redding Ca and the house isn't attached to the foundation. I think it was built in 1979.



Is there a way to do this?


Thanks in advance,
Parrot Brain

I see you're new, I wonder if you'll even come back. I'll send a message, maybe you'll get an email and come back.

You really need that land appraised to see what it's even worth.

As for a "manufactured home" that could be a modular, not necessarily a "mobile home" that can even be moved.

You're really in a bind and may in the end lose that house, whatever it ends up being. Between what your hubs sister paid and what you've paid so far, the land has probably been paid in full many times over since 1979.

The 1st mistake was buying that "home" from his brothers kids. I'm so sorry you're both getting the short end of this stick.
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Old Yesterday, 11:38 AM
 
Location: USA
2,539 posts, read 1,001,546 times
Reputation: 7227
Quote:
Originally Posted by mathjak107 View Post
That was popular with coops here in nyc ..

There were 99 year leases issued on many buildings who did not own the land …

Well 50 years later many can’t be sold ….no banks will touch them and no buyers want them .the leases on the land didn’t automatically renew …

The ones like that near us recently worked deals for millions to buy the land ….the monthly nut shot up bigtime for owners

Britain had the same problem with Hong Kong. I hope you have better luck and a better outcome.
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Old Yesterday, 12:24 PM
 
88,508 posts, read 86,089,166 times
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Quote:
Originally Posted by Lillie767 View Post
Britain had the same problem with Hong Kong. I hope you have better luck and a better outcome.
I personally have no skin in the game
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Old Yesterday, 06:02 PM
 
Location: Sandy Eggo's North County
3,586 posts, read 1,334,436 times
Reputation: 5051
Heck of a first post!

OP~ Since you only paid $3600 a year, you should have banked enough money to buy the land, outright. 50 large is a STEAL for land, there.

(Don't let someone [like me] offer the nephew $60k for the dirt.)

Last edited by NORTY FLATZ; Yesterday at 06:06 PM.. Reason: added stuff, ya know?
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Old Today, 05:26 AM
 
45,806 posts, read 19,259,549 times
Reputation: 29800
Quote:
Originally Posted by parrot brain View Post
Hi,


Any help would be appreciated. My husband and I are retired and when his brother died, we bought their house very cheap from his children. The lady that owned the land gave them a sweet deal of $100 a month and they would never raise the rent. That was 40 years ago. They put a manufactured home on the property and lived in it till they died just 2 weeks apart.



We moved in 4 years ago and dealt with her son as she was pretty old then. He wanted $300 a month and we were happy with that. His mom died and he wants to sell all her properties now. He wants $50.000 for the lot.



We don't have much money so my son is trying to figure out how we can do this. My husband is a Navy Vet with 7 years service. My son suggested we check out a VA loan and he would pay the payments. From my research on the internet, getting a loan for property with a house we own on it doesn't exist, or does it?



We live in Redding Ca and the house isn't attached to the foundation. I think it was built in 1979.



Is there a way to do this?


Thanks in advance,
Parrot Brain
So I looked up some listings for land in Redding, and Red Bluff, and it appears that $50K is not an unusual price for a plot of land.

What about financing a mobile home in a park?

There's at least one park where it appears that purchasing the home includes the land, River Oaks park in Red Bluff.

It is going to be more expensive than $300/month. That's a deal hard to beat. But perhaps it is something you can afford.
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Old Today, 02:32 PM
 
Location: Directly over the center of the earth
574 posts, read 168,540 times
Reputation: 1471
Where I live a stick built house cannot be placed on land not owned by the homeowner. Perhaps with a 99 year lease, yes. This is something a real estate lawyer in the OP's state of residence should handle. Mobile or manufactured homes can be placed in a "mobile home" (trailer) park but not RV's or modulars. Again, this is how it would be in my area. No bank here will finance a "mobile / manufactured home" over ten years old. There is ONE specialty company which finance a mobile in a park but the mortgage will not exceed ten, sometimes fifteen years with enough down payment. Interest rates tend to be very high when compared to conventional homes. These transactions tend to be in cash/no leinholder.
Best wishes and good luck.
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Old Today, 03:56 PM
 
7,812 posts, read 9,892,078 times
Reputation: 14333
Check with lenders to see if it would help to have the mobile home legally affixed to the land as a condition of the loan. Assuming that the mobile home is worth something, that may make it easier to get financing since it wouldn't be just a land loan.


EDIT: Of course, since the mobile home is 40 years old, a lender may not attribute much value to it. An older mobile home on land is oftentimes just viewed as a liability.

Last edited by jackmichigan; Today at 04:10 PM..
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Old Today, 07:49 PM
 
42 posts, read 20,767 times
Reputation: 126
Give Reddingwood Mobile Home and R V Park in your state a call, it's one option.
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