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So buy all 10 acres and do the split yourself. Sell the part you don't want to keep.
Yes! Thats the plan! I already got the pre-approval and guaranteed 30 day closing from lender. Ill post up once and if we go under contract.
Does anyone know if land loan mortgages require you to own the land for a certain amount of time before being able to split it up into smaller parcels?
Yes! Thats the plan! I already got the pre-approval and guaranteed 30 day closing from lender. Ill post up once and if we go under contract.
Does anyone know if land loan mortgages require you to own the land for a certain amount of time before being able to split it up into smaller parcels?
Be upfront with your lender.
If you flip the property fast, lender might have to repay commission to the bank or investor.
That could include pay for any team members on the loan officer's team.
Be fair.
Be upfront with your lender.
If you flip the property fast, lender might have to repay commission to the bank or investor.
That could include pay for any team members on the loan officer's team.
Be fair.
I was going to wait a couple years....they said current land loan rate is 4.5% ... inflation is much higher and property values are expected to raise 20% in this area in 2022... plus this is non hoa, no deed restriction area.
No contract yet. My relator called him and presented the offer I gave. He said he could not talk and will call first thing in the morning and follow up. Wish me luck !!! Be he did give a positive reaction.
We wrote to a neighborhood we liked in 2017 and got 3 bites, one house was just about to be put on the market so we bought it without agents using a Real Estate lawyer. That might be an option, find a local real estate lawyer to do due diligence and make sure the right person gets a letter with a formal offer from you. At least they will know you are serious and understand the legal steps to make it happen (cost it out and offer to pay the legal costs).
We get letters every month on rental properties and the home we live in, we are in a hot selling area. I don’t even look at them I throw them out. We also have 1/3 acre property in a sub division that we won’t sell. It’s next to our house, if we were going to sell it , we would put a for sale sign,
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