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Answers (6)
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Have you approached the seller regarding possible seller-carryback financing. You can get Land Loans, but terms are not the most attractive as most funds available are through Private Hard Money sources.
Good Luck.
Good Luck.
- Liberty Mortgage
- Contributions:470
Your best bet will be to go to a local bank or a Farm Type of Credit Bureau- Land loans from the wholesale end are a thing of the past. Your best bet to get the best rates would be to refi your properties up to 70% of there value. Rates would be much lower as land alone rates are higher in interest.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Value is determined by purchase price that's supported by other comps. Regardless what you pay 50% LTV financing is available. I wouldn't refinance your other properties. .... Happy funding, Rudi
- Martin Wareing, "Martin Wareing"
- Contributions:3772
When financing is minimal for any type of asset..... CASH is King or Queen... :) It means less people could buy it and finance it. Less buyers... less competition... less competition.... price pressure or some type of seller-assisted/creative financing.... Buying and/or financing a forest or farm is much higher risk for banks... 50% would probably be the norm if available. This means that this is just as much a Seller's problem... If I owned 80 acres of land and it was not lakefront or a marijuana farm, I would be praying that there would be anyone interested. This is in your favor as you have very few people that can even pull this off no matter how you pay for it. Offer Low...!!!!!! and my guess is you will get a response.. The seller may hate it, but there are probably or possibly no other offers out there that could close. That makes your offer very appealing and that is how you or your agent should present it. Good luck. :)
- patriciadsmith
- Contributions:2
What do you mean "lower value"? Do you mean I could perhaps make a lower offer on land(80 acres)? I would be looking to finance about 50% of purchase price (could pay for all, but would rather not tie up that portion of cash assets). Currently own two other properties(both with small mortgages), would it be wiser to re-mortgage those to pay for land? Sorry for all the questions?
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Like a good Filet Mignon.... RARE... :) Local banks might.... expect a fairly significant equity position needed as well. Have not seen land or lot loans in wholesale for years. good luck. The more rare they are.. the lower the value so if purchasing... that can be to your advantage as well.
are mortgages available for land only?
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