Re: Land
[Re: dirthole90]
#6446668
01/31/19 11:11 AM
01/31/19 11:11 AM
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Joined: Jan 2014
Posts: 1,986 Shenandoah County, VA
l1ranger
trapper
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trapper
Joined: Jan 2014
Posts: 1,986
Shenandoah County, VA
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if you are looking at a loan - go talk to the people that will be giving you the loan, they may have requirements.
if you are planning on timbering and using funds for payment, I'd definitely get that checked out. I would absolutely check the deed and platwork for the property -bank will likely require a title report which would dig this out as well.
i dont know about PA, but in VA, if you don't perk for a conventional system - there are alternative systems, though they are spendy, typically in the $25K plus range
Josh
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Re: Land
[Re: dirthole90]
#6446695
01/31/19 11:39 AM
01/31/19 11:39 AM
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Joined: Feb 2012
Posts: 1,883 Northeast Wisconsin
NE Wildlife
trapper
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trapper
Joined: Feb 2012
Posts: 1,883
Northeast Wisconsin
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My parents recently purchased a home through and auction, They needed the 10% down and then they had to go through There bank and do everything like a normal purchas, the auction company Basically acted as the realtor In there situation. They ended up just using Savings instead of a loan because they were able to get in there faster that way. Yes you should be able to buy it with a home equity loan depending on your debt to income Ratio and credit.
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Re: Land
[Re: dirthole90]
#6446711
01/31/19 11:49 AM
01/31/19 11:49 AM
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Joined: Dec 2013
Posts: 9,350 Northern MN
Osky
trapper
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trapper
Joined: Dec 2013
Posts: 9,350
Northern MN
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I was looking to buy some land and before I could get to it the owner signed a contract to go to auction. The owner upon hearing of my interest checked on getting out on contract but was advised they can’t. So now I am looking to buy through an auction. I already have a house with equity. I am just looking for tips from people who have gone through this if there is anything I should be doing such a perk testing, or soil samples, or having some one walk it for timber, researching the deed for mineral rights, etc. auction is a little ways out and just looking to do my homework. Can you borrow against your house with equity and is that different than a land loan? Thanks guys. All,of the above including title search and search for any outstanding liens or easements. I think if you have enough equity in your home you can pull a Heloc loan and purchase it that way. Be careful of the interst rates. Osky You can get the legal property description, county property number whatever, and call your local title company and have them do a "track" search on the land. That will show nearly any outstanding issues against the property. Up here it costs about 125.00 dollars. Cheap insuranc
Last edited by Osky; 01/31/19 11:54 AM.
"A womans heart is the hardest rock the Almighty has put on this earth, and I can find no sign on it" Jabless in Minnesota www.SureDockusa.com
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Re: Land
[Re: dirthole90]
#6446853
01/31/19 01:37 PM
01/31/19 01:37 PM
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Joined: Aug 2011
Posts: 1,615 Ohio
newtoga
trapper
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trapper
Joined: Aug 2011
Posts: 1,615
Ohio
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As far as price goes, you need to know what land goes for in your area. Most bidders won’t go over the going rate and most people bidding will be hoping that they get it for under the going rate. I have bought and also sold land at auction. Also does owner have minimum bid. If not start your first bid really low as that will scare some of the other buyers out if they didn’t do all of the research( mineral rights title search ect.) they will think there is a problem and back off. Just saying Good luck
lifetime member NTA, OSTA, GTA
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